How to be a young entrepreneur? It’s the million dollar question we seem to hear everyday at Under30CEO. The problem is that there isn’t a blueprint out there that will show you every step along the way to building a successful business. Not only is every business different but every person/founder is different. We all have different interests, opinions on what is right/wrong, different skill-sets & traits and a million other things that make each business unique in it’s own way. There are principles you can follow that will help guide you in the right direction. Hopefully they will help you make the right decisions or motivate you to execute your idea 110%. But that is all we can ask for.
We decided to build a list of questions that everyone should ask themselves before starting a business. These questions will hopefully help you form an idea, evaluate your idea, evaluate yourself and even execute your idea. If you answer all of these things honestly you might just figure out what your business should be and if you’re even cut out to run your own business.
Think 60 is a lot? Remember, the journey of starting a business could be the rest of your life. Take a few minutes to think about it.
Add what questions you think a young aspiring entrepreneur should ask themselves in the comments.
Step 1: Make a List
1. What do you spend your money on?
2. What do you love to do? Hobbies?
3. What are everyday problems in your life that you can solve?
4. What are your skills/talents? What are you good at?
5. What do you want to do everyday? What makes you get up in the morning?
6. What do you want to be when you grow up?
7. Who do you want to hangout with each day?
8. What do you want your purpose to be?
9. What impact can you make on the world?
10. What do you want your legacy to be?
11. What would you do if money was not an option?
12. What would be your rockstar job title?
13. What are your strengths and weaknesses?
14. What would your dream life look like?
Step 2: Engulf Yourself in Your Industry!
15. What are the leading blogs/magazines/publications?
16. Who are the leaders and influencers in the industry?
17. How are people already making money in the industry?
18. What are the leading companies in the space?
19. Can you get a position or internship to learn about the industry first?
20. What are the common questions the customers and readers of the blogs have?
21. How has the industry changed in the last 5, 10, 20 years? Where is it headed?
22. What companies have failed in the industry? Why did they fail?
23. Who is the average consumer? What are their characteristics?
24. What niches are unserved? Where are the holes in the market?
25. How can you improve, disrupt or turn this industry upside down?
Step 3: Network Your A** Off!
26. Were does your target market hang out?
27. How are the local leaders in your industry?
28. Which one of your friends would buy a product from you?
29. What can you learn from them?
30. What problems do these people have?
31. What skills do you have and what skills do you need in a business partner?
32. Who are the most talented/passionate people in the industry? What makes them successful?
33. Are their groups/meetups around your passion?
34. What can you learn from your competition?
Step 4: Know the lifestyle
35. How long can you go without a paycheck?
36. What are your personal monthly costs?
37. What could you live without or stop doing today?
38. Can you survive with little to no money, possibly for years?
39. Are you OK with eating peanut butter & jelly and pasta everyday?
40. Are you willing to give up Friday & Saturday nights out if needed?
41. Can you handle constant questions/doubt from others and even yourself?
42. Do you realize entrepreneurship is not usually Silicon Valley glamorous?
43. Are you OK if your huge idea turns out to be a small idea?
44. Are you willing to sacrifice everything at a moments notice to make your business work?
45. Do you consider yourself crazy? At least a little?
Step 5: Take the Leap!
46. Is there healthy competition around your industry? Why or why not?
47. Can you stand out from the pack? Is your business idea unique?
48. Is your business scalable?
49. Can you start small without huge capital investment?
50. Can you see yourself doing this 5 years from now?
51. Is the market for your business big enough to support your idea?
52. What is the most effective way to reach your customers?
53. How much money will my idea cost to start?
54. Will my business always rely on me or can I delegate responsibility?
55. Will this idea make me money?
56. What are my goals? Short term? Long term?
57. Who will actually pay for this?
58. Do you really believe in your idea?
59. Does your idea provide value to the customer?
60. Can you explain your idea to your kid sister?