As a serial entrepreneur, there are three questions that I always answer before opening a business.
- Do I have a powerful message?
- Can I identify my ideal customer, and do I understand the market?
- Am I willing to start small and grow?
In answering these questions, I must determine what problem that I am trying to solve for my potential customer, and are they willing to pay for it. Also, will this business be operational and financially successful?
There are many companies that do not have the best product or service, and quite frankly not even first to market. However, they have mastered the art of marketing and sales. They have done the research and understand the buying habits of their potential customer. They also watch their competitors and see what customers are saying about them on social media.
If possible, self-fund your start up and then ask for additional funding from other sources once you have created a growth story. This may cause you to rethink your strategy on how many products or services you offer. You may also consider starting in stages so that you can get some traction and experience.