4 crucial points you should evaluate before undertaking

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Entrepreneurship is not just about opening a company. We understand entrepreneurship as an attitude, an ability to identify an opportunity and raise resources to solve the problem.

And you can do this within a company, through intrapreneurship. But today we are going to talk about starting a business. Do you know what are the crucial points that should be evaluated before starting a business? Read the post until the end to find out!

4 crucial points you should evaluate before undertaking
1. Do you like what you do?
The first point to consider before starting a business seems basic, but it is very important to reflect on this before starting: do you like what you do? Do you like the market you are in?

Many people who want to start a business watch courses and read books on how to sell on the internet or how to transform their knowledge into an information product, and they already want to start a business, all #nastoramode, without any planning.

Before doing so, you need to understand what you know slovenia phone number lead how to do and what sets you apart from others already in the market. It’s unlikely that you’ll have a completely different and unique idea. And even if you do, you’ll still be competing for your potential customers’ time and money with other companies, even if they’re from other sectors.

A great tool for understanding your motivation and the real reason you chose the field you want to work in is the Golden Circle. This exercise allows you to understand your “why” and then define your “how” and “what”. It may seem confusing, but it is super easy to understand and do, all you need is a pen, paper and a lot of reflection. You can understand it better in the article Golden Circle: what this tool is and how it can help you define your (and your company’s) why .

2. Analyze the market
What's the point of having a super innovative idea for analog cameras if the world is digital? If you don't have a very specific niche, it could be the best of ideas, but there won't be an audience for your company.

In the market analysis you do before starting a business, it is not enough to just research your competitors. You need to analyze your customers and the macro market as well. We talk more about these three pillars in the article Market analysis: how to do yours .

3. Company and company formation
When you decide to open a business, there are several points that must be considered regarding the type of company you want to build. One of them is whether the company will have partners or not.

Finding partners is as much work as finding a marriage, and it often doesn't work out. So you have to start thinking about how it's going to end, kind of like a prenuptial agreement.

If possible, do some testing and work with the other company, even if you are still working as individual microentrepreneurs (MEI). Only after you are sure that the way of working and the vision of the partners match and there is a chance of working well together, think about getting married.

4. Emergency reserve
The last thing you need to do before starting a business is to build up an emergency fund. Once again, there's no point in starting a business nastoramode without a minimum of planning and organization.

You can start by doing a business feasibility study, which will tell you how much money you will need to have in your pocket to pay your household bills and the company's bills while it is still not making money.

Contrary to what people say, that it is very possible to make a lot of money in a short time, until you get there there is a learning curve. And this learning curve costs money.

If you want to start a business and don't know how to go through these 4 crucial points that must be evaluated before starting a business, we have a suggestion for you: the Slap in the Face .

This is a 55 Lab program that can transform your relationship with work, giving you the tools to conduct a feasibility study for your business, understand the market and know how much you need to have saved before undertaking a business safely.