Questions for Business Building

What are the most important questions to ask myself when evaluating a business opportunity?

When I first heard this question my reflex response from 30 years experience of running a business was… When will I get my investment back, what is the percentage return on investment and what is the risk?!

My more considered response is to ask three initial questions. There are obviously many other issues but these are those I consider the most significant:

First Question – What is the purpose of this business and what is my real motivation for taking on this opportunity to build a business?

I would ask myself, what am I really focused on – my vision, mission and strategy to bless the nations. I would consider the eternal rather than short-term goals for the business and would seek to discover how the business could sustain itself having once outgrown me and my start up team. Read more

Considering the Business Opportunity

What are the most important questions to ask myself when evaluating a business opportunity?

Probably the most important aspect of pursuing a business opportunity is to first determine whether you are the right person for the job. I would recommend you do a personal assessment (be honest with yourself, there’s a lot at stake here), and ask yourself if you have the skills and passions necessary to build this specific type of business. Beyond that, do you have what it takes to live through the highs and eventual lows that you know will occur through the normal course of operations? Evaluating your readiness, and determining if your unique skill set maps to those required by the business should be at the top of your checklist, as you prayerfully and thoughtfully determine the worthiness of the project ahead of you.

As a potential entrepreneur, it is easy to get excited about any new business opportunity. So much in fact, that an entrepreneur can quickly lose his objectivity and become blinded to the potential pitfalls associated with the business. Many of us foolishly consider that if an opportunity exists, it must be the open door God wants us to walk through. Keep in mind that just because a door is open, doesn’t mean its the right door for you. While venturing into any new business can be daunting and filled with uncertainty, it can also be a time of exhilaration, not to mention a lot of fun. But do yourself a favor before you journey into the unknown; check your motivations. Know why you are doing this, and know the risks before you take the jump. Read more