What are the Main Questions to be asked for Starting a new Business?
By misdss
@misdss (472)
India
May 1, 2007 12:43pm CST
Hi Friends,
Lets be more Specific to start a small business . What are those main Problems or Questions to be asked for starting a business or small business, as one of my rich friends want to start a business and he asked me same question so i felt that mylot would be the best place to take the opinians for this questions. Plaese give me your suggestions, as i have some like these..
1- What is it that you will personally bring to the business in terms of relevant experience and expertise?
2- Is there a market - a need for the idea, and customers who will pay for it?
3- How big is the market , and how will you reach it?
4- Who will be your main Competitors?
5- What is special about your idea, Making it different from similar products or services already out there?
6- How will you fund your idea?
and the last from my side is What might go Wrong?
Please Mylottians do tell me your views for this.
4 people like this
6 responses
@amydawn11 (906)
• Canada
1 May 07
Will you need to hire staff to run your business?
Will I have to talk to the city or town I live in for permission to start my business?
You will need a business plan and there is lots of info online as well.
4 people like this
@Zerzis (557)
• India
5 May 07
1. Are you best in that field?
2. DO you have some new idea,new concept to present to the industry?
3. Investment to earnings ratio in three years(or any time period u decide depending upon your business)
4. Failure plan - this is very important. You should have failure plans which will let you escape harsh financial conditions - like heavy debt which may ruin your further life.
2 people like this
@jain_bangalore (3136)
• India
6 May 07
the most important thing...the investment required, and return we will get back..we have to search for good place, good staff , the market view..scope of the product we are going to launch..and there are many more things to think about.
@er_gagandeep (261)
• India
6 May 07
first and foremost thing before staring any business is wat product you are going to sell /manufacture ,wat is the targetted segment ? what i mean by this is that what is category of people of people to whom you wish to sale this .Is this product for any age group ,for some particular segment,Then you also need to consider about the market .Is that product really in demand .And while considering you need to do a gud survey abt the people habits .It is like if u come with product which is really required by people and also ur product quality is gud and at affordable cost then it is like a jackpot if marketed well.
You shld also try to find out your immediate compititor .because they are already established in this domain so will obviosuly have better market ratio and you are actaully taking their small niche .So i order to shunt you out they can reduce their cost of product and bear losses for some time ,and by that time u would be already out .A whole book can be writen on this .It requires really a very large amt of surveys and analytical to start a gud succesful business these days .Make sure u just dont invest anything without thinking .
