To take the route to success as an entrepreneur, there are 7 extremely important questions you should ask yourself and also answer.
These may seem, at first, simple questions; but when you really consider it, they can be complicated and will take some serious “brain power.”
So, what are these important questions?
- and How Much?
In today’s post, I want to take you through each of these questions. Questions you shouldn’t take lightly.
I suggest as we go through each one, you have a pencil and notepad out and you begin answering these questions for yourself. You may even want to bring in a trusted person to brainstorm these answers with you.
- Your spouse,
- or close family member.
7 Important Questions
I am going with order of importance here…
Important Questions #1: Why?
Answer this: Why do you want to be an entrepreneur? Why are you choosing this path over working a normal 9 to 5 job?
But that isn’t all the why’s you need to answer…
Why this niche?
Why this product or service?
And, why this (or these) partners (if you choose to have partners)?
Why this business format?
These are just a few why’s you should answer. Keep free space in your notepad because after you start moving along, you WILL discover more why’s you will want to answer.
- Why this software?
- Or, why this sales script?
- Why this employee or contractor?
When you can answer your why’s, you are a step ahead of a large percentage of entrepreneurs.
Important Questions #2: What?
There are 2 what questions you should ask and answer:
- What problem can I solve?
- And what product or service will I develop and sell?
After you start rolling with these 2 what questions, there is another what question that will come into play… What adjustments can we make to make it faster, better and/or more cost efficient?
Important Questions #3: When?
So when will you start? That is the when question and the best answer in the majority of cases is…
Important Questions #4: How?
The question of how requires a plan. How to manufacture; how to market; how to deliver on time.
All of these hows must be answered and it is best that you do so in a written plan. There will probably be more how questions that pop up from time to time. Do not procrastinate on answering the how questions.
Important Questions #5: Where?
This is an obvious… Where will you run the business from? Will you buy or rent property? Maybe you can manage it from your own home to start.
There is one other where question you should focus on too. Where exactly is your target market at? You can’t assume your target market will come to you, you have to go where they are.
Important Questions #6: Who?
Who is a never ending question for entrepreneurs. I would say that the who question will be asked daily. A few examples of the who question may be:
- Who should I take on as a partner or partners?
- Who should handle marketing?
- Also, who is my best tribe member to manage while I am away?
- Who has the best tools to grow my business?
Remember that as an entrepreneur, you need to recruit others to cover your weak areas. So you will be asking who quite often.
Important Questions #7: How Much?
I know there are many of you saying, “Oh, I know what Eric means here; how much should I charge?”
Yes, that is a how much question you need to ask and answer. But, you also need to be willing to delve into some other how much questions. And when you are given an answer, you need to determine if the Return On Investment (ROI) is worth it.
How much is that software?
How much do you charge for a website?
The importance of entrepreneurs answering these 7 questions is high!
I do suggest you write them down and continue to refer to your answers.
I want to share one last thing… Several years ago, I developed an app that has helped many entrepreneurs manage their budgets. It helps you keep track of that ROI I mentioned.
The Expense Tracker allows you to keep every expenditure and payment all in one spot which will help you keep tight control of your money. And the advantages when tax time comes is the greatest… CPA or Auditor… “Can we see those receipts?” You: “Sure (as you open the Expense Tracker)”.
Hey, thanks for stopping by and do ask any questions you have below.