Almost everyone has an idea of how to create or introduce the next big thing to the world, right?
However, comparably few take any step towards making their ideas a reality. This is always the biggest problem when it comes to entrepreneurs looking to establish startups. They never give it a shot.
If you are set to begin your journey towards establishing your own startup and becoming a successful business entrepreneur, it might be helpful to first reflect and make a plan on the way forward. Setting up a startup is an emotional and draining process with plenty of ups and downs; some of which I experienced, and still am, with Accordium.
Here are a few of the key considerations and questions to ask yourself during the inception of your startup;
• Can you survive without pay?
It will take time before you start reaping any profits from your startup. If you can’t survive several months without pay, then don’t quit your current job. Consider slowly establishing your startup on the side or if it requires full attention, get a co-founder who is readily available.
• Have you received positive feedback?
When you first think of the idea, think of who could validate if for you. If you receive positive feedback from people you respect or people who are established in the industry then your idea is viable. Especially if that person commits to buying your product or service when it’s ready.
If the feedback is not positive, evaluate it and keenly take into consideration as these are people who know more about the industry.
• Is anybody willing to invest in your idea?
One of the major constraints facing startups is getting a funding source. Unless your idea requires very little start-up capital and you have the necessary cash to fund it from your savings, you will need a loan or an investor to fund your idea. So, start engaging with investors and gauge if anyone is willing to invest. If not, consider why and ask yourself whether the feedback you receive should be implemented in your strategy.
• Is there established demand for your idea?
This will act as a preliminary study to get the viability of your idea. For example, if you are establishing an ecommerce enterprise, you need to know whether people are willing to buy your products. Without a conclusive survey or up-front commits, you will be diving into the market blindly and your company could really go down the drain. If you are considering a B2B startup, is anyone willing to do business with you and is there a validated need for your solution?
• Have you lined up any customers for your product or service before you build it?
This is an important factor to consider. It can be a very good business strategy if it works for you. This trick shows you there is already demand for your product and enables you to control your inventory right from the word go; a very critical aspect in the business plans of startups.
Reach into your network and see if anyone is willing to commit to buying your product. If they aren’t, consider why and ask yourself if the idea is as good as you think.
• Do you have a team willing to come on-board this journey?
Most startups that end up being hugely successful are not run by individuals, rather by a team of co-founders. Bringing several minds together helps with the brainstorming of ideas, consulting, management, leadership, development of business strategies, business plans, and even business models that are broad and well coordinated.
These are some of the key questions to ask and considerations to make before committing to your startup idea. The crucial thing to note, however, is that you have to try!
What are some of the other questions to ask before committing to your startup idea? Share your thoughts in the comment section below.