Which questions need to ask entrepreneurs before start a business?

(Finance, Accounting, Taxes & creative knowledge)

questions ask  entrepreneurs before start a business

Key Question to ask

Entrepreneurs must ask questions such as ‘how? ‘‘Where?’ ‘What if?’ and’ why?’ So that they can identify possible problems and look at alternatives. Examples of the types of questions that clouds ask are:

How:	*Do we solve any business disagreement we may have?  *Will we find out about the fitness market in our town?
Where:	*can we get business help and advice?  *do we buy fitness equipment from?
What:	*prices shall we charge?  *Advertising shall we do?
What if:	* One of us becomes ill? *The fitness center doesn’t make any profit?
Why:	*do we want to move to these particular premises?  *do we offer such a wide range of fitness activates?
Why not:	*take on another employee? *open for longer hours on Sunday?

 

These and other questions that a potential entrepreneur needs to answer can be grouped under key headings, as follows:

1. What are my reasons?

*Why do I want to start a business: is it for profit, for personal freedom and ‘escape’ from being employed, for enjoyment, or another reason?

*what business and other relevant skills or experiences do I have, and how do l develop these?

 

     2. What is my idea?

    *What am I going to do: make goods or provide services?

 -goods are physical things such as televisions, clocks and garden sheds.

- Service are ‘intangible ‘ and non-physical , such as going on train ride , taking out insurance or watching a TV Programme.

  *who will buy it- what age and sex, what income, what lifestyle?

 *who will be my competitors – can I match what they offer?

 *how much capital do I have available to risk investing in the

   Business and what other money will I need?

*What sources of business of business ideas and opportunities do I have?

Visits, e.g. trade or industry shows and magazines, visiting the local chamber of commerce; printed sources, e.g. the yellow pages and Thomson Local directory, business sections of newspapers; the internet, e.g. a Google search .

3. What are the requirements?

*what type of business will I have : will I run it on my own , will I have a business partner , will I set up a proper limited company, or will I work as a franchisee selling another company ‘s  goods or services?

*what legal, tax, insurance and other requirements are there?

*what name will I give to my business?

4. What location?

*what factors will decide where I locate my business? For example, where I live, where my customers (the market) and communication); whether I need to employ people and where they live; what property is available (and do I rent or buy?

The Skills and qualities of entrepreneurs

5. What skills and qualities does an entrepreneur need in order to succeed in business?

*Determination – the ability to see things through to the end and to not let go of a good idea or opportunity.

*initiative – spotting opportunities and making things happen.

*Honesty – when dealing with other people and business, and when judging the position that the entrepreneur’s business is in so that sensible decisions are made.

*The ability to plan – for example, by setting business targets.

*Thinking creatively – Dealing with problems that arise in an imaginative way, and looking at all options available in any given situation.

*Leadership – to help and inspire others to achieve what is required.