The "Entrepreneur" website published a report by Ian Katcharovski, a specialist in startups, marketing, psychology, and entrepreneurship, aimed at helping young leaders become independent and have a positive impact on society.
Why do you want to start your own business?
The author began his report with an important question that every investor must answer before taking their first steps into the world of finance and business: why do you want to have your own business? If the answer is the dream of quick wealth because you watch entrepreneurs on television shows driving luxury cars and spending their money lavishly, and you want to be one of them, know that failure is your fate.
Entrepreneurship is no joke, and an entrepreneur must have the ability to handle ongoing pressures and difficulties, maneuver, develop personal awareness, recognize shortcomings in themselves or their project, make smart business decisions, plan ahead for all tasks, and be able to successfully execute strategies.
What do you want to achieve?
The second question you need to know the answer to clearly is what you want to achieve from your project. Start by writing a description of your project, envision it the way it can thrive. Plan for yourself one year from now, then two to three years, and specify as accurately as possible what you wish to achieve through completing this project. Write your vision, mission, and goals clearly.
Do you have the necessary skills to implement your project?
You must ensure that you possess the qualities and skills necessary to become a successful entrepreneur, and it is crucial to identify your strengths as these are the skills that will help you in your work.
What are your needs?
To make your project a reality, you need to know your needs such as external support, external expertise, and most importantly, the money needed to start your business. Once you list your needs, assess what you currently have.
Who can help you?
Once you've identified your needs and have a clearer idea of them, it's time to assess your network (personal and professional). You definitely have people around you who can assist you in one way or another, start networking with them immediately.
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The American "Forbes" website published another report written by Bianca Miller Cole, which included other questions you should know the answers to before starting your own business:
Is your project sustainable?
Businesses last for a little while and then start to face problems. Make sure your project can sustain itself by testing it.
How do you study your market condition?
Market research will allow you to check if there is a real need for your product or service. The term "market research" can often be intimidating, but rest assured it is far from impossible, thanks to the tools provided by digital technology.
The critical question in market research is competition. Instead of viewing it as an external threat to your project, try to see it as a reality and an opportunity. Instead of reinventing the wheel, benefit from what is already being done in the market, and think about what you can do differently.
Who are your clients?
When you sell to everyone, you sell to no one. It is essential to define the ideal profile of your clients in advance; in other words, segment them. Once you finish the theoretical analysis of your target, you will need to verify the theory on the ground through interviews.
How will you test your idea/activity?
Many entrepreneurs wait for the perfect opportunity before starting their businesses. There’s no point in launching a product or service that no one wants, and instead of waiting for everything to be perfect, think about how to test your idea as soon as possible. This will allow you to know if the project is worth investing time, money, and energy.
Business incubators are also a very important entity, as they provide a safe opportunity to test your business in real life. Discover organizations in your city or region that can help you fix the missing points in your project and help you grow quickly.
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