10 questions for an aspiring entrepreneur | SupportBiz

Managing Growth

10 questions for an aspiring entrepreneur

So, you think you have a brilliant business idea that has great potential for success? Do you want to quit your day job and start your own business venture? SupportBiz lists 10 questions every aspiring entrepreneur should ask himself/herself before giving up their day job to start their enterprise.
  1. Do I really want to quit my day job?

Many people dream of starting their own venture when they are sick and tired of their day job and the stresses it causes them. Being an entrepreneur is no easy job; it is even more stressful than a day job – and this is something every aspiring entrepreneur should remember. Ask yourself if you are really ready to quit your job. Making a systematic business plan will help you evaluate your desire, give you a realistic picture of the risks that you will face with your own venture, and help you avoid taking impulsive decisions.

  1. What will my new schedule be?

Every aspiring entrepreneur should ask himself/herself what his/her new routine will be like, after he/she quits his/her day job. You might end up whiling away the free time you get after quitting your job, achieving nothing in turn. It is, hence, absolutely essential to be prepared with a routine, well in advance, for those days. This will help you stay on track and, slowly and gradually, work on starting your own business.

  1. Am I willing to don multiple hats?

Being an entrepreneur will require you to wear multiple hats and learn to perform a variety of functions – from cleaning and packaging to marketing and managing your social media networks. Before you decide to quit your day job, you should ask yourself if you are willing, and able, to don such multiple roles. If possible, you could talk to some friends or relatives who have their own enterprises, to get a fair idea of what being an entrepreneur entails.

  1. How will I raise money?

It is not advisable to start a business venture without a solid financial plan to fall back upon. You might think you will launch your start-up and then resolve your cash issues as you go, but that is not the right approach to it. Ask yourself, before you quit your day job, how you will raise the money required to fund your business venture and keep it growing.

  1. Am I prepared for uncertainties?

You might have a great business plan, but sudden changes in circumstances can make the best-laid plans go awry. Before you quit your day job, take the time to think over whether you are really prepared to deal with such uncertainties as and when they come. Will your family and personal life be able to handle it?

  1. What are my strengths and weaknesses?

Ask yourself honestly about your strengths and your weaknesses. A realistic portrayal of these will help you avoid rash decisions, and help you prepare a better and more effective business plan. You might even want to equip yourself with a few necessary skills before starting your business venture.

  1. Who will be my customers and competitors?

Before you quit your day job, you should have a clear idea of who your target customers will be, their likes and dislikes, and the potential that exists for your products/services. You should also be aware of the competition that you will have to face if you start your own business venture. If you are unsure of this, it is advisable to start on a limited scale so that you can test the waters first before you enter into your business venture in a full-fledged manner.

  1. Can you avoid burning bridges?

Contacts from your day job could be greatly helpful in the business venture that you start. Hence, before quitting, ask yourself if you can avoid burning bridges with the people from your day job.

  1. Do you have a Plan B?

Ask yourself if you have a Plan B, an alternative life that you can pursue if you fail to succeed in your business venture. This will help keep you sane in times of uncertainty in business, and provide you with an option to follow when you are clueless.

  1.  Do you have a support system?

Entrepreneurship is a tough task. Times of financial crisis and changing business situations can take a toll on the confidence and passion of an entrepreneur. Before you start your own business venture, ask yourself if you have a support system in place that can tide you over the tough times. This support system can consist of friends, relatives or your mentor.