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Want to Start a Business? Answer These 4 Questions First

Before taking an important step on your adventure, it's better to have your mind prepared.
Minh Vũ

The media is full of stories about successful people, who had the courage to start a business and create tremendous success. However, it’s just the positive side of a coin. Entrepreneurship success rate has never reached 10% since long time ago, and still is.

There are more failures on this rough path than many may imagine. Before risking your precious time and energy in another venture, it’s worth finding your own answer to these 4 questions:

Question 1: Are you ready to spend money, rather than receive it?

Many have sufficient skills to build a business, but they don’t start creating one because they just can’t work 60 hours per week, make salary payments, suffer all the related stresses while receiving no material benefit.
Nevertheless, only a bunch of businesses can siphon enough investment capital to maintain its life in the early stages – in which it’s still struggling with making profits. Are you ready to risk your very own hard-earned money just to get the pleasure of working for yourself?

Question 2: Are you comfortable with public failure?

Failures are more common than we think. We even experienced some in our childhood. However, being at the heart of a public failure which would be “famous” within the area is a different story. You can be bullied. Your will should be strong enough to survive a critical defeat and keep going. That’s what matter most.

Question 3: Do you like selling stuff?

Entrepreneur” equally means “seller”. Your business management skills are not as important as your selling skills. By any mean, it’s better to be a good seller before trying to be a good entrepreneur.
Say you’re a professional curtain maker and want to build a curtain store in Ha Noi like this, to whom will you sell your products?

Question 4: Are you ready to take risks?

Success never comes easily, and you can rely on no other than yourself to make your business a successful one. Your best bet is to learn through test-and-fail process and make the most from your potential since no one can teach you real experiences. You can teach skills, but no one can teach experiences.

Every path to success is different. What worked for other people won’t work for you. You should “play fair”, sustain through unfairness and failures, only then you can “harvest” your rewards.

We are romanticizing entrepreneurship with endless inspiration. But only those who put their bare feet onto the field knows that it isn’t covered with roses. Before taking an important step on your adventure, ask yourselves above-mentioned questions to get a better mental preparation.

Contributed by Minh Hoang Vu, founder of remminhphat.vn