20 questions before starting a business.
1. Why are you starting a business? Is it because you hate working 9-5? Is it because you hate working for other people? Is it because you don’t like being in the rat race?
2. What specific event drives you to make this decision? Have you been influenced by the success of other people around you? Who?
3. If you are currently working for other people, in the most honest way, how would you think your boss describes you? Do you consider yourself a top performer, an average worker, or a slow learner?
4. Do you still remember when was the first time you came up with the idea of starting your own business? Have you run a business before?
5. If you hate working for other people, would you consider engaging in a franchise business? Why?
6. What specific business you have in mind now? How well you think you know about the industry? Are you an expert? If no, how do you plan to drive your business forward? What makes you think you can do so?
7. Do you have a business plan now? Is it a completed plan? Is your business plan genuinely workable or just another piece of junk? Do you have the data, figures and statistics that can prove your business will grow, or at least survives after 2 years of operation? How about 3 years? 5 years?
8. Do you have plan to approach the banks for loan? Is it for start up capital, or expansion capital? If you are a banker, will you approve your own loan application based on the business plan you have now?
9. How exactly you are getting your start up capital? Do you already have fund? Where did you get it? If you have cash now, would you go to say to yourself that this money will be put in good use, and eventually drives the company to achieve profitability?
10. What are your specific roles in your business operation? Who will be mostly responsible for the running? Are you the operator, or the business owner?
11. If you are not around, who will take charge of your business? Do you think he, she or they can do it? If you decide to go on holiday overseas for 2 weeks, can the business still be run as usual without you? Does this business allow you to be far away from your business?
12. At what point of your business operation you would think you have enough and you will decide to call it a quit?
13. Do the words manager and leader sound different to you? How are managers and leaders different? Do you consider yourself a manager or a leader?
14. Who would be your competition? What exactly they are doing? How would you think your business differs from theirs? Why would the customers choose your products or services instead of theirs?
15. The singer Sting once said “I would sing regardless I am paid or not. I love singing.” What is the single most enjoyable thing you can do, such that you’d do it for free?
16. Is your answer in the previous question related to the business you will be doing?
17. If the answer is ‘no’, would you agree to say that the business is not for you and you should abandon your plan to start that business?
18. If according to you, business is the way to go, how important the business would be in your life? Is it more important than your family? Is it more important than your health?
19. How are you going to pay yourself in your business. As an employee? Taking part the portion of the revenues? Or you don’t get paid? How do you eat?
20. You have 24 hours per day. Once you start your business, roughly, how many hours you would spend on your business every day for the first 6 months? 8 hours? 10 hours? 14 hours? How would you spend the rest of the hours? Sleeping? Spending with family? Resting?