Many people venture into the world of business without taking the time to critically answer some very
Fundamental Business Questions For Startup Entrepreneurs
fundamental business questions that goes a long way in determining how successful the new business venture becomes or not. In this article, I will be sharing the 11 fundamental business questions I usually use in my coaching and consulting process for start-ups.
I urge you to devote the time to answering each of these questions and as a gift for your readership, I am offering to review them for free to as many of you that will send me their answers
Here are the 11 Fundamental Business Questions For Start-ups
1) In one sentence why did you decide to establish your business?
2) What major problems is your business coming to address in the lives of your target customers?
3) What are the unique combination of solutions you’ve put together for each of the major problems you’ve outlined above? For each problem specify the unique solution your business is offering.
4) Who are your target customers who currently have the problems you’ve identified above and seek solutions?
5) What makes you think you are the best solution provider for the problems they have?
6) What resources are at your disposal that can enable you create the unique solutions you have in mind to offer your target customers for their problems?
7) What are the MOST unusual characteristics of your business that will be considered as a competitive edge in your industry?
8) When you DIE, what major contributions do you want your business to be remembered for in your industry?
9) What are 5 major benefits you want to impact into the lives of anyone that comes in contact with your business?
10) What do you want to be the testimonies of your target customers about your business?
11) What more can your business do or give to her target customers that money cannot buy besides the product/service they feel they pay for?
Over to you
How many of these questions has your business been able to answer? And did you share the answers with anyone besides yourself? Send me your answers to these 11 questions and let’s walk through this crucial stage of your business together.
Additional Reading....
FREE ENTREPRENEURSHIP eBOOK: The Entrepreneur’s Journey
ATTENTION: Does Your Business Matter?
The Most Important Business Question EVER For Entrepreneurs
The Anatomy Of Employment: Why Becoming Your Own Boss Is The Smartest Decision Of Your Life!
Business Mastery: How Should Entrepreneurs Successfully Startup A New Business?
THE PURPOSE OF ENTREPRENEURSHIP: Why Did You Become An Entrepreneur?
Hey Tito,
This is wonderful!
I have already asked myself many of these questions. It is vital for any business owner to ask themselves and answer everyone. It looks like I have something else to put in my to-do list. One must be able to clearly describe there business. That is a absolute must, because you will loose a persons trust really fast. Then you have to find out who your target market is, because no ones target market is everyone. There is always going to be certain type of people who have no interest in what you promote.
Just my 2 cents.
God bless,
William Veasley
Hello William,
Thank you for the feedback, i am glad you have been able to answer these questions yourself. They are great pointers of where any business is headed and they give we entrepreneurs a clear direction.
Awesome post bro. I really need to sit down and give the right answers to these questions! Haha really love them 🙂 This is a must read for every entrepreneurs. Thanks so much for sharing.
Hi Sam,
Expecting to read your answers when you get through with it.
As a business trainer and mentor specializing in small businesses, many of these questions are asked when someone is starting their business.
Planning is essential and a good business plan can help you discover many answers. The trick is not to spend too long in the planning stage as many people wait until the time is right….sometimes there isn’t a right time – you just have to make it right.
Thank You Brenda,
Your advice not to stay too long in planning, but also remembering to take action is on point.
If only people will even plan by answering these questions, their execution would be a lot more better.
You know Tito – you are a skilled writer. Whenever I read your work, two things jump to mind…
1 – It’s obvious that you have a passion for what you teach/share
2 – You have a gift in delivering that information and you always offer more than expected.
On to this post. Those questions were brilliant. As I read, and linked them with the other questions, they really do help carve out the direction of a business, providing a mapping of opportunity for improvement…identifying strengths and weaknesses.
Stellar job (as always).
Excuse my tardiness in replying – somehow this post didn’t update on my reader account. I just deleted my subscription and re-added it…now it shows.
PEACE.
Thanks JK.
Your words of encouragement are priceless.
I will look at the RSS feed, I wonder what caused the delay.
Thanks for pointing it out.
Hi Tito
Some great questions. When I was on a small biz management course we had to answer similar questions. Meant we could then write our biz plan and also our aims and objectives over a 12 month period. Great post Tito. Thanks for sharing with us. Appreciated.
Patricia Perth Australia
Hello Pat,
I know most business development schools ask this questions for every of their start up entrepreneurs. What I have noticed over the years is that people tend not to take them seriously because no one is holding them accountable. I seriously believe if every start up entrepreneur will take the pain to answer them, their chances of building better businesses will greatly be increased.
Thanks for your input, much appreciated.
Hi Tito,
This list of questions is really worth answering but It will take some time for me to answer each question after analysis.
Will be back soon
Hey Nazim,
I look forward to reading your answers. Thanks for being a part of the discussion.
Hi Tito, Great list indeed!
I consider all of the questions important but the first question, the Why is what I believe THE most important. If you have a good reason you will get far. This is a question one should ask himself everyday.
One other important question I think is:
Does this make you happy?
Hello Mani,
Thank you for your participation in this post. Your addition of the question; Does this make you happy? is certainly insightful.
Hi Tito, some good questions – especially Nr. “What are 5 major benefits you want to impact into the lives of anyone that comes in contact with your business?”
I think it’s good to incorporate your answer to that into your vision and mission statement. Keep well.
Hi Anne,
Thanks for the contribution. Most of these questions form the framework of a business and set the tone for their purpose, vision and mission and even their values. It all boils down to answering sincerely these basic questions and a couple of others more.
Great!!!
Thanks!
Just wanted to drop you a note that it’s so nice to find a set of questions on this topic that is not your average stuffy suit and tie stuff. Out of the box thinking is awesome! 🙂
Thank you Victoria