Questions To Ask Yourself Before Pursuing a Business

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Becoming a successful entrepreneur requires thorough planning, creativity and hard work. But how will you know if you have what it takes to be an entrepreneur? To consider whether you possess the characteristics and skills to become a successful entrepreneur, there are key questions you must ask yourself.

Remember “Twenty Questions,” the parlor game where a person chooses a subject but does not reveal this to the others? All other players, who are questioners, have to figure out what the subject is by taking turns asking questions that can only be answered with a simple “Yes” or “No.” The premise for this game can be used to examine your natural aptitude at entrepreneurship.

In fact, the U.S. Small Business Administration sets the stage for a realistic set of 20 questions you should answer to make sure you’re ready to start a business:

  1. Why am I starting a business?
  2. What kind of business do I want?
  3. Who is my ideal customer?
  4. What products or services will my business provide?
  5. Am I prepared to spend the time and money needed to get my business started?
  6. What differentiates my business idea and the products or services I will provide from others in the market?
  7. Where will my business be located?
  8. How many employees will I need?
  9. What types of suppliers do I need?
  10. How much money do I need to get started?
  11. Will I need to get a loan?
  12. How soon will it take before my products or services are available?
  13. How long do I have until I start making a profit?
  14. Who is my competition?
  15. How will I price my product compared to my competition?
  16. How will I set up the legal structure of my business?
  17. What taxes do I need to pay?
  18. What kind of insurance do I need?
  19. How will I manage my business?
  20. How will I advertise my business?

Jason Feffer, Co-Founder of SodaHead.com lists questions to ask yourself before developing an idea. Be sure to ask yourself these questions before investing time in kick starting a business.

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