The 5 Questions Every Entrepreneur Should Ask Herself
Being an entrepreneur is like taking up the challenge to reform, be it lives, work ethic, or perspective of society. It starts not with a fortunate lab experiment or millions of dollars to invest in a start-up, but a lightning bolt idea that doesn’t let you sleep as the possibilities and efforts it contains had been in your dreams. Well, it’s already a brave decision to choose this uphill path, but it also comes with responsibilities and tedious polishing of skills that will make you successful. That’s how everyone started from scratch and became prolific of what they are today, paradigms being Joy Morgano, inventor of self-wriggling mops, Vijay Shekhar Sharma, founder of Paytm, and Falguni Nayar, CEO of Nykaa.
Q.1 Are you prepared financially for entrepreneurship?
Though entrepreneurship seems like being your boss, working 80hrs a day to reduce that 40hrs a day routine and become successful in the speck of time, can be a gruelling task both physically, mentally, and financially. An empire wasn’t built overnight, so even the slightest of flaws needed to be mend and financial independence needed to be achieved to plan further hefty or risky investments from the best of knowledge. A strong grasp of financial management and monthly outsourcing as well as revenue needs to be well oriented so that at times of inconsistency, there is sustenance. A financial advisor and acknowledged team should have an edge at handling the idea and expenses it can incur.
Q.2 Is your idea implementable?
There are millions of people who propose myriad ideas but only some of them survive to win till the end. Most of the time it’s not the problem with execution but the viability of the idea. Essential research work on arenas such as ‘Is it effective with production?’, ‘Does the market have a place for it?’, ‘What competitiveness will it pose in front of us?’, ‘Is there any loophole in the system that can cause harm to execution? The solution to these will only make the foundation of business stronger and give us a reality check before we begin.
Q.3 Know-how of leverage technology is understood?
We all have heard that pun, a Gujarati sweets shop owner who hired diabetic staff to teach them his master recipe legacy and reduce embezzlement consumption of sweets. Though sounding funny, it can be related closely to technical aspects of a business as well. Hiring expert staff without self-awareness can be misleading to the self. To begin with, proper research, expertise from production to management and marketing must be taken care of. At least the basics of social media, blogging, web design, data analysis, paid advertising and SEO must be known. These are like a secret recipe to stand straight in competition.
Q.4 Have you considered others’ opinions?
Most of us have the habit of seeing the world and convincing our minds as per our frame of vision. This can make us overlook the other’s perspective heedlessly and cripple the process of wide-scale implementation. A nurturing talk to other entrepreneurs, mentors, trusted friends, partners and family can open the mind to the exploration of other’s valuable opinions and scrutiny of our ideas. Also, the field of entrepreneurship mainly deals a lot with people’s feedback about the product or services. This small factor has enough power to turn the idea into a success or failure.
Q.5 Do you have the patience and inspiration to behold all challenges?
Overnight success is a hoax, there’s no elevator to hard work. Sometimes our idea is wonderful yet the implementation seems like a bounty of bridgework. It seems as if failure might knock down everything built so far. These are the times patience casts its mystic spell, we need to instill hope and faith into our work to believe that it can be a successful business tomorrow, it just needs a little more patience, intense work, and fruits of spring will surely harbinger if all the efforts are put in with honest intentions.