So you’ve got a great idea and you’re ready to turn it into the next best thing. But starting a business can be a large undertaking. There are financial and legal obstacles that you will most likely need to address and you’ll need to work out all the logistics of starting your own company. But before you bury yourself with a billion financial, legal, or business questions, make sure you can answer these 5 questions about yourself.
Why am I starting this business in the first place?
First and foremost, you need to be able to answer this question. You will need to explain this to your team, your investors, and your customers. People want to know why you are doing what you’re doing and why it matters to them. If you don’t know the answer to this question, then you really need to weigh the costs and benefits of starting the business in the first place.
How well do I work under pressure?
Stress can be your worst enemy or your best friend so you need to know which role stress plays in your life. More importantly, you need to know how well you are equipped to handle the stressors associated with starting a business. Be sure to know how you are mentally able to decompress, whether that be yoga, running, socializing, or sleeping.
Do I accept my failures?
If something isn’t working during the initial phases of starting your business, then you need to know how to fix the problem—gracefully. If you become hotheaded and unable to address your faults or those of your team, then you may be setting yourself up for failure.
Do I communicate well?
Communication is key. If you struggle with returning text messages, emails, or phone calls then you may not want to plunge solely into starting your own business. Communication will make or break you in the short and long term. Be sure to be open to the suggestions and requests of your team so that you can create an open space for dialogue.
How much can I really take on?
Keep in mind that businesses are rarely, if ever, a one man show. So be prepared to have a team of employees and investors vesting for your approval. Not only are your interests and needs a necessity but also the livelihoods of your team. Before you bite off more than you can chew, make sure that you balance your responsibilities along with those of your employees, investors, family, and friends.
Have any other questions that you think new business owners should be able to answer? Tweet @StarterNoise to let us know!
In search of the next big thing? Just look to Sarah, our resident expert on the coolest trends, from fitness apparel to cocktails. A visionary leader for Tulip Strategies, Sarah has a hawk’s eye for spotting upcoming trends and creating viral marketing campaigns. Account Director at Tulip Strategies and Co-Founder of StarterNoise.