5 essential questions an entrepreneur should ask
“Asking the right questions takes as much skill as giving the right answers.” — Robert Half.
Even though entrepreneurship is about getting started with your idea, it is necessary to ask a few essential questions. These questions could help entrepreneurs to shape their journey. These questions and the answers can help you avoid the obstacles coming in your path. This process can help in the rapid growth of your startup.
Let us discuss these five essential questions which are helpful for an entrepreneur.
Why are you solving this problem?
You should find a reason behind your solution. This question should help you to define the purpose of your business. A large document is not required here; the answer should be a one-liner. This one-line statement will work as the mission of your startup. “Why you do what you do” should be the essence of your answer.
To whom are you solving this problem?
There shouldn’t be any confusion about the customers who will buy your product or subscribe to your service. An entrepreneur should focus on identifying the customer first then satisfying their need with their product or service. This answer will help you provides the basis for determining what customers value, defining your results, and developing the plan.
What do your customers value?
The third question should be what your customer is looking for, are these customers willing to pay for your solution? If yes, how much? Would you be able to attract your customer by providing them tailored solutions as per their requirement?
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Which matrix will you measure?
What couldn’t be measured can’t be improved, as we all know that there is a result associated with the actions you take. These results need to be measured and reviewed timely. You should associate a matrix with actions and develop a process to measure them. Thus you can measure the overall impact associated with your mission statement.
What is your plan?
An entrepreneur should plan the course of action and develop a timeline to achieve results. It is as much important as getting started with your business. According to Drucker, “A plan … is a concise summation of the organization’s purpose and future direction. The plan encompasses mission, vision, goals, objectives, action steps, a budget, and appraisal.” If you can’t answer this question, you won’t know where you’re going or how you’re getting there.
Answer to these five questions will help you design a solid roadmap for your business. These answers will bring profitability to your business.
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