11 Unexpected Questions You Should Answer “Yes” to Determine Your Readiness to Start Your Own Business!
Many people grapple with the decision on whether to start a business or not. If you search the internet, you will find many articles that talk about signs of readiness to start a business. However, there are 11 key questions that most of these articles do not cover yet they are very important for you to ask yourself.
1) Are you sure that this venture fits with your gifts and abilities?
I believe that every man and woman has an extraordinary ability given to them at birth to fulfil their mission and purpose on this earth. Look at the fastest athletes, the musicians who wow you with their amazing vocal ranges, the charismatic speakers who inspire you continually and so forth. These people are testament to what you can achieve if you put everything to the gifts and abilities you possess. Imagine if your amazing gift incorporated into your business. Your ultimate power will come alive in your business and you will shock the world with your gifts and talent.
2) Do you understand and have you demonstrated that you understand the personal effort required for this business to succeed?
Effort is a critical success factor for any business, yet, its one of the most overlooked ingredient. Most people imagine how it would be like to walk in the shoes of the most successful people but they don’t understand the incredible amount of effort put in the business for 20 plus years. You will have to give maximum effort to your business every single day and not when you feel like it. This is the only thing that will separate you from mediocrity.
3) Do you have a plan for how you will support yourself and your family financially while you are growing this business?
If you are reading this article, chances are that you are not content with your 9-5 job and want to work on your own terms. You have a serious urge to work on your own projects yet you have to pay the bills to survive until your business gains enough momentum to support you and your family. So it is very important to have a financial plan to support yourself as you venture into this new business. Some of the ways you could support yourself is through doing freelance jobs, or ensuring you have saved up loads before quitting.
4) Do you thoroughly understand the business?
No matter your industry, it’s very important to understand your business to be able to make informed decisions and also foresee potential issues that may affect your business. These are some of the questions you need to have answers to demonstrate that you thoroughly understand your business:
- How much capital do you need to start the business?
- Where are you going to source the capital from?
- What are the market trends in your chosen business’s industry?
- How is the competition?
- What regulatory changes are likely to affect you?
- Who are your customers?
- How is your business financial situation like?
- What are your sales projections in the next one year?
5) Do you have the skills and capabilities necessary to lead this business to its next level of growth?
Possessing the right skills matching the key success factors in any business is non-negotiable. As a leader, you need to have extraordinary abilities to bring out the best in your teams and to keep your business moving forward. If you already have years of experience in your chosen opportunity, you will be able to leverage on this experience. Very often, you find entrepreneurs venturing into fields they have absolutely no training or experience in but they are determined to make it work. In such cases, it is very critical to study up and research in order to avoid making costly mistakes.
6) Do you know your strengths and weaknesses?
It is absolutely important to have an accurate awareness of your strengths. This is because knowing them can help you make the right decisions and create a remarkable business that may seem effortless to others. What you do best is where your talent lies. When you focus on your strengths you will have a competitive advantage over others and that’s where you will provide most value comfortably. It’s equally important to know your weaknesses because it’s natural for us not to be perfect. Those things that you are not good at are the perfect candidates for delegation. You should let people who are better than you to do them.
7) Are you willing to ask for help, including stepping aside if necessary for professional management?
You may be wondering why as a business owner, you are being questioned about whether you are the right fit for your business. The reality is that being a business owner does not necessarily make you the right person to drive it. You could be better off firing yourself from the position and letting someone else run this business as you concentrate on leading and growing it.
8) Do you communicate with passion, confidence and determination?
Passion is what steers businesses forward. When you communicate confidently with passion and determination, you are able to evoke positive emotions that could lead to employees, customers and suppliers believing in your business hence providing the necessary support for success.
9) Do you have a team in place?
A business is only a job until you start making money while you are sleeping. Building the right startup team enables you to focus on growing the business well beyond its current level. That is why it is very important to build the right team from the beginning.
10) Is this team capable of executing this business idea?
In a startup environment, you need to see things moving everyday and you cannot afford to keep underperformers. Team members not only need to have the right experience but must be well versed with all facets of an organisation or atleast willing to learn. This will ensure that they are able to execute the business idea easily.
11) Does this team have healthy interpersonal dynamics?
With the increased use of teams in businesses, it is important that the team members have healthy interpersonal relationships as well as team cohesion. Some of the characteristics of healthy teams include trust, respect, open communication, involvement of all team members, fairness and equity in the workplace. Strong teams work well together to complete tasks more efficiently and effectively thereby improving performance.
If you have answered “Yes” to all these questions, then you are definitely ready to start a business.