Are you planning to be entrepreneur to start your own business?
I have just learnt that there are 3 important questions you must ask yourself and sincerely find out your answers, because these are the crucial factors that will affect the success rate of a new business venture.
The 3 questions are:
- How likely will your targetted customers be really willing to take out the money from their pocket and pay for it?
- How big is the profit margin?
- What make you remarkable from others?
You need to get the actual feedback from the real market by doing a lot of observation, conversation and testing.
2 comments:
Another important consideration before starting a new business is: How do you intend to finance your new business venture? Keep this in mind when putting together your business plan, and when calculating a reasonable ROI.
Jesse Baars
First of all, you need to have a feasibility study of the business you want to build. This way, you would know how your business would be successful after 5 years or more.
Cameron Scott
Post a Comment