Many other entrepreneurs may be into the same thing you want to get into, but what makes yours unique?
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? Here are small business ideas that can inspire you.
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.