The site "Entrepreneur" published a report by Yan Kacharojski, 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 writer begins 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 see entrepreneurs on television driving luxury cars and spending money lavishly and you want to be one of them, know that failure is your destiny.
Entrepreneurship is no joke; an entrepreneur must possess the ability to handle ongoing pressures and challenges, maneuver, develop personal awareness, recognize shortcomings in themselves or their project, make smart business decisions, plan ahead for all operations, and successfully execute strategies.
What do you want to achieve?
The second question you need to clearly know the answer to is what you want to achieve from your project? Start by writing a description of your project, and imagine it the way it could thrive. Plan for yourself one year from now, then after one to three years, and define as precisely as possible what you wish to achieve through completing this project, and clearly write your vision, mission, and goals.
Do you have the necessary skills to execute your project?
You must ensure that you possess the qualities and skills necessary to become a successful entrepreneur, and it is essential 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 must know your needs, such as external support, external expertise, and most importantly, the necessary funds to start your business. Once you list your needs, evaluate what you currently have.
Who can help you?
Once you have identified your needs and have a clearer idea about them, it is time to evaluate your network of relationships (personal and professional). You certainly have people around you who can help you in one way or another, so start communicating with them right away.
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The American site "Forbes" 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 often last for a short time before they start facing issues; ensure your project’s sustainability by testing it.
How do you study your market situation?
Market research will allow you to verify whether there is a real need for your product or service. The term "market research" is often intimidating, but rest assured it is far from being impossible, thanks to the tools provided by digital technology.
The crucial question in market research is competition; instead of viewing it as an external threat to your project, try to see it as a fact and an opportunity. Rather than reinventing the wheel, take advantage of what is already being done in the market, and think about what you can do differently.
Who are your customers?
When you sell to everyone, you are selling to no one; it is crucial to define your ideal customer profile 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 offer before starting their businesses. There is no point in launching a product or service that no one wants, and instead of waiting for everything to become perfect, think about how to test your idea as soon as possible, as this will allow you to know whether the project is worth investing time, money, and energy into.
A business incubator is also a very important entity, as it provides 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 assist you in growing quickly.
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