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Question 6 of 7 questions to ask yourself before starting a business

Good afternoon all

Yesterday saw the final pitch in the #YouthStartCT Competition. The 15 competitors all stepped up their game, making the adjudication of the top ten quite difficult. (see photos)

Finale 1Finale 2Finale 3Finale 4Finale 5Finale 6

One of the areas that they addressed, was who their team was and why this is a strength that the investors or judges should consider.

The 7 questions we are looking at are:-

  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?

 

The question we are looking at is is simply “Why us?”

Notice that this is why us, and not just me.

Even if you are a sole proprietor, you gain credibility by adding mentors, advisory boards and other supporting partners. One of the competitors is a beneficiary at the CFE, and though he is a sole owner, he presented the three mentors he has as well as legal support and the support of the CFE.

Always start your business by recruiting a team. The joy of startups is in creating a functional team composed of members who have diverse strengths and skills and unique experiences to draw from. At least one of the members should have good technical knowledge of the industry you are entering.

Your team should include:

  • You
  • Other like- minded entrepreneurs who are passionate about the business you are starting
  • An advisory committee or board.

The reason for favouring a team? Simply that together you can achieve so much more.

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

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