As a business owner, it is important to establish your ‘why?’ before you set out on the entrepreneurship path. Why are you starting this business? Why are you choosing this product? Why are you selecting this target market? Why this location? Why this channel of distribution?
Here are reasons to help you answer the most pertinent why — Why are you starting this business?
You Have Identified A Gap In The Market
You might have been an angry or dissatisfied customer of an existing product or you have identified a need personally or in the society that is unfulfilled. This allows you to launch a new product in an existing market.
Your Product Can Increase Customer Value
You might have a unique idea that would build on an existing product and reshape an existing industry. Disrupting a market opens an opportunity to provide greater value for your potential customers.
Your Product Addresses A Unique Market
Identifying an unserved or underserved market segment can also be your reason to start a business. This initially gives you the opportunity to operate without in a non-competitive market.
You Want Freedom Through A Business
As an entrepreneur, you have a high level of control over your success. Often, your grit, perseverance, patience, hard work, and ability to learn on-the-go have a large effect on the success of your business.
This list is not exhaustive, but it touches on some areas that are general to all businesses.
These questions are inherently tied to the vision and mission of the company. Running a business is risky and clearly defining your goals for the business and setting targets can help in creating a clear direction for the business and making sure that your actions as the owner and manager of the business are consistent with your goals.
While starting your own business allows you to have greater control over your work life and gives you greater freedom in deciding the next line of action, you must combine this with the ability to take on new roles and responsibilities to ensure that your business survives and thrives.
Answering your whys is the first step in starting a business. When this is done, you can go on to validate your idea and test it in the market.
Legalizing your business is the most crucial step after receiving convincing validation for your product. Getting a business certificate and registering your business name is often neglected by business owners but it is needed as a form of validation from the government and to add credibility to your business.
