- On March 8, 2018
Our world today is filled with young people with great projects and the right motivation to jump into the entrepreneurship ecosystem. But some, if not all, face the hardships of things not working as they thought they would.
It is only after a good dose of setbacks and difficulties that they start to learn by trial and error how to run their businesses. Logically, certain bitterness remains about losing not only time but also money due to not having a well-thought business model.
Because, even though a business may have started running, it needs to stand the test of time to be successful. Thus, you need to ask yourself: could my project overcome obstacles in the medium and long-term?
The next set of questions is for those on the first steps of their business journey, to give them a better understanding of the process and help them be aware of what they need to reach their entrepreneurial goals.
- What’s an entrepreneur? Do I have what it takes to become one?
– Am I like the rest of the entrepreneurs? What kinds of entrepreneurs are there?
- Is my business project doable?
– Did I identify the opportunities?
– Where and when can I start?
– What kind of business plan should I use?
- How do I start? What do I need to start?
– Am I going to rely on other people? If so, to what extent?
– How do I manage my business?
– What are my competitive skills?
– What resources do I need?
– How should I build my team?
– What’s the initial investment?
– What will be the selling price of my product/service?
- What is and why do I need a business plan? How do I make one?
– Is it possible to test it out before actually starting my business?
- What will be my profit? How should I manage it?
– What will be my production and operating costs?
– Is my project financially doable?
– Who could give me the necessary funds?
– Do I have a budget and a business plan that I could show to a potential investor?
- The day to day of my business:
– What surprises or unexpected events could I encounter?
– Who are my suppliers?
– What is my sales strategy?
The work team: Do I know the legal obligations and taxes my business will have to handle?
Although the previous list doesn’t cover all the possible questions to ask yourself when working on an innovation project, it gives you a general idea of what you need to keep in mind when starting a new business. Do you have the answer to all of them? If you don’t, make sure to ask for help, to avoid wasting your time and money.
At Innovation Hacking Lab we want to help transform your project into a profitable and successful business. With our methodology, knowledge, and tools you will reach your goals more efficiently and effectively by lowering your risk of failure.