subject: Becoming an Entrepreneur in 2011 - The Crucial Questions To Answer [print this page] Becoming an Entrepreneur in 2011 - The Crucial Questions To Answer
So you have been bitten by the entrepreneurial bug and want to work for yourself and become an entrepreneur. With around 80% of small businesses failing within the first 5 years you need to think wisely about your venture.
7 Questions to ask Yourself as an Entrepreneur
1. Do I really want to work for myself. Do I have the discipline?
2. Am I prepared to do whatever it takes to make this business a success?
3. Do I truly understand what is required in terms of work, effort, commitment and the impact that this may have on my family? Do I have their support?
4. Do I have a success orientated mindset which gives me the strength, focus and the determination to succeed?
5. Do I mix with people who share this entrepreneur mindset or do I mix with people who look for reasons why this could possibly fail?
6. Am I coachable and will I take advice from another entrepreneur who have already made this type of business a success? This is vital as being an entrepreneur can be lonely. Masterminding with others raises your chances of success.
7. Are my belief systems in the right place i.e. what do I believe about selling, what do I believe about money? What do I believe about customer and clients?
7 Questions to ask of a business opportunity
1. How much money will it cost - some opportunities typically ask for 3k upwards with franchises you are probably looking at considerably more in start-up costs. Can I pay the initial fee before I start making any money? How soon after starting can I expect to make money?
2. As an entrepreneur how much time will I need to spend on the business- - with most businesses you have to work really hard at the beginning but in the long run how much time will you need to work on the business. Do you have to be actually working in the business to be making money or does the business work without you being there?
3. If you have children - how will I still be here for the children - how much will this business need me to be there? How flexible will it really be? If one of my children is sick have I the freedom to take the day off and still be earning money?
4. What is the likely return on investment (time and money) - after paying any initial start-up costs, how soon can you start making money and how much of that is profit? Many franchise opportunities leave very little for you once you have paid your royalty fees. Many MLM opportunities pay you once only or pay you smaller amounts over time.
5. What is the Marketing and sales process - does it involve cold calling? How do I feel about cold calling? What marketing material / support is available?
6. What support system is in place - some opportunities provide initial training and then in reality you are on your own others can if you are lucky provide ongoing support and education and have all the resources you need at your fingertips 24 hours 7 days per week.
7. What is the vision of the leaders - why are they in business? This is so important and so often overlooked. If you do not share the vision of the leaders eventually you will lose your way and become frustrated with the business.
