The first step to starting a business is always the idea. Sometimes ideas come to a person suddenly, inspired by events or experiences that have happened to them. Some ideas have the potential to change the world, others stay at the idea stage forever. The number one question a person with a business idea should ask themselves is whether the idea is worth pursuing. In order to arrive at the answer, a few more questions must be considered. Here’s what they are.
The founders
Chris Coleridge is a British serial entrepreneur and lecturer at Cambridge Business School. He reminds that although the faces of entrepreneurs who represent large companies are often shown in the media, behind them there are always teams and advisors. Coleridge recommends that teams be formed by people with different competencies to complement each other.
It is people with different views that enrich the product or service being developed. Working in diverse teams increases the likelihood that the business will be profitable.
In order to assess the readiness to implement the business idea, the future entrepreneur must answer the question to what extent are they willing to engage a team with experience and different competencies.
At all stages, it is important to have advisers who, with their experience, can see and eliminate problems at an early stage. If for the moment only the one who generated the idea is on board, the readiness for implementation is less.
Customers and their problem
The next question is to what extent the idea solves a consumer problem. Closer to realization are those that know exactly what problem the users have. If there is a solution to an unclear problem, a more precise definition is needed.
If it is not clear who will be the user of the product or service, the future entrepreneur has a lot of work to do before implementation. In the event that it is clear exactly which groups this new business will benefit from, readiness is at a higher degree.
Resources and money
An important element of preparing for a new business is being aware of the necessary resources that need to be put in at the start, and whether they are available or have yet to be secured. Those who have answers to all these questions are closer to starting their own business.
