Questions you must ask Yourself before starting your own Venture

Somya
17 Mar, 2016
Startups
First steps for startups, start new venture
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I Don’t have any limitations on what I think I could DO or BE.

– OPRAH WINFREY

Starting a new venture is a difficult task to adopt as it make you stand out of crowd . In other words, it risks your future. So opting for a Startup is itself a Big Question.

Nothing is IMPOSSIBLE, is a very well saying but when it comes to a real life commitment , the decision you take is important because starting up a venture when there’s a lot at stake is dangerous without evaluating yourself. Evaluation can be done by simply going through a list of questions that are needed for self assessment. They give the clear of what you are planning to do and how it can be achieved. Thus minimizing the risk of failure and assuring success. The questions that you may ask yourself before taking a roller-coaster ride of starting a new venture are :-

WHY STARTUP ?? Starting up a new buisness is like a small baby which needs a 24×7 time and full attention. Thus a crucial decision is whether you actually want a startup or you are just bored with your 9 to 5 monotonous life because starting a buisness without preparation can lead you to a bigger problem.
DOES I HAVE A IMPRESSIVE IDEA ?? This is the most important question that you should ask yourself. The idea that comes out of your dream and passion and not out of by default. The idea that can actually be beneficial for the majority of the population and also make their life easier. This question clears not only you vision for starting up a buisness but also you can now able to convince your target customers to buy your product.
HOW FUNDINGS CAN BE RAISED ?? For starting a venture, a huge amount of investment is needed. It is very difficult for you to convince a person to invest their money on your venture. The problem is why another company want to invest on your venture. So convincing them to invest their money on your venture is a trivial task. Many a times you face rejection but a little patience is all you need.
CAN YOU TAKE THE RISK ?? Startup is as risky as it is exciting. The beginning of a new thing always comes with a risk of whether it will succeed or not. What are the chances of success?. The financial crisis always come after starting up a venture because about 12-18 months , the startups is a no-profit affair. Taking a risk in financial terms needs a strong patience. And if you want a fixed salary after every month end then this is not your thing.
IF NOT THEN WHAT ?? Every coin has a two sides Head and Tail. In fact, every possibility comes with two answers. It is you who decides what is beneficial to you. So if things do not go according to plan then what will be your backup strategy to overcome the sudden breakdown??