Before Starting A Business: Answer to Seven Questions

Now a days most of the youths are excited for starting their own business with traditional or extra ordinary startup or business ideas. This is good sign for their and country's future. But wait wait. I'm also businessman. One of my friends asked me, "Should I start a business?" At that time, I felt proud for him. But, then I asked him few questions. He was slightly shocked with my questions and replied sadly, "I have to think about it." I felt his negative energy and tried to motivate him by adding practical words in my incomplete sentence, "Hey, brother, now you know what to do. So just focus over that issues and start you business." After that his negative energy transfer into the positive phase. And that's what I want.

I think you're also one of them, want to start your own business. Right? Look, if you got perfect plan then everything is possible.

Following are seven questions that, you should answer yourself.

• Am I clear about my business idea?

There are numbers of ideas flows in our mind, just like a river. But, you should be clear with your business idea. Ex. If you want to start "Building Planning Business" then, you should know what are your works or responsibilities?

• Who is my client?

I have observed that, most of the people fail in their startup because: they think like businessman instead of client. You should know who is your client. This plays very important role in targeting people with specific mentality, behaviors, professions. If you are clear with the question; who is my client? then it becomes easy to think like them. Because once you start think like your client then, you will easily understand their needs and that's what make you ideal businessman.

• Who is my competitor in business?

Like studying your business client, you should track your competitors. What's their product/service quality?, how much they charge for it?, from which time period they are active? and most important: can I compete them? Look, business competition is not like a war. But, you should study your competitor so that, you will survive in market for long time.

• Am I ready for my business?

Most of the time your qualification is not major factor in any business. It's all about your quality and timed service. In other words your experience. How you tackle with problems and give a satisfaction to your client. So, even if you have various qualification certificates related to your business; you should learn each and everything practically. You must have min. 2 to 3 years experience. Trust me this experience will boost up your confidence.

• How much money I need for this business?

Business is all about initial investment. Investment of time and money. You should be clear with all approximate estimate for your business. After calculating that amount, now you work is to find out the easy and safe ways to arrange that fund. Family support is best option. But if that not possible then try for the bank loans (in India Mudra Loan)

• Who is my business Godfather?

Actually, this is a optional factor. But, business godfather plays very important role in your initial stage. Let me explain with my own example, I'm owner of construction consultancy and my business godfather is my father. He has construction field's experience of more than thirty years. At the initial stage of my business; I got clients. This is because of his fame. Similar to this, if you have somebody as business godfather, then that will definitely helpful for your business.

• What are the skills needed for my business?

No doubt experience is important for any business, but some times skills are much more important than experience. You should know the various skills require for your business. These skills may be communication skill, software skill and other professional skills. You should list out each and every skill require for your startup idea and also try to learn them as soon as possible. For Ex. for business like Building Planning, you must have these skills: AutoCAD software, communication, creativity, working with team, time management etc.

Remember that, if you want to be a safe and successful businessman then; you must have satisfying answers to above questions. Best of luck for your future. 

Also Read: Checklist For Office Setup.