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Over the next 7 weeks……7 Questions to ask yourself before starting a business

Good morning

We started on Saturday with the intensive training of 100 applicants to the #YouthStartCT competition.

These 100 young people have brought their idea into the “pool” and are hoping that they will go through to the top 10, the top 3 and eventually, the overall winner.

Will their idea be innovative; help create employment and be scaleable?

Time will tell, but this got me thinking about how important it is to engage in “business think” before you start.

So, over the next 7 weeks, I would like to share 7 questions to ask and answer for yourself. (With thanks to Naeem Zafar’s book, “7 Steps to a successful Startup”)

Here are the questions:-

  1. Why do I want to do this?
  2. What is the unmet need?
  3. How big is this opportunity?
  4. Who else is trying to meet this need? What about our approach is different and unique
  5. How will I make money? Who will pay me?
  6. Why us?
  7. Why now?

Answering these questions will require significant preparation, including : Research; Soul searching; Conversations with real, potential customers and users and conversations and discussions with partners and your team

This week:- “Why do I want to do this?”

The journey of an entrepreneur is exciting, fulfilling, demanding and challenging! It is certainly not everyone’s cup of tea.

Do you possess the key attributes and personal entrepreneurial competencies that are the building blocks for a resilient entrepreneur?

Do you understand the huge call on energy, passion, sacrifice and hard work that starting and growing your business will have on you?

Are you pursuing something your passionate about? That you can honestly say, you love? Consider Steve Job’s quote on work, “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you’ve found it.”

 Are you convinced about the value that your business will bring to the degree that you will navigate the inevitable conflicts, challenges and constraints? Let me finish off with another quote by Jobs on this: “Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes…the ones who see things differently – they’re not fond of rules…You can quote them, disagree with them, glorify them or vilify them, but the only thing you can’t do is ignore them because they change things…they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world are the ones that do.”

 Are you clear on your personal and professional motivations?

 Here’s to building strong businesses, led by resilient entrepreneurs.

COCT

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