10 QUESTIONS TO ANSWER EVERY DAY ABOUT YOUR BUSINESS
Starting a new business is hard and often will require you to go an extra mile. Many questions cross the mind of entrepreneurs every day, no matter how experienced they are. Each answer will help build the company identity and the purpose of the business, so decisions should be taken wisely.
More than technical questions, personal life objectives are crucial for each entrepreneur.Â To advance in the right direction, these are the 10 questions every entrepreneur should ask himself everyday:
1. Do I love it so much to dedicate 100 hours per week?
Creating something new and being successful demands extra motivation. Every day new problems will have to be solved. Without true passion, it turns into an exhausting routine that takes time to pay off and can be discouraging. Things in the rest of your life will continue to happen (including problems), but you know that your energy is focused in the right idea.
2. Do I have a purpose?
Are you looking for a new lifestyle (without a routine and being your own boss), trying to solve a problem or to improve a process that you really think is inefficient or to have a different work experience creating something for your own? Depending on the answer, you may have more or less success than others.
3. Do I have the right team?
A co-founder relationship is like a marriage. Problems will have to be shared and solved, based on mutual trust. Besides that, it is important to be surrounded by people that share your passion for the business, that know the market well and that will support you dealing with challenges that will come. Diversity of points of view may help your service or product to be more democratic and attractive.
4. Is it the right moment to execute my idea?
Reid Hoffman, founder of LinkedIn, hasÂ a famous quote saying that “If you are not embarrassed by the first version of your product, you’ve launched too late”.Try to analyze the market objectively as it really is. If you have a good idea but there is no equipment to implement it or no people to buy it, it may not be the right time. At the same time, don’t wait for the conditions of your dreams or to have a perfect version at first, as most business are made in movement.
5. Am I in the right location?
For tech companies, geographical locations as the Silicon Valley or New York, in the United States, can really make the difference. The startup ecosystem of these cities facilitate networking,Â recruiting and even attract investors and partners more easily. At the same time, Europe can be a better geographical location for startups aimed at social well-being or solving issues such as population aging, for example.
6. Am I solving a problem for a sizable population?
You may have a great product and the right team, but if only a small percentage of people would be interested in buying it, either because it is too expensive, extremely complicated or because your competitors already offer something better, you may need to rethink your business. You may not realize it when you create your company, but in the future, when new products arrive in the market, so always keep a critical eye.
7. Can I make (more) money from that?
You developed an amazing product and made a great marketing campaign. However, to retain customers it will take you much more effort. One-time sales don’t get you very far, but word of mouth, a subscription service or a ‘pay as you go’ model may help customers keep loyal to your brand.
8. Am I overspending?
Before the market validates your idea, the best is to keep costs to a minimum. Learn and experience all the time, but don’t make it more expensive than it should be.
9. Have I been monitoring my Finances?
Despite having a great accounting team, a founder monitoring closely the balance sheet may help to identify inefficient points and to adjust operations and sales.
10. How can I expand my business?
As time goes by and new competitors arrive in the market, your company will have to keep reinventing itself. In order to do it, it is important to continually train employees, to create programs that foster innovation and research, to look for new skills in other business areas or to adopt new equipments. By the way, the budget covers all these needs?
You might be also interested in: