Generally, when I talk about the startup process, I mean about two stages, the pre-startup stage and startup stage. One is preparation, and other is the implementation of what you have prepared in the pre-startup stage.
It is interesting that the second stage in large part will depend on the success of the first or pre-startup stage. How much better you will prepare yourself and your future company in this stage, the more smoothly it will be implemented in the startup stage.
So, in this post, I would like to share ten questions that you will need to answer as a part of the pre-startup stage that will help you to become more prepared for what will happen next.
1. What are your key competencies?
What are the most important elements in the form of knowledge, skills, and experience in which you are the strongest? Your competencies will be the most important element on which the whole startup process, but also your future business will rely.
Related: 4 Steps Business Idea Generation Process in Entrepreneurship
2. Who are you really?
It is important at this stage of your startup process to make some self-assessment of yourself as a future entrepreneur. Discovering different things about yourself will make you better prepared for the next steps of the development of your startup. Who are you? Are you a dreamer or a doer? Are you a procrastinator? What motivates you? This type of question and many others will help you in doing an entrepreneurial self-assessment.
3. Do you have enough finances to support your next startup?
You will need startup money regardless of what type of business you plan to start, and that is a fact. But, how much money you will need will depend on the type of your startup business and you as a future or potential entrepreneur. This is an important question to answer before you start working on your startup.
Related: How to validate the business idea to become 100% sure that you will succeed?
4. How do you plan to get finances if you don’t have enough?
Sometimes not having enough finances can simply mean the end of your dreams about a new startup. But it is not the end of the world. You can try to find additional finances in form of borrowing, loans, business angels, investors… Why not try to find the answer to these questions, it will be important for you.
5. Do you have a sustainable business model?
Yes, is your business model something that will guarantee predictive results repeatedly? This is an important question because if it is negative, it is better for you to postpone starting your business and, instead of that, continue your work in developing the business model.
Related: 10 Tips to Create Challenging Demand for Your Products
6. What is the one element that will differentiate your business from others on the market?
Even on the market, there are much similar or the same business, but one thing is clear; all of them rely on something that differentiates them from the others on the market. Try to find one or several things that will be valuable for your potential customers and will be used to make your future business really recognizable on the market. Be sure that these elements are included in your business model.
7. What do your future/potential customers think about your idea or business model in general?
Can you approve the sustainability of your business model through your potential customers? You can think that your business model is sustainable, but the more important question is what your potential customers think about it. If they aren’t on the same thinking as yours, you will probably fail because they are the ones who will evaluate your business model. Because of that, go out of your comfort zone and start testing your business model with your potential customers.
8. Who will be part of your team to help you in the realization of your business model?
Regardless of the type of business you are planning to start or the industry in which your new business will operate, you will always need a team of professionals who will always be there to help you in the realization of your business model. So, it is the right time to think about your business team now.
9. Do you have experience in managing other people?
Having more than one person on your board will require different skills for you. You will need managerial skills. Do you have them? How do you plan to obtain them? These are important questions for you, and their answers will give you ideas of some possible weaknesses that you will need to escape.
10. Are you ready to start now?
And yes, the last question, but the not less important question, is, are you ready to start with your new business? I have seen prosperous entrepreneurs many times who ignore this question as something unimportant to them. But, believe me, if you are not ready, it is better to postpone your activities or go back on some of the previous questions to make changes to something. The idea is to increase your level of readiness for what will expect of you next.
Simply start answering these ten questions from the first one to the last one without escaping them and prepare yourself for the best possible startup process in your life.
