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You Have A Great Idea To Start A Business? You Can’t Ignore These Questions

Fa calendar 16 grey April 1, 2019   
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Many other entrepreneurs may be into the same thing you want to get into, but what makes yours unique?

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Sometime back, there was a motion in parliament pushing for youth unemployment to be declared a national disaster. With the rising frustrations of unemployment tightening in throats and choking graduates, it has frequently appeared to be that it’s entrepreneurship that will save us. More than once, there have been talks championing for entrepreneurship, labeling it as a solution to our economy- one that will create jobs and well, send us smiling to the bank.

But again, entrepreneurship has been labeled ‘dicing with the devil’, all owing to the risks involved. This article seeks to try and shed some light when it comes to the basic questions you should ask yourself before starting a business. Whatever business.

What problem are you solving?

It’s said that the greatness of your business lies somewhere within a problem, therefore, you should always welcome problems. Why? It’s by solving a problem at a profit that you grow your business. Is there a problem you’ve identified that you wish to solve through business?

Do you have the resources needed?

It’s paramount that you figure out the answer to the above question. Most businesses hit a wall because in the pre-stages this question was ignored. As such, trouble kicked in later after the ball had been set rolling; the available resources were not enough to sustain the business

However, the devil is always in the details, it is wise to start as soon as you have the resources you need to get going even though not enough for where you have envisioned your business in say ten years. There are things you will only figure out while in the business, so start small and start now, with the little you have, as long as it is sustainable.

Who are your competitors?

You just can’t wake up one morning and dive into it without some market research. Chances are that there are others with the same idea and they are already executing it. Study their strategy patiently and look for the simple gaps they haven’t covered. There’s greatness in the simple things.

Can you test-run your idea part-time?

If you are in the employment caravan, then it will be wise that before you tender that resignation fueled by the great idea you think you have to start a business, ask yourself this question. You could choose to start and run your business part time while you still work for your employer, until your wings develop fully for you to flutter them and fly away

What makes your business unique?

Alright, many other entrepreneurs may be into the same thing you want to get into, but what makes yours unique? Hotels, to give a for-instance, come up with giveaways and free drinks to be unique and retain their clients. Some host live bands. In other industries, one business may be doing better than another because it went the extra mile to package products better, or say offer free deliveries. What makes you unique?

What does the ‘Risk Vs Rewards’ scale say?

You want to go into that business to get a reward. But at the same time, risks are ingredients for rewards. The greater the risks, the greater the rewards. While about to start, you should check out the risks Vs rewards scale and ensure you are able to handle all risks involved and hold on until the rewards starts showing up.

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Comments

    JOTHAM | May 13, 2019 10:49

    It's very important idea from fuzu thanks a lot

    Ukullo | May 09, 2019 08:51

    Only Blessings To You Fuzu Staff For The Encouragement Words

    Michael | May 08, 2019 23:10

    Thanks fuzu for the insight.....

    LINDA | May 08, 2019 11:12

    I love the idea

    MUYIYI | May 08, 2019 11:07

    It has opened my brain. Thanks Fuzu for the great services you willingly.

    Bazil | May 08, 2019 09:23

    Well! Thanx, every entep'nure asks for these questions. But my problem is the issue of taxes(lincences),how i wish an enterp'ure could be given a period of say 1yr exemption from taxes. Infact we are small scale investors. bazil

    Morris | May 08, 2019 06:50

    Such a great moving explanation

    MIRRIAMKIENDEMITHIKA | May 08, 2019 06:27

    Very insightful. Thank you.

    Olowo | May 07, 2019 22:45

    good points stated

    Morgan | May 07, 2019 18:53

    very nice

    Brian | May 07, 2019 15:25

    Very encouraging, congrats to Fuzu

    Namagembe | May 07, 2019 11:57

    This is so nice and helpful. Thanks a bunch

    Bukanyira | May 06, 2019 18:50

    God bles such briliant figures who spare their time to save I. Thanks.

    Gregory | May 06, 2019 16:06

    That is a good idea it can make bright future

    Hezron | May 06, 2019 15:17

    Nice document on start ups, we only have issues on turn around

    Joseph | May 06, 2019 13:29

    I content with all those points too!!!

    OBALIM | May 06, 2019 12:34

    This article has the questions most people are struggling to answer. Thanks

    Gerald | May 06, 2019 11:58

    It's nice and encouraging to get such informative and educative article. Thanks fuzu.

    Naiga | May 06, 2019 11:33

    Its a very good enlightment for business startups

    Songa | May 06, 2019 11:08

    Great reminder

    WILFRED | May 06, 2019 10:58

    Very profound content for anyone wishing to venture into a business.

    Uthman | May 06, 2019 10:12

    I like the big brain behind this article. Surely you summarized everything in just one page! Thanks for sharing the great ideas.

    Ivan | May 06, 2019 09:50

    Risks engender rewards and business stemming from situational problems ..I like that.thanks

    Wamimbi | May 06, 2019 09:49

    so great

    Justine Namatovu | May 06, 2019 08:53

    Well thats great, all business starters have such questions but the government has not come out yo support them. You start a business today tommorow they want you to pay tax yet the so called investers are given tax hollidays to develop. It creates a very big question what is the difference between an invester and a business starter? Thankd fuzu

    MARY | May 06, 2019 08:52

    It is very helpful.

    JULIUS | May 06, 2019 08:18

    The article sounds encouraging and packed enlightenment and insighting for a willing entrepreneur.

    Stephen | May 06, 2019 08:02

    Thank you for this article, investment is key don't just "save".

    Thethe | May 06, 2019 07:53

    It's important content and I believe it will help me a big part of entrepreneurship .Thank you so much Fuzu

    Evance | May 06, 2019 07:38

    True you have to figure things out on your own before starting business

    Festus | May 06, 2019 07:16

    That is what we call ..lean canvas . In entrepreneurship

    jimmy | May 06, 2019 07:05

    We as youth " not only the educated ones" but all have Idea of how they "we" could start a business and run it to make something from it the problem usually becomes now that you have the actual idea do you have basic requirements for such business yo prosper and become a reality not a dream anymore? Capital is a big problem to start a business

    Shuggy | May 06, 2019 06:35

    They have stated good points there. For any entrepreneur who is in business and also one who has an idea..

    Nsereko | May 06, 2019 06:30

    I Think This Article Can Help Enlighten Anyone Wishing To Launch A Startup. Thx Fuzu!

    Niwagaba | May 06, 2019 06:22

    That is true, if followed well, there are high chances of gaining from the business started

    FREDRICK | May 06, 2019 06:04

    The points are so true en on point

    Stephen Onyango Odhiambo | May 06, 2019 05:29

    Its very fantastic its my dream to start a business .

    RUTH | May 06, 2019 05:28

    Appreciated

    Margaret | May 06, 2019 05:27

    Insightful piece

    Masiga | May 06, 2019 05:11

    We as educated youths have all it takes to be successfully in entrepreneurship but the biggest obstacle is the resources required. Hope resourceful entrepreneurs or the government will soon come up with mechanisms that will address this problem

    YVONNE | May 06, 2019 05:07

    Very informative. Excellent idea to give us that kind of information for free.thank you.

    Jenepher | May 06, 2019 04:48

    It is much more important and gives hope to start ups.

    Ben Patrick | May 06, 2019 04:35

    Its a great guide for enterprenures, this thus gives a good lay of a strong foundation.

    Dennis | May 06, 2019 04:34

    Well put

    OMONDI | May 06, 2019 04:16

    As an aspiring entrepreneur,this is epic.very informative.

    ouma | May 06, 2019 04:14

    Very precise

    Edwin | May 06, 2019 03:11

    Wish For anyone. Good idea to start new business

    carlo | May 06, 2019 03:09

    I like this article....but am worried my business (boutique) its just new, though too early to judge , its very slow on picking up

    GERTRUDE | May 06, 2019 02:58

    Very nice self analysis questions, thanks fuzu

    SCOVIA | May 03, 2019 14:48

    Challenges have since in memorial prompted people to think harder and for better.I am encouraged to venture

    Owuor | April 13, 2019 18:08

    Very nice

    John | April 11, 2019 14:29

    Obviously, the above points have spoken so much , in the way that aperson can really, find themselves achieving goals, as the background information shows indeed the reason and improvement as well as risks.

    Joseph | April 01, 2019 20:04

    its an awesome content for anyone wishing to start a business ...


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