There are many reasons to and not start a business. Often times there is a false fantasy that owning a business will be the best decision, for some it is true, yet for others, it may be the opposite. Perhaps your current situation has you sitting on the fence weighing the pros and cons to starting a business. Are you indecisive about starting a business? The hesitation that you’re experiencing is normal.
Here are 3 Business Start Up Questions to ask yourself today.
1. Why? Really. Yes. Really. You need to be open and honest with yourself in regards to your reasoning “why” you want to start a business and “why not”. Be specific. Don’t forget to ask “why now” or “why not now”. Take out a piece of paper – jot down your thoughts. Next, do the same with the “why not”. Compare the “why” and “why not”. Are the justifications legitimate? Are the smoke screens to a bigger limitation or fear? The “why” and “why not” aspects are essential and simple. Perhaps too simple or so much so that our mind wants to make some that truly is simple and complicate it with emotions. Gauge that interpretation and emotions connected with your desires. If you’re experiencing way too many “why not” then think about how you can overcome those barriers or concerns. If starting a business is something that you want to do, there is always a way to make it happen. Likewise, there is always some excuse to not make it happen. Be honest with yourself about the “why” and “why not” aspects.
2. How? Yep. Another simple question. How am I going to make this happen? How much money do I need? How
am I going to get that money? Is this approach the most practical and resource method? Have I covered all the bases needed to make my business concept a reality? How will I handle setbacks? These are simple, yet profound questions that will impact every aspect to or not start a business. If you’re feeling confident with your responses to those questions that are a good sign. If you’re unclear about how to begin or where to start, that doesn’t mean it is a done deal. Rather,now you have the opportunity to investigate how to make your business concept a reality. Many entrepreneurs can say that they just decided and started a business, which is great, however, those same entrepreneurs may also experience hindsight, i.e. had I know the things I know now, the “how” I got to this point would be different. There is no specific right way of starting a business. If you’re feeling confident, this is another indicator that it may be time to hop off that indecisive fence, dust your shoulders off, and get started. If, on the other hand, you feel like a deer in headlights, perhaps this is you time research. You may want to research what would work best with your “how” and seek out a mentor to aid in that development or address the questions that are on your mind.
3. Exit? Yep. Kind of like when you enter a building, and your eyes get directed to the Exit lights. In the game of business, it is essential to know your exit strategy before getting into the business. It may sound counterintuitive due to the fact of wanting to get into the business, yet exploring how to get out. Yep. The exit strategy is a fundamental component and asking yourself questions about your exit strategy is smart. So, if you haven’t thought about it. Now is the time. How long will I own the business? Why would I want to get out of the business? What approach to exiting the business would I prefer? Would I want to build the business and sell it at XYZ point? Do I want to create a legacy and pass on the business? Do I want to liquidate the business once XYZ profits and sell off assets at XYZ price? There are many options in regards to exit strategy. The key is to get out when you want and get out well – financially, mentally, physically, and spiritually. So, if you’re sitting on that indecisive fence and your entrepreneurial wheels are turning, think about your end game. If you feel comfortable and confident with your exit strategy that is another sign in your favor to hop off the fence and make your decision. If you’re unclear about your exit strategy, take the time to think thoroughly through your options.
In conclusion, sometimes sitting on the fence is a good thing. It provides you with the time to research, evaluate, and select actions that would work best for you based on what you want from starting your business. However, at times being too indecisive can simply ruin the opportunity. That being said, these questions may be helpful in your decision-making to or not start a business.
Have a wonderful day.
by Katie Doseck, PhD MBA
Chief Visionary and Strategic Ace Up Your Sleeve | Viral Solutions LLC
Copyright 2015 by Viral Solutions LLC
Viral Solutions LLC is a Digital Marketer Certified Partner, Infusionsoft Certified Consultant and a Mobit Certified Partner. We help overwhelmed small business owners duplicate themselves – so business can be fun again.