Questions to Ask Before Starting a Business

Posted: February 09, 2016

[caption id="attachment_12594" align="alignright" width="429"] Image from dumblittleman.com[/caption] Starting a business can be a scary concept. Without proper planning, chances for failure increase. Asking these seven questions, before you take the leap, will help gauge your readiness. Karin Jakovljevic, writer for Dumb Little Man, shares what questions to ask before starting out on a business venture.

From Startup Idea to Successful Business: 7 Questions to Ask Before You Pursue That Venture

According to a study conducted by Bloomberg, 8 out of 10 startups fail within the first 18 months of doing business. While there are certainly some unpredicted circumstances that lead small businesses to fail, the majority of them actually fail due to making a mistake in one (or more) of the areas discussed below. Having a viable business idea is extremely important, as it’s the starting point of every business endeavor; yet executing that idea through an actionable process represents a large challenge. Here are some of the questions you should ask yourself if you are preparing to embark on starting your own business. - Is your idea simple enough? Trying to execute a very complicated business concept is a big challenge, even for well-experienced entrepreneurs. If you’re about to start your first business, make it something simple. Bill Gates most likely didn’t have a vision of Windows 7 sidebar gadgets when he dreamed about creating his own operating system. Start small with your idea and work your way up to bigger and better things. The idea has to be simple at the beginning, and it should grow over time following the company’s success. Read the entire article From Startup Idea to Successful Business: 7 Questions to Ask Before You Pursue That Venture on Dumb Little Man.