• Admin
• 09 Dec 24

With the sudden spurt of Start-ups in India, Every aspiring Entrepreneur will think that his idea has what it takes to survive the market,thus reflecting his confidence in his product and his idea. But one thing many people fail to do is Introspect,so in order to introspect,Following are the Questions, every Aspiring Entrepreneur must ask Himself :

1.Am I pragmatic? 
You might have this great idea to build the next big thing,which is great, But is your idea practical? Is it easy to recreate? is it Technologically compatible? Does it have a significant market?
 You should be practical about your idea and a certain amount of research should be done on your idea before finalising it, Because market is changing at such a fast and unpredictable pace that no one but a good Entrepreneur can tell, when is the right time to come up with your idea in the market

2.Is my idea, the next Big thing?
 In recent years people have started thinking that ideas don't matter that much for a start-up. They think that they will try out different ideas and if they do not work they will pivot. But that does not work most of the times. You should understand that even the most successful companies were not founded on wild or brilliant ideas. Starbucks chose the brazen path of selling coffee in Seattle. Facebook built a better MySpace. Google built a better Yahoo search. Microsoft copied Apple - who copied Xerox.
 Original ideas are overrated.It is all about finding that idea which will go places. What isn't overrated is timing. A perfect example is Google, it chose the perfect time to build a better search engine

3. How intense is the competition of my product /idea in the market? 
 Many people fear competition, But a successful Entrepreneur doesn't, he knows People that the best place to setup a new restaurant is right next to another successful restaurant; that's because, he's kindly done the hard work for you of building an audience. Many a good business have succeeded on the coattails of another - it is usually better to have some rivals rather than having none. You just need to become 10% better,and this fight to become 10% better is what makes the difference.

4. Will you buy/use your own product? 
 Your idea /product should be such that you yourself use it, over its existing competition. If you don't, then all you have to do is work harder on your idea and bring it at par with its competition.

5.Is My Team as committed as i am?

Mediocre People don't Dream big, which is why, they can't achieve big. You need a team that is as committed to the mission of your company as you are. You need to build good relationships with everyone in your team in order for your start-up to succeed.You must set high bars for hiring your team members, don't be in a hurry while recruiting. Also, you should have an eye for talent while hiring.

6. Am I Self Motivated? 
 As you yourself are the founder, there would be no one above you to get things done from you. If you're self motivated and have the drive to get things done and know what to do and when to do it, then yes, you have it in you to be a successful entrepreneur

7.If I Fail, Why will I?
It is important for every entrepreneur to be optimistic about his or her business idea. Still you should “Hope for the best and Prepare for the worst”. Therefore you should do your Risk Analysis before venturing into your market.
You should know all the negative
 And positive sides to your Idea/Product, and also, the feasible solutions and alternatives to these negatives, so that it doesn't create a hindrance in the future.