Ask yourself These Questions Before Jumping Into Entrepreneurship

Being an employee has never been so easy. You have to establish a great working relationship with your boss, your officemates and of course, you have to face the everyday hustle and bustle of the corporate world.

 

For many of us, being an employee is the only thing that we use to pay the bills. But for others, it’s not. There are just some who can’t really be employees for the rest of their lives. Who are these people? Well, they are the ones called entrepreneurs.

 

Human beings are designed to think, to feel and to adapt to certain changes in the environment very rapidly. Each and every one of us has the capability to come up with unique ideas that can surely change our way of living. And who knows, that unique idea can be a million-dollar idea just waiting to be seen by the public. But here’s the real problem, can your idea stand the very tight competition of the outside world?

 

Before jumping into conclusions and before handing your boss that resignation letter, ask yourself these three questions to make sure if that idea can definitely go a long way.

 

1. Concept: Is the idea unique?

 

Let’s all be honest to ourselves. Not all idea is great even if your mom said so. Many of us were victims of “if we build it, they will come” thinking which can be very deceiving and perilous. Just because you love eating and think that the entire universe is longing for your slimming cookies, it will be equated with success.

 

It is really easy at first to see that your idea is great however there are still some factors to consider to fully understand the solidity of the idea like the following:

  • The need or demand of your product of services
  • The numbers of competitors in the market
  • Number of the target market
  • Stability of the product
  • Experience and passion for the product or service
  • Longevity and competitiveness in the industry

 

2. Execution: How will the concept be executed?

 

Let’s say you already have this great, solid, never-before heard idea. The next thing to think about is how will you execute and make it more tangible? Manufacturing, marketing and even the very single detail of distribution should be considered.

 

Since your idea is unique and new to people, you will be bombarded by never ending questions coming from potential clients on how well your product is, even its component and the effects of it. This, all is under execution.

 

3. Profitability: Will your business give you profit?

Well, that’s the main point. You are not contented being an employee who accepts a sum of salary from your employer. You wanted to be the boss and get higher monthly revenue than that of an employee.

 

Your business model should be profitable. You should know how to identify, calculate and balance your capital, expenses, and revenue for a given period. The amount of production and distribution per month also contributes to your business being profitable.

 

Asking these questions before plunging into the deep, deep waters of entrepreneurship can save you from failing in your business.

 

Next read…Pick the perfect Startup Partner

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Article contributed by Startup Jobs Asia‘s Team.

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