5 Questions to Ask Yourself Before Starting a Business

Every day, we work with entrepreneurs who want to build a successful business for themselves and their families. At BVM, we know what it takes for someone to succeed as a business owner, and we want to help people get there. The most powerful thing in the world is a decision, so before you decide anything in life, it’s critical to self-reflect and ask yourself why you’re making the decision that you are. Here are five questions that you should ask yourself before entering a career in entrepreneurship:

What is my higher ‘why’?

Everyone has different reasons for believing a career in entrepreneurship is right for them. Why do you want to build a business? What motivates you to get up in the morning and attack the daily grind? Knowing whom you’re doing it for and why it’s right for you is the best starting point for any new business owner. Once you start reaching your goals, the hard work you put into your business will be more than worth it.  

How do I define success? 

Success can be described in a lot of different ways. In order to clearly understand what success means to you, you’ll first need to define the term. For some, it means reaching your financial goals in order to support yourself and your family. For others, it means employing others and enjoying the flexibility of the role. For many, it’s some combination of all these things. To realize your idea of success, it’s important to know exactly what you want to achieve. Then, put forth the effort and dedication to get there.

Do I have a clear vision for the business?

Much like defining success, you need to have a clear vision of where you want to be – both in the short-term and the long-term. Set goals for yourself. How many employees do you want to hire over the next five years? How much money do you want to save over the next 12 months? Get specific when setting your goals! That way, you’ll know exactly what your vision is and how to get there as soon as possible.

What are my strengths and weaknesses?

We all have strengths and weaknesses that play a role in our day-to-day lives. Becoming an entrepreneur is all about understanding who you are as a professional and as a person. Don’t let your weaknesses get in the way of living out your true vision for your business. Instead, do everything in your power to overcome the challenges and hurdles that stand in your way.

Oftentimes, our strengths are  things that we don’t enjoy doing. Whether it be cold-calling or presenting to potential clients, we all have difficult tasks that need to be completed every day. If you sharpen your skills and focus on turning those weaknesses into strengths, nothing will stop you from being successful. 

How well do I handle criticism? 

In order to improve your business, you’ll need to handle criticism well. At times, it will seem unfair or unwarranted, but those are the times when you can show your true professionalism by taking the feedback and making improvements. In today’s digital age, online reviews and comments are everywhere and almost every consumer voices their opinion. Use this to your advantage by doing everything in your power to make a lasting, positive impression on your clients and customers. Even the smallest tweaks to the business can make a huge difference.

Starting your own business is a huge decision that will impact your career and your personal life. By asking yourself these questions and giving yourself the honest feedback you deserve, it’ll be much easier to figure out why you want to be your own boss and if it’s the correct fit for you. We strongly believe that – through commitment and plenty of hard work – you can find tremendous success as a business owner. Go in with a plan, keep your goals in mind and take advantage of every new day to improve yourself and your business.