I recently got an email from a blogtrep who wasn’t sure if his idea would work out or not. After some back-and-forth, he felt better. It did, however, inspire me to write out a couple of questions that anyone thinking of starting their own business or product should think over before diving in.
The first question you should ask yourself: Is your idea something worth fighting for?
A can’t-stop-won’t-stop mentality is important for anything you try to do, but it’s especially important when you’re doing something like this. You’re going to come across an impossibly large number of people saying no before someone finally says yes, and you need to be prepared for rejection because I can promise you that it will come. I can also promise you that with enough work and good decision making you will discover one of the best feelings I’ve felt when something I’ve worked for months on finally hits big.
If you can honestly say that you’d go to bat for your idea the next step is building a team to help you make it real.
Who do you know that can get stuff done?
Friends, family, or coworkers all have important skills that could make them invaluable assets to your team. Think about everyone you’ve ever met and decide if they’re someone you’d be able to depend on no matter the circumstances. Also, someone who can make you laugh is good to have around.
After you’ve written out your idea and built your potential team you’re going to have to evaluate the cost of what you’re trying to do.
Do the numbers work?
This is where it gets more open-ended.
Take an accounting class, hire an accountant, or tap someone you know to help you build a basic outline for how much your idea will cost. Finding the real numbers are important, because any misstep here could mean the end of your business. Forget ‘it costs money to make money.’ Your new motto should be ‘how much money does it cost, exactly, to make money?’ The exactly is important because research is your number one cost-cutting method.
So you have your idea, budget, and team built, but before you launch you’re going to need someone to confirm that you’re idea is golden.
Speak with a consultant, friend, or anyone who owns a successful business in a field similar to your own. Be sure that you can trust them, though, as ideas are pretty valuable in the entrepreneurial world. If their outlook is good (and they’re not just being nice) then you should take steps to launch your new venture.
Are you a gambler?
You shouldn’t be. Risk is always involved when you start something new, but your goal should be to ensure that a risk is worth whatever you’re trying to create. Success isn’t random. It’s calculated, well-researched, and earned. If you keep working at something, let go of your ego, and manage your team correctly I can promise you that you’ll make something amazing.
Well, that’s all I’ve got for now. Did I miss any questions that you’ve asked yourself in the past? How did your self-inventory work out? Let us know with a comment.
Adam Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Matthew. Adam is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
Follow Adam on Twitter: @thebizguy