Top 5 Questions You Must Ask Yourself Before Starting as an Entrepreneur

1. Top 5 Questions You Must Ask Yourself Before Starting as an Entrepreneur

2. Starting a venture is such an exciting way to achieve your goals and dreams. When you begin your journey, you will be able to design your own work schedule, create anything, and make profits. If you think that it is fabulous, then you should keep in mind that it comes with countless drawbacks and challenges. Hence, you need to ask yourself some essential questions. Jignesh Barasara, a successful entrepreneur in India suggests young minds to ask them the below-listed question to enjoy long-term success. Question 1: Why do you want to start this business? This is something you should ask yourself for sure. You are starting because you are tired of your 9 to 5 job? Are you frustrated with the pending promotions? Do you feel suppressed when it comes to showing off your actual skills and knowledge? Having answers to these simple questions will clear the entire picture. Instead of answering in your mind, it is good to write down the same on a paper and review it multiple times. Once you have a reasonable answer, you can move forward. Question 2: What are your main competitors?

3. If you are starting a business, then chances are pretty higher that it already exists in the industry. Hence, you need to identify the leading and potential competitors. To know how much effort you will need to perform better, you are advised to conduct competitive research. According to Jignesh Barasara, it is nothing but a strategy that is followed by businesses to pinpoint their competitors, their marketing strategies, pricing, offers, etc. By validating all these aspects, you will be able to map things better. Question 3: How will you fund the business? Without sufficient funds, your business won’t survive a single day. When you do not have enough money to support the business, you will not be able to build a website, do market research, promote it, hire a team, and buy essentials, and so on. To know how much money should be needed, you should make a list of essentials and allocate a lump-sum budget to each. Once you have a blueprint ready for the possible expenses, you will have opportunities to arrange funds through loans, etc. Question 4: What is the potential/targeted audience?

4. No matter how amazing your products are and the high-quality services you have to offer, they are worth nothing if you do not know where to market them or present them. For this, it is mandatory to know your targeted audience – Jignesh Barasara. When you know who your audience is, things become easier for you to market and advertise. Moreover, you will also get a chance to receive feedback and suggestions from the audience to make your products and services better. Question 5: How will you market the business? Marketing and promoting a business is not a piece of cake. You must be innovative as well as creative with your market plans. Apart from this, you should tell people that you are in the market to fulfill certain needs of the people.