Sometimes entrepreneurs struggle with finding the right answers to their questions. A really big question is, “Do I have a good enough idea?” Sometimes the “good enough” answer is, “Maybe.” That’s because your idea needs to be founded in reality. In other words, most ideas are good ones. Some are fabulous, some are unique, some are not. In the end, good or bad, if the idea can’t pass muster, it’s not going to be a success.
surviving your first year in business
So, what questions should you be asking? I was reading Forbes.com and came across this great article on “The 20 Most Important Questions in Business” which seemed worth sharing. So let’s see if I can find the three most relevant to entrepreneurs. I encourage you to visit the site and read the whole article, however.
One: Does your product address a viable market? This one is tricky because it’s easy to say, “My product is for women everywhere.” Wow, that’s great! But, a bit broad. What women? Moms, daughters, gen ys, singles, married women… try to narrow your focus down to a specific group and let the product overflow into the larger area of focus. Once you’ve established a smaller niche, that niche will help market you to the larger whole.
Two: How much will you charge? Oh yes! That’s a biggee!!! We often think that in a down economy, less is more. But, you must establish a market price for your products or services. If you choose to be the low-cost provider, do it openly and expressly. Don’t undervalue your products and services out of fear. Check and recheck your market to understand exactly what they expect in the way of price and value. Once YOU understand the value you’re providing, you’ll be better able to set a market price. It may be the lowest, and it may not. But, it will be the best price for you.
Three: Do you have the budget for your new business? Forbes call this “surviving the early years” and I can tell you from personal experience that it’s tough! Even with an SBA loan, those early years are expensive. In the beginning, you probably won’t know what you should spend on and what you shouldn’t. For instance, do you need outside office space? That can be expensive. Do you need hired help? Another expense. Do you need inventory? Where will you house it? How will you manage shipping? All of these questions involve cash and budget. And, not to mention… how will you market yourself? Marketing is important and no, it’s not free.
Explore the answers to these questions, and visit Forbes.com for the rest of their 20 business questions. I guarantee the answers you come up with will go far to enabling you to have a successful beginning, on which you can build a truly successful business.
As Einstein once said, “Never stop questioning.” While he was talking about how the universe works, his advice plays well in the world of entrepreneurship, also.
