So you have a business idea that you think is going to work miracles and 'change the world?' Well, you are not the first one to be in that position.
At one point in time, we all feel that way.
We all feel that our ideas are the best in the world.
But before you go ahead on to launch your start-up, it is important to know that of any ten start-ups launched, only one of them will end up successfully.
That's a scientifically proven fact.
So to better understand the magnitude of this fact, it is important for any entrepreneur to consider various facts and ask himself several questions.
I hereby want to present a couple of questions that one should ask any time before launching any start-up.
1.
Why am I starting this business This is the best question that any entrepreneur should ask himself.
This question will be useful because it will answer the question as to the purpose why the business venture exists.
Is it there to better the lives of any particular individual or is it there to benefit the entrepreneur only? When this question is asked and answered effectively, then other important aspects of the business such as mission statement, principles, mission and vision will also be addressed.
2.
Am I the right person to deal with this business? This question is very important and will help a great deal when addressed properly.
This is because not all discoverers are good in managing their products.
For example, Larry page and Sergey Brin came up with this product that we all love to use.
But they discovered that they needed someone else to run up the company as the Chief Executive.
That idea has made Google to be what it is today.
Many of us think that we are the best persons suited to run our products but the truth of the matter is, someone else can run it better than we can do it.
3.
How is this product different? In this era of innovation and entrepreneurship, it is hard to come up with something that has no alternative.
For example, when Facebook came up, other social networking sites existed.
Most popular among them was MySpace.
What mark did was to come up with a better solution to social networking.
He came up with something different.
That is the reason that Facebook remains the unbeaten social network to date.
That can also be applied to your business.
For example, when I formed my first company that specialized in entertainment news, I failed because I wanted to be similar to another company that existed at the time.
I added nothing into it and for that I failed.
A simple rule I have is that you should not copy someone's idea, but if you do, try to make it better.
4.
What are the timelines? In this question, you address the time factor in your business.
For example, when is the business going to be launched? When is the break-even point expected? Many people ignore this fact and end up failing.
A good knowledge of these facts will enable the entrepreneur have an idea as to when he will start profiting from the venture.
An idea without timeline is as good as having no idea at all.
5.
Who will buy the products? This is the final question that any entrepreneur ought to ask himself before launching his product.
This is because a product with no market is as good as having no product at all.
Why do you spend money to start a product that will not be sold? That's not right because any product is made with a view that people will buy it.
So, think about the age, the demographics and the values of your product.
What do you think of these ideas? Let the discussion begin.
At one point in time, we all feel that way.
We all feel that our ideas are the best in the world.
But before you go ahead on to launch your start-up, it is important to know that of any ten start-ups launched, only one of them will end up successfully.
That's a scientifically proven fact.
So to better understand the magnitude of this fact, it is important for any entrepreneur to consider various facts and ask himself several questions.
I hereby want to present a couple of questions that one should ask any time before launching any start-up.
1.
Why am I starting this business This is the best question that any entrepreneur should ask himself.
This question will be useful because it will answer the question as to the purpose why the business venture exists.
Is it there to better the lives of any particular individual or is it there to benefit the entrepreneur only? When this question is asked and answered effectively, then other important aspects of the business such as mission statement, principles, mission and vision will also be addressed.
2.
Am I the right person to deal with this business? This question is very important and will help a great deal when addressed properly.
This is because not all discoverers are good in managing their products.
For example, Larry page and Sergey Brin came up with this product that we all love to use.
But they discovered that they needed someone else to run up the company as the Chief Executive.
That idea has made Google to be what it is today.
Many of us think that we are the best persons suited to run our products but the truth of the matter is, someone else can run it better than we can do it.
3.
How is this product different? In this era of innovation and entrepreneurship, it is hard to come up with something that has no alternative.
For example, when Facebook came up, other social networking sites existed.
Most popular among them was MySpace.
What mark did was to come up with a better solution to social networking.
He came up with something different.
That is the reason that Facebook remains the unbeaten social network to date.
That can also be applied to your business.
For example, when I formed my first company that specialized in entertainment news, I failed because I wanted to be similar to another company that existed at the time.
I added nothing into it and for that I failed.
A simple rule I have is that you should not copy someone's idea, but if you do, try to make it better.
4.
What are the timelines? In this question, you address the time factor in your business.
For example, when is the business going to be launched? When is the break-even point expected? Many people ignore this fact and end up failing.
A good knowledge of these facts will enable the entrepreneur have an idea as to when he will start profiting from the venture.
An idea without timeline is as good as having no idea at all.
5.
Who will buy the products? This is the final question that any entrepreneur ought to ask himself before launching his product.
This is because a product with no market is as good as having no product at all.
Why do you spend money to start a product that will not be sold? That's not right because any product is made with a view that people will buy it.
So, think about the age, the demographics and the values of your product.
What do you think of these ideas? Let the discussion begin.