One of the bad things in today’s date with business is that
30% of small business Fail in the second Year.
50% Of all business Fail In First Four Years.
So, answer the questions carefully and logically given below because the percentage given above applies to your business too…
Let’s start with question no.1
Q1– Why do want to become an entrepreneur??
Is it just for money or you are really obsessed with your
entrepreneurial spirit to do and get something great in life. Today nearly 77 business start every day in which most of them fail and those who succeed also fail once in a while so don’t expect to get success by any chance but if you don’t fail I don’t need to tell you how much good will you feel but it’s really tough and unfair journey with no rules so take the decision wisely that do you really want to become an entrepreneur or you are just wanna be entrepreneur.
Q2– Have you ever faced a loss?
If not please be ready because you don’t know the feeling of losing it’s just worse than everything in the world. Also, no one is coming to help you out.
Now let’s have a look at another statistics that says one in every three entrepreneurs go in depression and most of them just alone working on their project all the time. So, ask yourself are you ready to face that amount of mental illness.
Q3– What do I have and what do I lack?
Please answer this question correctly because everyone has up’s and down’s don’t just look at your qualities look at things that you don’t have and try to get them or try to get people for them and I will suggest you get people for things that you aren’t capable of doing because you already have a lot of work to do. Also, you have to provide motivation to yourself and your workers till the idea don’t make money.
Q4– What type of business you are doing??
See basically there are two types of businesses —
In the first type of business you make a product or service which can be used by a lot of people which is a good business but there a bit more competition here you need to be different but at the same time, you need to be useful.
In the second type of business you make products and services only for a short group of people or companies in this you make money using very high margins but in this type of business, you need very unique and high-quality products which require a bit more investment than the previous business type.
So, as you are seeing both of them are difficult and challenging but at the same time, you can make a lot of money in both of these so first decide in which category your product or service fits.
Q5– Will it make money?
All the people that want to become entrepreneurs at the same time want to make money so please don’t start something that will never make money because if you do not provide a way to pay you will be at the same position no matter how hard you have worked.
Q6– What are you willing to sacrifice?
Long-term success doesn’t come easily without losing something so what are you going to sacrifice for this type of success and for how many days because even if you succeed in business you will lose the time you start celebrating that success so let the world celebrate and you do the work.
Q7– Is this the time to preserve or pivot?
Most entrepreneurs struggle to determine when they should keep pushing forward and when they should cut there loses, and pivot to something new.
For some, spending their last single dollar without making any revenue is a sign that it’s time to leave.
Only you have the choice of making the decision whether this is the time to make the change or stay the same.