8 Questions for young entrepreneur before setting up a new Business

Published by kelvin Ehiozefe on

Becoming an entrepreneur may sound very fresh and encouraging, as it brings the idea of becoming your own boss at a very fast pace, i mean becoming the one who is in charge of running things. But do you know, starting a business is one of the most difficult task ever, it’s way beyond  enjoying the coziness of a fancy rocking chair made for the boss. it actually take a lot more than you think to be a successful entrepreneur, real perplex issues you may need to handle.

As a matter of fact, after my research i discovered something very laden; A large percentage of about (53%) of people would love to own their own business for the sole purpose of living the life of a free boss or being self-employed, while 40% would become an entrepreneur to improve their finance and 7% still prefer working for someone but the big question is when everyone becomes a boss who supports the boss?

entrepreneur

Telling the bitter truth, entrepreneurship is not meant for everybody as the security of income may suddenly disappear, dozens of other things require paying before you can take your wage in combination with the stress of working long hours, and not everyone can cope with that.

Don’t get me wrong here, i have no intention of trying to discourage you from following your dreams, but you see i need you to understand that setting up a new business  requires more than you think it does if you ever thought of being successful. However, answering the following question below should give you an idea of what you would doing be as a business owner;

Questions  every entrepreneur should answer before setting up a Business; 

        1. How knowledgeable are you about the business you are considering opening?

        2. Do you have all the necessary skills to run the business?

        3. How much money do you have to invest?

        4. Do you have any experience with your line of business?

        5. How competitive is the field you want to enter?

        6. Who are your targeted customers?

        7. Is there a need in the market your services will meet?

        8. What type of selling would be involved in your new line of business and how do you plan to sell?

The answers you attach to the questions above will determine how far you go as an entrepreneur  you might want to print out these question and answer them carefully.

As the life of an entrepreneur is fraught with challenges and surviving in this sea of business owners requires much determination and motivations. So be sure you are well equipped and ready to take the heat of owning a business before you plunge-in.

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