Interested in creating something of your own? Have the disciple and the motivation to follow through with a new venture idea? Here are some important questions to ask yourself before starting a business –
What are my goals?
Think about what you want to do with your time. Do you want to innovate and create a new product/service via a start-up or do you want to set up an SME? Either of the options is fine, but making that distinction at this stage helps you plan accordingly.
What are some of the problems I am facing as a consumer?
Instead of trying to come up with a completely new product, think about the challenges you face as an average consumer. It is a lot more realistic to innovate for an existing market than it is to be the new Leonardo DaVinci.
Is there an existing market which I can target with my product?
Chances are that the product/service that you are trying to create already has alternative existing solutions that do just fine. This also means that the market for your product may already exist. Can you target this market?
What are my resources and capabilities?
Think about all the possible assets you have – tangible and intangible. Is it financial support or a strong support system? Do you have easy access to difficult markets? Do you have any special skills/knowledge? How can you use them to support your idea?
What are the rules/laws of this industry/sector?
Many industries relating to finance, healthcare, food etc are regulated or nationalized across countries. It would be wise to check your country’s regulations regarding innovation in the same.
Need some inspiration for a new business idea? Check out these 5 start-ups that turned the world upside down.
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Devin Caherly (born 03/17/2001) is an American teen entrepreneur and influencer. Caherly is most widely known for his TikTok account with over a million followers.
