So you think you can startup? Here are few questions that you need to answer before you startup your business.  The questions may look small and simple but requires a lot of thought, brainstorming and research to get answers specific to your situation. I haven’t provided answers here( but, yes it has hyperlinks that can help you in the right direction) because this is for you to ponder on. Each one of us can have a different opinion/situation on the below questionnaire, find out yours.

knowstartup.com - startup questions

  1. Why do I want to start a business?
  2. What kind of Business should I start, should it be a product or a service?
  3. What is the problem statement that I am trying to address?
  4. Is my product valuable, does it solve any problem?
  5. How /what will I name my startup?
  6. Is my startup idea any different from what is already available in the market?
  7. Who is my competition?
  8. Do I have the time and patience, a startup requires?
  9. Can I operate my business from Home?
  10. How many employees do I need, how will I hire them?
  11. Who can help me in my venture?
  12. Till how much time should/can I wait to see any substantial output?
  13. How much money do I need?
  14. What will be the right location for my business, How do I choose it?
  15. Who is my target audience and how will I attract them?
  16. Is it better for me to start a franchise or do I really want to create something new?
  17. Should I start just one company or a backup  plan as well?
  18. When can I expect to be profitable?
  19. Do I want to/am I capable of bootstrapping?
  20. How Can I obtain financing?
  21. Do I require a licence?
  22. How will I market my business?
  23. What will my business plan be like? Who will write it?
  24. What all hurdles and setbacks should I expect?
  25. What will my exit strategy be?
  26. Should I pay myself as well?
  27. What will be the outcome, if I fail?

knowstartup- ready to startup

Believe me if you have answers ready to these questions, you are ready for the journey!

About Author

Ruchi Pandita

Ruchi is a word-weaver, a painter, an amateur photographer and a poet at heart. The ease with with she can explain the most complex stuff impresses people around her. Being a gemini, she is never content, always looking for new ways to explore her self and the world around. The startup revolution has greatly influenced her and she is using her talent to help budding entrepreneurs find the way forward.

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  1. Pingback: Why should you know your competition and what to do with it? - KnowStartup

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