Seven questions every startup entrepreneur must answer.
Learning entrepreneurship is a life time journey. However, the wise don’t have to make a mistake to learn, they learn from the mistake and experiences of others.
Before you start or quit that business, answer these 7even questions!
- What value is your business adding and what problem does it solve?
This is a core question every startup entrepreneur must answer. If you do not know the purpose of your business, why should anyone else care. And frankly, if your business is not adding any value, or solving real-life problems, then you need a re-evaluation or a new business! But if this is clear to you, which it must, then you are in for bigger things.
- Who are your customer’s and where can you find them?
Many Startup Founders and entrepreneurs are quick to answer this question with “everybody”. Well, “everybody” cannot be your customer. That’s not how business works. You’ve got to know precisely who your business serve. Their age, profession, location, interest, challenges and even income. Yes, how much your customers earn on average.
Now you know your customers, next is where to find them? Here again, you need precision. And as an online business consultant, I always tell people to maximize the digital world. However, just like the physical and the spiritual world, the digital world is a broad world.
You need to know exactly where your audience are, what digital platforms you can find them. And how exactly you can get their attention – your content strategy and development.
- Is your value proposition clear to your audience?
“Write the vision, and make it plain upon tables, that he may run that reads it.” You may know your customers and where to find them, but is your value preposition clear to them. Does your message/content has such clarity that shows you have the solutions to their problems?
If ‘no’, how do you engage your audience? How do you create clearness? What strategy can you implore in your content development and marketing to ensuring your customers are braced with the values and solutions you offer?
- Does your business have the capacity to deliver proposed value?
Here is another tactical question for every startup entrepreneur. Do you truly have what it takes to effectively render your services or deliver your product to desiring audience?
Automation is the best recommendation here. As it is commonly said, ‘you need to stay on your business and not just in it’. By staying on your business, you get things working for you without your direct involvement. And digital is still the way to go!
- Who are your competitors, and what are they doing right or wrong?
“A horse never runs so fast as when he has other horses to catch up and outpace.” – Ovid
This is one questions many entrepreneurs don’t like to answer. But if you want 10 times result, then you must know your competitors and study what exactly they are doing that is working. Study also their weakness, the things they are doing wrong, maybe you would want to form your strength around that.
- How do you collaborate or partner?
If you want to really own your stage, there are titans in your industry you may want to collaborate with. There is a popular saying that if you want to go fast, walk alone, but if you want to go far, walk together. Learn how to work with people, learn collaboration. Partnership is another big deal, only make sure you are partnering with the right people.
“Talent wins games, but teamwork and intelligence win championships.”Michael Jordan
- Did you or are you starting too soon or too big?
This is a bit tricky question. Starting too soon does not mean you should not start now. In fact, Today is the best time to start anything. It is all you have. And until you start, nothing happens. However, do not jump at anything! Do your research, ask questions, and learn from leading experts.
It is absolute beauty to start big when you have not just the money, but the best minds (human resource), a good strategy, and you know the formula that drives the numbers in your industry. But if all you have is the money, then you have more work to do. It is better to start small, learn and grow big, than to start big and suddenly crash.
What lessons can you share from your entrepreneurial journey?
What other questions do you think entrepreneurs and startup founder should answer in ensuring business growth?
Kindly leave a comment below!
Content Strategist, Author.