6 Questions to Ask Before Starting a Business

Strategist Carol Roth shares her advice for budding entrepreneurs

Man using laptop computer

(Image: Thinkstock)

1. Do you know your goals? Do you want to serve customers, wear different hats, and take on multiple responsibilities, and create structures and protocols? If so, then the entrepreneur world is for you.

2. Are you financially? Business likely won’t be profitable for a few years. Do you have enough to live on for at least a year and a half until business stabilizes?

3. Are you networking? It’s all about who you know. Have you made connections to get mentorship, business, and better prices? Networking is marketing.

4. Are you being honest with yourself? Can you handle instability? Are you built for financial highs and lows? If now, starting a business may not be the goal for you.

5. What is your legal exposure? Have you talked to your lawyer about the legal ramifications of possibly competing against a former employer or calling prior customers and contacts?

6. Are you a good teacher? Can you teach employees how to handle aspects of your business in an easy format? If your business can only run on your skills alone, starting a business may not be the route for you.

The 2015 Black Enterprise Entrepreneurs Conference + Expo hosted by Nationwide, May 13-16, at the Hyatt Regency Atlanta. Expect innovative sessions, high-powered speakers, and an early peek at the products, trends, and services you’ll need to stay ahead of the curve. Be sure to enter our Elevator Pitch Competition to qualify for the $10,000 grand prize. To register and find out more, visit www.blackenterprise.com/ec/.


2 Responses to 6 Questions to Ask Before Starting a Business

  1. Pingback: Milwaukee Community Journal » WISCONSIN'S LARGEST AFRICAN AMERICAN NEWSPAPER6 Questions to Ask Before Starting a Business - Milwaukee Community Journal

  2. Shnell says:

    Did it mean, are you financially stable?

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