Before starting a business, answer the following three questions.
Entrepreneurship is a meaningful experience. But not everyone is suitable for entrepreneurship. It is important to think about whether your personality is suitable for meeting entrepreneurial opportunities and facing challenges.
First, try to conduct an online entrepreneurial self-assessment to see if you are suitable for entrepreneurship.
Then, ask yourself the following three important questions.
1. Do you have an original idea?
If you have innovative ideas, you need to know whether you need intellectual property protection to avoid others’ plagiarism.
If the company’s product or service is not original, it must consider how it can stand out in the market.
2. How will you earn income?
It is very important to think about the target market and source of income. Consider the following four questions:
Who are your target customers?
How much is the target customer willing to pay?
How will the company’s products or services be launched on the market?
Is your product or service research and development, production, packaging, marketing, and distribution plan to be done alone or in cooperation with other companies?
3. What resources are needed?
Then consider the required resources. You should consider the number of recruits, the timetable for entering the market, and one-time and recurring costs. You must also consider operating costs, such as rent, office supplies, and insurance.
Then, determine the expected income for the first year. Make this estimate based on market size, industry trends, and expected market share.