If you’re considering starting a small business this year, you are not alone. More and more Nigerians are taking that step, some becoming full-time entrepreneurs and others starting their business as a side hustle. Whichever route you’re taking, it’s absolutely important that you ask yourself certain questions to help you prepare a bit more for this move. Here are just 7 of those questions:
1. Do I feel strongly enough about this business? Passion is essential to keep you going before the money comes, so you must be sure that you’re not just going into it to get rich.
2. Do I have a good product/service? No matter how much you spend advertising your business, if your product/service is crap, it’s not worth it. Make sure you’re adding value.
3. Am I ready to work hard? Building a business is hard work! Some people want to go into business because they want to be their own boss, they’re tired of answering “sir” to someone else, and all kinds of funny reasons that suggest entrepreneurship is “easier” than working for someone else. They couldn’t be more wrong. Entrepreneurship requires determination and responsibility; you must be ready to make sacrifices, to fail, to reinvent yourself, to tackle challenges, to go hard or go home!
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4. Am I ready to learn? You must be open to the inevitable lessons that will come, and also be committed to learning every day. In a constantly evolving world, you can’t afford not to develop yourself.
5. How can I improve my time management skills? One of the first things every entrepreneur must master is time management. When you are your own boss with nobody supervising you, you must supervise yourself. Learn how to manage the time you spend on social media, watching TV, hanging out with friends, and sleeping. That you no longer report to anyone at the office does not mean you should sleep your time away. Learn what works best for your productivity, and manage your schedule accordingly.
6. Am I willing to collaborate and partner? Collaboration is the new competition. Sometimes, collaborating with like-minded individuals and businesses with similar goals and values can give you the boost you need to take your business where you want it to go. No man is an island, so you must make sure you’re open to helpful collaborations that will be mutually beneficial.
7. Do I have staying power? Business is not for quitters. If you’re the kind of person who gives up easily when things are not going the way you expected, you may want to rethink your decision to run a business. A successful business requires grit, doggedness, perseverance.