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Every entrepreneur has lots of questions before they venture into business. Moreover, a lot of the work that goes into creating a new venture happens in this cerebral arena. It’s only when you ask yourself the right questions, however, that you’ll get the answers you need in order to be successful.
Some sources suggest that the only thing stopping people becoming successful is that they don’t have a “can do” attitude. However, by honestly asking the following questions and doggedly tracking down the answers for yourself, you’ll build that muscle of positivity in a realistic way.
In other words, by coming up with your own answers, you will overcome the mental barriers that stop many other people.
Question #1: Is There a Market for My Product or Service?
You have a great idea for a product or service, and you wake up nights thinking about it, planning for it. You’re so excited about it you can hardly stand it.
However, will anyone else on the planet love it as much as you do? Does anyone anywhere want or need it? Far too many of us are guilty of thinking that we have devised the next big idea, only to eventually realize that we are the only people who would utilize such a creation.
So before you launch, be sure to research your market thoroughly. Your business will succeed only if it provides a product or service that people actually want or need.
Question #2: Who’s the Competition?
Once you know if the product or service you have in mind is a needed one, ask yourself: Is there enough room in the market for me to muscle in?
Your answers to this question will give you your unique selling proposition, known in entrepreneurial circles as your USP. However, if you’re offering the same deal to customers as they can get elsewhere, it can prove to be difficult to dislodge the competition, especially if you’re late to the party.
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Question #3: Will I Make Enough Money?
The question that surpasses all other questions is: Will my idea be profitable?
The best way to answer this question is with a thorough business plan. In the course of writing your business plan you could discover that whatever profit you might make is so small that you might as well look into a trading demo account. It just might be that you can make the money you need from a different source.
Question #4: Where Will I Find the Funds to Get Started?
Finally, it’s down to your pockets. Crowdfunding has made a monumental difference to many entrepreneurs. Moreover, it can be argued that it’s easier than ever before to secure funding for big ideas. However, it’s not always that simple.
Perhaps you have the funds to make a prototype product or even manufacture your first batch. However, you also need the funds to keep your business going after you’ve launched it. To this end, begin now to educate yourself about the field of marketing. This is one of the most important aspects of running a successful business. In other words, if you get the marketing right, income from your business will surely follow.
Question #5: Will It Work?
You may not be able to fully answer this question before you get started. The future is unknowable, to be sure, and there will always be questions. However, when you thoroughly research the market, understand your competition, and take a smart approach to funding before you begin, you’ll have your best shot at success.