By Manoj Sharma

Almost everybody wants to be richer and more successful and many desire to do this on the entrepreneurial path.

If you are serious about being a successful entrepreneur there have to be a million questions and concerns in your mind. Based on the countless experiences of thousands of successful entrepreneurs in the start-up phase here are some fundamental questions you absolutely need to mindfully ask and answer. Sure, you will need assistance to examine these issues in greater detail and yes, a professional coach is an invaluable aid that you really should afford yourself and for now please read through the following carefully. Allow your horizons to stretch you towards your entrepreneurial success.

While there are few rules when it comes to entrepreneurial success there are some basic principles that always hold true. One of which is, “Your entrepreneurial venture is can only be as successful as you personally are willing to be.”

The truth is that you really need to expand your capacity. Start by expanding your mind by thoughtfully contemplating and answering the following quality questions….

Why do I want to start up a new venture?

Why do you have an interest in starting up a new venture?
What do you intent to achieve from doing so?
What are the dreams you have that you would like to have happen?

What venture should I get into?

What industry do you feel is most suited for you?
Why do you feel that way?
Do you have sufficient depth of knowledge on this industry?
What else do you need to find out that will assist you?

What product & service should I sell?

Have you identified the products and services you plan on providing?
What differentiates these products and services from what is available?
Have you figured out what is the best way to price these products and services?

What sort of enterprise should I register?

Are you aware as to the different types of enterprises you can register?
Are you more suited to play solo, in partnership or as a company?
Are you aware of the legal and other implications of your choice?

Is there a market for my unique enterprise?

Have you done a market analysis?
Have you done focus groups and surveys?
Have you clearly identified niches in which you have a competitive advantage?

Do I really have the ability to get this done?

What sort of track record of success do you have?
What are your distinct strengths?
Have you worked with a professional business coach to develop your competencies?

What is the best way for me to find buyers?

Have you figured out the best practices of your industry?
Do you have a more efficient and effective way to find buyers in mind?
Do you have the ability to get buy in once you have found buyers?  

Who should I have on my management team?

Are you clear about the collective skill sets required of your management team for success?
Have you systematically identified candidates for your starting management team?
How are you going to reward them for their effort?

What resources do I need?

What are the financial resources you require to get going?
What are the infrastructural and people resources you require?
What are the other basic resources you need?

How much money do I need to start up?

Have you accurately calculated your estimated start up capital?
Have you put in a 30 – 50% buffer in place? 
Do you know how to gain access to more funding?

Do I have enough money to see this through?

Have you done at least a 3 year projected cash-flow statement?
Do you anticipate any extraordinary investment needs as you continue to grow?

How do I put together a business plan?

Have you put together a comprehensive business plan?
Do you have an action plan in place?
Do you know the best ways for you to increase your daily, weekly, monthly and yearly profitability?

Do I have the necessary support structure in place?

Are you on a systematic wealth creation course?
Do you have a professionally constructed support environment?
Are you aware of the local and global institutes that would assist you to succeed? 

What is likely to derail my success?

Are there any market forces that could derail your success?
What are your personal traits that may hamper your success?
Are you smart enough to get professional support to give yourself the best chance to win?

It is said, the quality of our questions determines the quality of our response.

What other quality questions do you need to ask yourself to give you a great probability of success in your entrepreneurial venture?

The article is written by Manoj Sharma, the Managing Director of DifferWorld Pte Ltd a people & organisational potentialisation company reputed to deliver some of the best personal, professional and executive education, development and coaching initiatives worldwide. Mr. Sharma can be contacted at +65 6338 5669, This email address is being protected from spam bots, you need Javascript enabled to view it or www.DifferWorld.com