Starting a business is not always easy, especially in a country like Nigeria. If you decide to start a business, you must indeed mean business. Not everyone is cut out for the business lifestyle. You should know if it is for you before you even make any attempt to start. There are some tough business questions to ask yourself to know if you are fit to start.

You may have come up with a wonderful business idea, but if some things are not put in place, the business will crumble before your very eyes. So before you start that business, you need to ask yourself these tough questions.

This post outlines 10 important questions that you need to ask yourself before starting that business. These questions may be tough on you but you need to ask and answer them if you want your business to succeed. So here goes.

1. Am I really cut out to be an Entrepreneur?
This is probably the toughest question you need to ask yourself before starting that business. Over time, there have been arguments and debates about whether entrepreneurs are born or bred. Regardless of how that debate goes, there are some traits that successful entrepreneurs possess. Natural independence, resourcefulness, and self-accountability are some of these features.

You are probably asking yourself right now if you have the traits. The truth is that if you are someone who constantly needs to be pushed to act, then maybe this entrepreneurship journey is not for you yet. If you need someone to constantly guide you, then maybe you should reconsider and get your mind off the business path for now.

2. Why exactly am I starting a Business?
After asking and answering the question of if you are cut out to be an entrepreneur, you need to ask yourself why exactly you are starting a business. Many aspiring business owners do not know why they are going into business.

If you are going into business simply because you want to become instantly rich, then you may need to have a rethink. In fact, a lot of legitimate businesses do not become profitable immediately.

Are you starting the business because you are passionate about it? On the surface, this is good. However, you should know that passion alone does not sustain a business. Many people make this mistake. “Do what you love and make money from it”. Well, in the real world, passion or what you love alone is not what will make your business succeed.

So, why are you starting the business? To make money or to make a difference? Have it at the back of your mind, though, that you can make a difference and still make money. They are not mutually exclusive.

3. What Problem will my Product or Service solve?
What is the point of doing something you love if it will not solve any problem? Your potential customers are not actually interested in your product itself. They are interested in how your product can solve their problems.

If your business is not solving any real problem, then you just have a hobby. At the end of the day, the success of your business is in the hands of your customers. If your product or service does not solve their problems, then they will not patronise you.

Try to think about some of the most successful businesses in Nigeria and in the world at large. They are successful because they are solving their customers’ problems. The value of your business depends on how much you are able to meet the needs of your customers.

4. Do I have enough resources to get started?
Many people make the mistake of starting a business without having enough resources to run it. By resources, we do not only mean money. Before you launch your business, ask yourself if you have enough money, knowledge, skills, and manpower to run it. This is one very tough business question to ask yourself especially when you are so pumped to start the business.

Reports have it that most startups fail within their first two years of operation. In many cases, this is because the business owners did not lay a solid foundation. They did put enough of the necessary resources in place.

Even though money is not the only resource that you need, it is indeed a very important resource. You need enough of it that your business can survive on before it begins to yield profits. So, prior to venturing into business, be sure to have enough resources. You also need to manage these resources well if you want your business to stay afloat.

5. Is this a Good Time to start this Business?
Different businesses have different favourable starting periods. The fact that Mr A starts a successful business today does not necessarily mean Mr B can also do the same. Before you launch that business, ask yourself this tough question: “Is this a good time to start this business?”

Of course, there may never be a perfect time to start a business. However, launching too early or too late may make your business fail. Timing is a good factor that determines the success or failure of your business.

Is the timing right based on your available resources? Is the timing right for the market needs? You may have what it takes to launch but is the market in need of your product? Is the timing right for my personal life? These and more are tough questions you need to ask and answer before rushing into any business.

More tough questions you need to ask yourself before starting any business here:
https://businessroom.ng/tough-questions-you-must-ask-yourself-before-starting-a-business/

Beautiful piece!

Olayinka777:
Beautiful piece!

Thank you.