Top 5 Questions To Ask Yourself When Starting Your Business

Have I done the right amount of research?

The excitement of starting a new business can cause small business entrepreneurs to be too hasty. Often driven by the mistaken belief that some imaginary boat will be missed if the business isn't started NOW, this haste can result in the cutting of corners, particularly in the area of research.

Research - whether into potential markets, the activities of competitors, the mechanics of the business, financial projections or methods of marketing - is essential when completing a realistic and comprehensive business plan.

On a contrary note, too much research can signal and fuel procrastination. Many prospective business owners remain just that - prospective - rendered motionless under the weight and anxieties caused by research excess.

How do you find the happy medium? Draft a research plan by listing the headings that you feel need attention. Then discuss this with 2 or 3 business friends or associates and gather their opinions (and no, not the ones who you know will agree with everything you say!).

Have I been realistic about the pitfalls?


Read any book about entrepreneurs and you'll find the word 'risk' somewhere near the beginning. Every new business has an element of risk, often it's risk that precedes revolution and it's revolution that can bring huge success.

However, there's a distinction between risk and irresponsibility. In a nutshell, risk is not usually terminal. Sure the business itself might fail, but the possibility of loss will have been foreseen and personal disaster will generally have been avoided. Irresponsibility on the other hand generally indicates that pitfalls have been blatantly ignored.

When risks takers don't pull it off, it's onto the next. When the irresponsible fail, it's lose everything and head back to employment.

A classic scenario is the entrepreneur fired-up with the most unique, groundbreaking business idea ever. "It's what the World has been waiting for?' we hear, "no-one has ever done it like this!" Er, why?

Unique, groundbreaking ideas are fabulous, alas they seldom translate into successful businesses. Far better to do what others have done, learn from their lessons and do it better.

Am I cut out to working on my own?


Working for yourself sounds like bliss and to many it is. To others, however, it's lonely, isolating and downright destructive.

Before starting out on your own, take a good look at your strengths and weaknesses. Ask yourself these questions as a starter:



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Winifred Edet
Online Sales Executive
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