Finding the Jobs

What 5 questions should be asked by every prospective entrepreneur before taking the leap, and starting a new business?

That’s what J. C. Hayward, CBS anchor on WUSA 9 in Washington, DC asked me in the Money Monday segment of the noontime news broadcast yesterday.    (To see the interview, click on www.wusa9.com/dvmourtime.) Here’s what we covered in a nutshell:

1.  Am I really energized and excited about my business idea?

The novelty of even the most wonderful new ideas or products can wear off pretty quickly if you’ve got few customers or weak sales.  The one factor that can keep you going during the startup phase and beyond is an unshakable belief in what you’re doing.  If you’re not excited about what you’re selling after awhile, it’ll probably be pretty hard to muster up the enthusiasm needed to market it to prospective customers.

2. How do I feel about risk? No matter how much you love your business idea, it’s important to remember that launching a business is a gamble.  Part of the excitement of becoming an entrepreneur is taking a new path to create a unique product or service.  At the same time, it’s critically important to anticipate the possibility of obstacles along the way.

3. Do I make decisions easily and effectively? Owning and operating a business is by nature one decision-making process after another, ie. How should you bring your product to market?,  How much should you charge?  How do you know if it’s time to expand your business?–the list goes on.   Test out your comfort level in this role.

4. How well do I multitask? As the sole proprietor of a business, you’ll need to be able to do a variety of tasks, including managing the books, serving as chief salesperson and marketer of  the product or service.  Try to hone the skills you’ll need before you get going.

5. What’s Plan B?  Even well-run businesses can lose their way.  Figuring out in advance what to do if things don’t go according to “Plan A” can save you alot of headaches and help shorten the time it takes for you to recover–both financially and emotionally.

That’s as much as we could fit into a 2 minute interview, but there are, of course others.   What other tips can you offer to budding entrepreneurs?  Email me at moneymattersandmore@yahoo.com, or communicate via Facebook (moneymattersandmore) or Twitter (moneyandmore).

Thanks.

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