17 Questions You Need to Know From Successful Entrepreneurs

What people are saying

To be a successful entrepreneur means considerable starts and stops. The road is murky with hidden mine fields. Below are few questions relevant from the beginning to wherever you want to go. I built my business literally out of my car when I was homeless. These are a few of th many questions I asked, aside from the big one …. “Am I deserving?” Please share below and leave me your comments. get more ideas at my website. Jim

What’s the opportunity? Business is about balancing risk and reward. So what’s the upside? If the opportunity is not significant, you either need to make sure your risk is low or abandon ship.

What is my risk to test? A startup is nothing more than a hypothesis, and the first phase of every startup is testing that hypothesis. How difficult (costly, labor intensive, time intensive) will the test be to conduct? How many hypothesis adjustments (pivots) should we reasonably make based on the opportunity?

Who is going to buy and why? Getting people to part with money is incredibly challenging, and outside of your family and your closest friends, no one cares what you’re doing. Get very specific about the type of buyers you’re trying to reach, their motives, and your ability to reach them. What methods are you going to use to acquire customers, and what is the acquisition cost to do so?

Can the concept be easily described and easily understood? Nothing complicated goes anywhere. If your potential customers, employees, or partners can’t easily understand exactly what you’re doing, you’re in big trouble.

How many gatekeepers are there to my success? Corporate hierarchy, middlemen, and single-source suppliers all pose significant roadblocks to long-term success. Try to have the least reliance on multi-layer sales situations, re-seller arrangements, or a single data source (Twitter).

Am I offering a vitamin or a painkiller? While valuable, no one wakes up in the morning craving a vitamin. Conversely, painkillers address an immediate and important need. Selling vitamins requires establishing the need first. Selling painkillers merely requires the presentation of a solution. In which category does your product/service reside? […]

via 17 Simple Questions Successful Entrepreneurs Ask Before Starting Anything New – Forbes.

 

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Jim Woods, Leadership speaker, Human resource expert, Employee engagement, team building

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About

Jim Woods is president of The Jim Woods Group. A management consulting firm. Go here to see his work www.jimwoodsgroup.com. He advises and speaks to organizations large and small on how to increase top line growth in times of uncertainty and complexity. Some of his speaking and consulting clients include: U.S. Army, MITRE Corporation, Pitney Bowes, Whirlpool, and 3M. See more at his website www.jimwoodsgroup.com.

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Posted in Entrepreneurs, Small Business, Startups

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