12 questions before starting a business

How much money will be at risk? How long will it take? Let's look at the most popular recommendations from experienced entrepreneurs, which you should ask yourself before starting your business.

Ask yourself these questions

Instead, I would advise you to explore these additional issues further, whether you should start a business or not.

Here is a list of 12 questions:

• What amount of money will I risk?

• How long will it take?

• How much energy do I need?

• Do I currently have other responsibilities that will prevent me from focusing on 100 percent of my business?

• Would starting a business at another time be much better for me than now?

• What are my other options on the off chance that I don't begin a business now?

• How much chance do I have of being successful?

• Do I want to start a business from a relatively strong position - feeling good about myself and starting it - or from a relatively weak position - have I been fired recently or are I late on payments?

• Can I try how part-time it is to run a business before I quit my job?

• Should I choose a high or low risk business?

• Assuming the business will make less profit than I expect, how long should I live with it?

• If starting a business fails, how easy would it be to recover and move on to the next stage of life?

Should I start a business?

There is a good chance that this will be your main question. However, instead of trying to answer that, I would suggest looking at 12 specific questions.

Answering these questions will make it easier and easier for you to answer the more general question mentioned above. Also, if you decide to start a business, your answers will give you more confidence and strength in your choice.

You need to weigh risk and reward

For example, maybe you are lucky and now have a great, well-paid corporate job with unbeatable additional benefits and great growth potential. Your main question shouldn't be like this "Should I start a business?", But instead - "Should I start a full-time business that would force me to leave my primary job?"

Starting any business involves significant risk. You need to weigh risk and potential rewards.

Similarly, let's say you have worked and saved a lot of money for several years, and you are close to retiring. Presently you think you need to begin a business. So your main question may not be "Do I want to start a business?", But instead - "What is the maximum amount of money I am willing to risk when starting a new business, if any?"

Your first investment will affect what kind of business you can start. In any case, that doesn't mean you can't start a business on a small budget.

Starting a business involves many risk factors. And for most businesses, these are important factors, given that new business failure ratings are high.

Limiting can reduce the fear of starting a business

Exposure to risk makes people scarier. Often you can reduce your fears and feel better about starting a business if you set limits - ones you must not play around; limits that you can write down and put in your business plan.

Starting a business is a stressful experience. You have to set specific limits points to restrict your fear of failure and stress.

For example, you can choose as one of your limits that you will not start any kind of business that will affect your daily work.

Or you can choose not to invest more than 100,000 EUR in your first business.

Or the fact that you want to try the business only for a year, and if you do not have at least 50 customers and 50,000 EUR sales profit after that period, you will stop the business altogether.

As you can see, deciding whether you should start a business is a complex process and requires a lot of research and thought.

While capping is a good way to make your experience less stressful, you should also choose a simple business to start. Especially if this is your first time starting a business.

Failure to set specific limits can also be a challenge

You may be thinking, "For what reason should I limit how much money I put assets into my business; I have to take a stab at the mists from the soonest beginning stage and do everything right and splendidly well. .

This is the sort of reasoning that can push you into difficulty. If you're worried about investing all your time and money in your business now, imagine how much you'll worry about the days when it looks like your whole plan will go wrong (like almost every business right now). This is why many people choose to focus on a business with a small investment and specific limits. In fact, you may want to start a business that you see as a test version to try it out and start gaining personal experience. I promise it will be a good investment of time.

Plan ahead

It is very important to create a plan before starting a business.

So when you begin considering business, even in the most earliest stages, I encourage you to start making your business strategy. You do not need to write the finished plan right away! Complementing your business plan will help you identify potential strengths and weaknesses of your future business.