Awesome! You have finally decided to take the plunge. But here’s a word of caution before you step into the world of entrepreneurship and start your own business – try and answer these five basic questions to ensure that you are on the right track about the right key business decisions.
The first question is: What do I want my business to be like? This is asking you of the vision you have for your business. This is where you tell yourself the type of business you have in mind, whether it will be small or large; online or in-store; home or out of home business.
The second question is: What product or service will the business be offering? Here, you have to determine what your business will be offering to the public. Is the business going to be deal with production, wholesale, retailing or product promotion, and so on. Have in mind that this will be based on the geographical location of the business (Urban or rural area); the target audience to be served (men or women, educated or non-educated, adults, teens or children).
The third question is: What type of success do I imagine for this business? This is where you determine the level in your business when you can say I have succeeded.
The fourth question is: What freedom of lifestyle will I achieve? In answering this question you will need to outline the business hour of operation, which will be based on the lifestyle adjustments you want to make.
The fifth & the final question is: What answers do I have for certain business questions like cash accounting? Accrual basis? Profit and loss statement? Projections? This deals with the financial aspect of the business, how you want to fund it, how you plan to pay your staff, how and when you plan to balance the account and so on. The Accounting aspect of a business is a process or a tool that will help you account for the following: 1. What your business has done? 2. What your business is doing? 3. What your business hope to do in the future? It is a bit like painting a picture and a little like solving a puzzle. It is actually a fun if handled well.
So Mr. Future Entrepreneur when you are able to answer these questions to your satisfaction you can then go ahead with your dream startup. I hope this article will go a long way in guiding anyone who wants to start his or her own business.
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