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Ten Questions To Ask Yourself Before You Start Your Own Business

Ten Questions To Ask Yourself Before You Start Your Own Business

    It is generally agreed that we need more business start-ups.  Small businesses are engines for economic growth, innovation and employment.  We need more entrepreneurial activity and that means more individuals taking the dangerous, difficult and courageous decision to start their own business.  How do you go about starting a new business?  Well obviously you need a good idea.  Once you have one I recommend that you ask yourself these questions:

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    1.  Am I good at this?  Do I have the skills; talents and experience that will help me succeed in this venture?  Make a list of your strengths and weaknesses.  Does this venture play to your strengths? How can you compensate your weaknesses?
    2. Do people really need what I will offer?  Who will buy it and why will they need it?  If there is no customer need then the business will fail.
    3. Can I make money doing this?  Once it is up and running will it make a good profit?  If not, why bother?
    4. Do I have a business plan?  Things will not go according to your plan but the act of making the plan helps you greatly.  You will need a sound written plan if you want a loan or investment.
    5. Do I have the financial resources to get this off the ground?  New businesses generally take more time and more money than you at first expect.  Will you be able to build the business and cover your living costs for the period until cash flow is positive?
    6. Does my family support me in this initiative?  It is important to discuss your plans with your immediate family and get their buy-in.  It will be needed in the difficult months ahead.
    7. What is different about my business?  Is it similar to other businesses or do I have something unique to offer?  Why will customers choose us rather than the competition? It is more important to be different than to be better.
    8. What is my sales and marketing strategy?  Who is the target market and how will I reach them? Can we test the sales proposition with some target clients before we go live?
    9. Do I have a support network of colleagues or friends who can help me and compensate for my weaknesses or lack of experience?  Most successful start-ups are partnerships where there is a balance of strengths.  If you do not have partners in the business do you have a network of contacts and helpers who can advise and assist?
    10. Is there a plan B?  If things do not go according to plan is there a fall-back strategy for me personally and for the business?  Am I flexible enough to adapt and cope with the vicissitudes of a start-up?

    You need positive answers to most if not all the questions.  Even then it will take enormous commitment and hard work to make the new venture a success. I am sorry to say that most new business start-ups fail.  However, for those that succeed there are great personal and financial rewards.  Above all the founder can relish the achievement of having created something of real value to the whole community.  Good luck with your start-up!

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    Paul Sloane

    Professional Keynote Speaker, Author, Innovation Expert

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    Last Updated on May 22, 2019

    50 Great People To Follow On LinkedIn, No Matter Your Industry

    50 Great People To Follow On LinkedIn, No Matter Your Industry

    LinkedIn is an excellent platform to network with great people to help you in your career and businesses. However, with over 575 million people on the site, who should you follow? This list will steer you to the right people to follow, organized by categories of expertise.

    Job Search Experts

    You will likely have several jobs throughout the course of your career, and you will constantly need advice on new trends and strategies out there in the job market. Here are the LinkedIn experts who you should follow on these matters.

    1. Liz Ryan is the CEO and founder of Human Workplace. Her articles on job searching are filled with creative and colorful cartoons.

    2. Lou Adler is the author of The Essential Guide for Hiring and Getting Hired.

    3. Dr. Marla Gottschalk will help you make an impact in a new job.

    4. Hannah Morgan runs CareerSherpa.net, where she gives expert advice on job searching and how to be more visible online.

    5. Alison Doyle is the CEO and Founder of CareerToolBelt.com.

    Management Experts

    They say that people leave managers, not jobs. These experts in LinkedIn will help you become your employees’ dream manager.

    6. Jeff Weiner. How can we leave out the CEO of LinkedIn himself?

    7. Nozomi Morgan is an executive coach. She can help you transition from a boss to a true leader.

    8. Mickey Mikitani is the CEO of Rakuten. He constantly shares his expertise in managing a global player in e-commerce platforms.

    9. Andreas von der Heydt was the head of Amazon’s Kindle Content and now the Director of Talent Acquisition. He has extensive experience in management, branding, and marketing.

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    Productivity Experts

    By maximizing your productivity, you can win in all aspects of life. The following LinkedIn experts will help you win big in your career.

    10. Gretchen Rubin is a happiness coach and the bestselling author of the The Happiness Project.

    11. Carson Tate is the founder of Working Simply. She advises us to include play in our schedules.

    12. Greg Mckeown is an essentialist. Part of being an essentialist is saying no to many things so that we can focus on the things that matter.

    13. Brian de Haaff, CEO of Aha! Labs Inc. provides strategies on how to be productive and happy at work at the same time.

    Marketing Experts

    14. Sujan Patel is VP of Marketing at When I Work, an employee scheduling software. He is an expert in content marketing and he even shares his ideas on content marketing in 2020.

    15. Megan Berry is the Head of Product Development at Rebelmouse, a content marketing and AlwaysOn powerhouse.

    16. Sean Gardner will help you navigate the social media landscape. This includes how to use different platforms to help accelerate your career. He is also the bestselling author of The Road to Social Media Success.

    17. Christel Quek is an digital and marketing expert. She is the VP of South East Asia at Brandwatch. Their products help businesses utilize social media data to make better business decisions.

    18. Jeff Bullas is a digital marketing expert. His blog has over 4 million readers annually.

    19. Michael Stelzer is the CEO and Founder of social media powerhouse site, Social Media Examiner.

    20. If you’re looking for inbound and content marketing expertise, follow Dharmesh Shah, Founder and CTO of Hubspot.

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    21. David Edelman is a McKinsey partner and is at the helm of the Digital Marketing Strategy Practice Department.

    22. Dave Kerpen leads the social media software company Likeable Local. He is the author of Likeable Social Media: How to delight your customers.

    23. Clara Shih is the CEO of Hearsay Social and the author of The Facebook Era.

    24. Aaron Lee is Grand Master of Customer Delight at Post Planner. He is an excellent resource for everything social media.

    25. David Sable is the CEO of Y&R, one of the largest advertising firms in the world.

    26. Content marketing trumps traditional marketing these days, and who else better to lead you in this area than Joe Pulizzi, Founder of Content Marketing Institute.

    Personal Branding Experts

    Part of what we market in our personal career is our brand. When people hear your name, what kind of brand comes into their mind? What traits and qualities do they associate with you?

    Here are some personal branding experts from LinkedIn to improve your own brand.

    27. Dorie Clark is the author of Stand Out and Reinventing You. He can help you craft the professional image you’ve always wanted.

    28. Dan Schawbel is the managing partner of Millennial Branding. If you’re a millennial, Dan is the guy to help you craft your personal brand.

    Other Notable Experts to Follow

    29. Lisa Gates is the expert to follow if you’re negotiating for higher salaries and promotions.

    30. If you’re a Baby Boomer, Marc Miller will help you navigate the continually changing landscape of the workplace.

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    31. To avoid getting your resumé moved to the “No” pile, read Paul Freiberger’s excellent advice.

    32. James Caan provides insightful ideas on careers in general. He is also a serial entrepreneur.

    33. Jeff Haden writes on various topics, such as leadership and management. He is the owner of Blackbird Media.

    34. If you’re looking for expert business advice on getting new customers and keeping them, follow Jay Baer.

    35. Suzanne Lucas, aka Evil HR Lady, is a great human resources specialist.

    36. If you need help in using Twitter to boost your career, Claire Diaz-Ortiz can guide you in the right direction.

    37. Ryan Holmes is the CEO of Hootsuite, a social media management tool.

    38. Customers are the lifeblood of a business and Colin Shaw focuses on revolutionizing this customer experience.

    39. Brian Solis often reflects on the future of business and how technology can disrupt our world.

    40. Nancy Lublin provides advice on more lighthearted topics, which are perfect after a long day’s work. She is the CEO behind Dosomething.org, a portal designed for social change; and the founder & CEO of Loris.ai and Crisis Text Line.

    41. Katya Andresen provides advice on how to manage your career. She was the CEO of Cricket Media and now responsible for the SVP Card Customer Experience at Capital One.

    42. Gallup has created a system to test what your strengths are and how to use them at work. Jim Clifton is the CEO of Gallup.

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    43. Adam Grant is a Wharton Professor and the author of Give and Take, which provides advice on why being helpful at work can accelerate your career.

    44. Hunter Walk is a partner at Homebrew Venture Capitalist Company and has specialty in product development and management.

    45. If you’re running a nonprofit organization, follow Beth Kanter for expert advice on this area.

    46. Emotional Intelligence is necessary to succeed in your career, and Daniel Goleman is your expert for that.

    47. Rita J. King connects science, technology and business.

    48. Tori Worthington Rose is a Creative Director at Mary Beth West Communications, LLC. She has extensive experience in sales and digital media.

    49. If you’re looking for some advice on how to use writing and personal content marketing to boost your career, follow Ann Handley.

    50. Tim Brown is the CEO at IDEO and shares his insights on Leadership and Creativity.

    These are just some of the key thought leaders and movers in various industries. They will provide you with constant inspiration, as well as the willpower to pursue the career that you’ve always wanted. Their stream of expert ideas in their respective fields will help you become well-equipped in your professional pursuits.

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    Featured photo credit: LinkedIn Sales Navigator via unsplash.com

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