Before You Start that Business — Answer these 7 Questions!

The rush of starting a business is exhilarating!

It is because you are birthing something that hitherto did not exist. And it is happening right before your eyes.

But, before you rush off with that idea and earned and saved cash to start up that business, you need to first answer these 7 Questions.

1. Why do you want to start the business?

A strong why is the backbone of any enterprise. Why are we doing this? Why are we in business? The why always determines the what, who, where, when, and how. If you don’t have a strong ‘why’, at the slightest sight of a challenge, you are very likely to back out — wasting your time and money.

2. Do you have another revenue stream?

Depending on your new business for revenue to pay bills is a shortcut to high blood pressure. 99.9% of the time, it ends in premium tears. This is because, as debatable as it may sound, starting a business, just like everything else in life, is a big gamble. Your PESTELE Analysis and Porter’s Five Forces will quickly remind you that you do not influence all the factors, much less control them. So, it is always important that you do not depend on the new business for revenue to meet your daily life needs and bills.

3. Are you prepared to fail?

Failure at whatever scale in business is mandatory. It is like a ritual you must go through to earn your place in the hallowed chamber of successful business owners. You will definitely fail at many things. But it is part of the business. If you are hoping your business plan would materialize in reality as on paper, you are daydreaming. It will not.

4. Are you ready to walk away from it?

I’ve been there. You put your heart, soul, money, time, experience, and all the advice from people who have succeeded at the same business, but you have no result to show for it. Sorry, but you may have to walk away. Be ready to walk away from it if you must. Do not get too emotionally attached to the business.

5. Are you ready to look foolish?
But really, it is madness! At least at face level. You plan to leave a flourishing career with guaranteed income, promotion, perks, 20 days leave, weekends, and a retinue of allowances if you are between middle and senior management — for a venture that promises a Spartan lifestyle and work ethic! You have got to be foolish. Starting a business can sometimes make you look foolish because you are breaking away from the norm. Particularly when your career is doing well. Are you ready to damn the consequences of estranged peers, colleagues and friends who think you have lost your mind?

6. Are you ready to work harder than your regular employment?

Employment has resumption and closing hours, as well as weekends. With business, you work round the clock, every day of the week. There are also no clear-cut roles. You multitask. You probably would not get paid for a couple of months or years, depending on the business. There are no paid leaves. And you can’t even call in sick. Are you ready for that?

7. Are you ready to swallow your pride?

You will have to swallow your pride to get a lot of things done. You will interact with and need the help of people who ordinarily can’t qualify to report to your immediate subordinates. Your qualifications, certifications and experience would not matter. Are you ready for that too?

If you have even one NO answer to the 7 questions above, it is better you focus on your career or whatever gives you income.

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