6 Questions Successful Entrepreneurs Ask Themselves

Congratulations! You’ve decided to start a business and become an entrepreneur. You’ve made your mind up, which is good. But, now you’ve probably got a million questions. That’s a good thing.

1. What are my motives?

There’s a great chance you won’t make money, get famous, or accrue significant power. If any of these motives is the primary driver, I’d highly suggest you opt out immediately. Startups require passion and persistence, which flows from purpose. Find your purpose.

2. How comfortable am I with failure?

Startups are hard, and failure is guaranteed. The fear of failure is paralyzing and will lead you to make poor, shortsighted decisions. Even if the startup succeeds, there will be plenty of broken promises, unfulfilled expectations, and disappointment. Can you handle it with determination and grace?

3. Is it already in the market?

If you’re looking to create small pieces of paper that you can stick on your fridge, that solution {Post-Its} is already available. No amount of innovation is likely to disrupt the existing product. If someone is already doing it in the way you’ve conceived it, there are better fish to fry.

4. What’s the opportunity?

Business is about balancing risk and reward. So what’s the upside? If the opportunity is not significant, you either need to make sure your risk is low or abandon ship.

5. What’s my cash requirement?

What resources will you need to purchase to be successful? Whatever you just estimated, triple it. How long will it take to start bringing in significant revenue? Whatever you just said, quadruple it.

6. Where can I turn for mentorship and advice?

There are lots of people who have done some aspect of what you’re trying to achieve. They have the scars and stories to prove it. Learning from their mistakes and getting sound outside counsel will be a critical component to your success. Where are those people, and can you access them?