An Entrepreneur to be successful is required to be full fledged in his business. He has got to be unique to make his mark in the market and society. Entrepreneur should posses creative ideas and have self-motivated mindset to give 100 percent in the work he is going to do. The capability of converting his plans into action is something that must be in- built in him so that he can channelize his best effort in it. One should be very confident to pitch the product and service in the market at the right time and place. Being an entrepreneur is literally like a one man army where you are the boss and you are the employee, as the happening of any fortunes or misfortunes is directly going to affect you.
It is vital for an entrepreneur to have requisite knowledge about the product, service, market, the kind of audience they deal with as it is in their court to answer all the person associated with his business. One may have the perception that being an entrepreneur, one can create filthy wealth but in reality, everything depends on an entrepreneur’s ability to answer and the clarity of thought possessed by him.
So before kick starting to be an entrepreneur make sure you are ready to face all the uncertainties and misfortunes that come along your way. Make you sure ask yourself the below- mentioned questions:-
Will I be able to face the risk and challenges ??
To build a strong and sustainable business it is mandatory for every entrepreneur to take a considerable amount of risk. A business tends to flourish only when you have a good investment policy with a good return on investment ( ROI) so make sure you are able to jump high to take the risk. Though a human productive asset is a skill, creativity, and their efforts, but taking the risk is highly required when it comes to the business.
Do you have a better strategy ??
Strategy helps you step towards success. Strategy refers to wise planning for the attainment of objectives. So when you have a plan ready in your hand, you will definitely be in need of a strategy to put that into action. The strategies should be able to comprehend the entrepreneur’s requirement so that they can bridge the gap between their current position and the targeted position. Having an undesired strategy would lead you to misfortune.
Are you ready to jump and commit the next 5 years of your life ??
One cannot acquire success overnight. So when you startup a business, you will definitely have to commit yourself wholeheartedly into it for at least 5 years to reach a stable position. You should not give up at initial stages due to occurrence of loss. As it takes times for testing, developing, processing and evaluation. So make sure you are ready to give the necessary time span.
Do you posses the ability to stay focused and determined ??
An entrepreneur is required to stay highly focused on the business they have stepped into. Whenever you are put in front of a critical and tricky situation you will have to take that as a challenge to accomplish that in a better manner. Determination helps you to acquire all the odds, because when you stay determined you will never step back from the task even if that tends to be more difficult.
Ask yourself why do you want to start a business ??
As it is said necessity is the mother of invention, when you have an urge to start a business, you should also know its purpose as that provides you a great source of motivation. You should have a solid reason for starting up a business, the reasons may be job pressure, want to implant your idea in the market, peer group pressure anything.
Will you be able to tolerate stress, anxiety etc. ??
To be a successful entrepreneur one must have the potentiality to manage the work and life in a better way. Doing a business is like getting on the roller coaster ride which involves a lot of ups and downs. So it would be desirable if you are emotionally strong with a clarity of mind. You will have to be very cautious regarding the happening around your surroundings to maintain a harmonious and balanced work life. And during this process, you would definitely come across stress, tension, anxiety, a pressure and a lot more.
Why do you think your business idea is good ??
You should have a firm and strong stand for your idea or product so as to appeal the customers and investors. So when you consider your idea to be good you should also have an appropriate reason to prove it good. This is where every entrepreneur needs to be tactful to face numerous questions posed by other parties.
Will you be affected by failures, deadlock etc..??
There is a popular saying which says “ Nothing is Impossible” and indeed it is correct, though nothing is impossible, it takes great effort and hard work to achieve the impossible stuff in reality. And being an entrepreneur, initially nothing is going to fall in the right place for you as you are entering into a competitive market to emerge as a successful person. So it is something very usual and common to meet failures, deadlocks, misfortunes, ends, changes and uncertainties.
Does your business possess the ability to scale ??
Planning a scalable business is something for future safety. A flourishing business definitely should be scaled and expanded to bring that to a bigger platform. At times, some entrepreneur does not build a plan to scale, doing this they themselves hamper their growth. Having a wider scope for scaling would prove to beneficial for a business.
Are you ready to delegate your work and become an employer ??
So basically when your business goes beyond the startup phase, you will definitely have to hire employees and allocate work to them. Make sure you are in a position to delegate work, as delegation requires a skill. When you employ you are held with additional responsibility of payroll, liabilities, bonus etc.
These are some of the familiar questions that arise in one’s mind from the pool of questions. Make sure that you are able to answer these questions to have a successful set- up according to your potentiality.