Entrepreneurs' Insider

Top 5 Essential Questions You Need to Answer Before Starting Your Business.

Starting your own business is a great adventure that is profitable because you manage your own affairs and pay yourself anytime and any day. 

But most people who are willing to set up their own businesses usually can't figure out the "in and out" of embarking on their entrepreneurship journey. These 5 essential questions explained below will guide you adequately in starting your own business;








Top 5 Essential Questions You Need to Answer Before Starting Your Business.


1. How (Idea):

 To start a business, you don't necessarily need money at the initial stage. This is the first secret I am giving you. What you need at the initial stage is a problem and the idea to solve that problem. So, in the solving of such a problem identified, that is when you think about cash or money. Can you tell me any business that can’t solve a problem?

A big mistake many people make in setting up a business is that they are tempted to find working capital at the initial stage rather than to manipulate and sharpen their ideas in solving the problem. Doing the latter first, you find it very easy and effective in allocating the funds to every aspect of your problem-solving process.


2. What  (Products & Services); 

Another threatening question that comes into people’s minds is "what business should I do or start". I always tell my clients who want to take investment by starting a business that BUSINESS is not always about buying and selling tangible products like shoes, shirts, laptops,s and the like. 

Business is all about serving people (customers) with what they need and they pay you in return. So, while everyone is having a mindset of making money directly from selling and buying tangible products, think about serving people by solving their problems for them. That’s what business is all about.


3. Who (People & Customers); 

Nobody does anything great alone! You need people and people need you when it comes to starting a business. People on your phone contacts, WhatsApp groups, Facebook friends, college mates, church members, coworkers, community members, junior and senior colleagues, etc., … Are the very people you will need to start your investment when it comes to business startups.

Among these people are your customers, investors, mentors, partners, teachers, coaches, and authorities who will help your business to grow. YOU CAN’T DO IT ALL ALONE!!!!! Talk to them when you need help, listen to them when they raise objections, work with them when they bring suggestions,s and sell to them when you bring the product/service out.

Many people have all the contact but do not have the connections. If you are one and you want your money to work for you, then it is high time, you start connecting those contacts as soon as possible.


4. Why (Mission & Money);

This time Y is not having a long tail. Don’t get it twisted, you want your money to fetch you more money. That’s why you are starting a business. But don’t allow money to take your personality and virtues away. The reason why you are in business is serving people and not people serving you. 

Get it for once that people will owe you some money, customers may not pay their debt on time, suppliers may not give the items to you on credit, your machine will break down, and some business partners will steal your ideas. But always have it in mind that serving people is your ultimate goal as an entrepreneur or a business professional.


5. When  (Time); 

To start a business and become successful in keeping your investment safe, DON'T WAIT FOR THE RIGHT TIME!!

There is no right time, anywhere and if you are thinking about that, you can never invest in starting a business. Some people have mind-blowing ideas and proposals, but they are never seen in operation because they waited for the RIGHT TIME which never came. 

You need to be a bit radical to start small, build it from that humble beginning daily, and work on it by adopting and changing your strategies. That is how your business and investment can grow and make money for you.


Before you can see a significant breakthrough, you will first lose money, time, and friends, and some family members may not believe in you. You will incur the opposite of profit and thus loss, raising funds is not easy. I encourage you to take that chance and be in control of your investment.


I am looking forward to reading your comments and don't forget to share this post with your friends if you have enjoyed reading it.



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