Monday, May 21, 2012

3 questions to ask yourself before venturing into a new business

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?
Basically, these 3 questions will test the feasibility of your business in terms of acceptability, profitability and sustainability.

You need to get the actual feedback from the real market by doing a lot of observation, conversation and testing.


Jesse said... Reply To This Comment

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

Cameron said... Reply To This Comment

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

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