Starting a Business, How Prepared Are You?

A clear vision, enough capital and lots of research are some of the factors that you need to consider when starting a business.  But before you sign the lease to that nifty office space, quit your full-time job or convert that spear bedroom into your beautiful office, have you carefully considered other factors that will tell if you are well-prepared and ready to jump in the world of entrepreneurship?  Before leasing that nice little space or taking any of the other steps mentioned above, ask yourself these questions first.  Your answers will help you assess if you are indeed prepared or you still needed more time.

1.       Is your reason clear for why you are starting a business?  
2.       Do you know what type of business you are going to put up?
3.       Do you know your target market or your prospective clientele?
4.        Do you what you are selling or offering your clientele? 
5.       Are you willing to invest not only your money but also your time? 
6.       What makes your business different from the rest, or what makes your business stand 
          out from other businesses in the area? 
7.       Do you know where your business will be located? 
8.       How many staff will you need? 
9.     How many suppliers and what kind of suppliers will you need?
10.   How much capital or monetary investment will you need?
11.   How much time do you project before your business will start earning?
12.   Do you know your business competitors?
13.   Is your price offering and service package competitive? 
14.   Do you know the legalities or permits you need to get? 
15.   Do you have a clear marketing and advertising plan?
16.   Do you have the heart and the will despite facing failures in your first few months? 
17.   Are you willing and open to learn from your mistakes? 
18.   Do you have a good circle of support?  
19.   Do you know how to manage your time effectively? 
20.   Do you have the right attitude that will lead you to success? 

Your Level of Business Preparedness 

The questions above may not be an absolute indicator to determine your preparedness to launch a business.  However, research and views of successful entrepreneurs tell that the said questions could help you determine the things or factors that you need to address or make clear first.  

On your list, you can also add more questions or other factors to consider, and it can also serve as your checklist.  To organize the list better, you can add sub-topics under one major point or question.  For example,  the question ‘Do you know your target market or your prospective clientele?’ you can add sub-topics like: 

1.       Age and gender of your target market 
2.       Profession 
3.       Level of education
4.       Relationship status 
5.       Location are area of residence 
6.       Income bracket 
7.       Number of members in the family

As mentioned earlier, you can add more questions that fit your service or product offerings. Like if you  are selling computer software, you then need to indicate or inquire about the technical know-how of your prospective clientele.   

Women entrepreneurs need a strong mental attitude and a will to succeed, more than anything, your vision and your passion for success will take you the distance; while learning the practical disciplines of business.