small and medium-sized enterprises
Top 9 advantages of small and medium-sized enterprises
April 4, 2018
Ana Maria Quintero Lowry CEO of the year
Ana Maria Quintero Lowry CEO of the year
May 19, 2018
Show all

3 KEY QUESTIONS YOU SHOULD ASK YOURSELF BEFORE STARTING YOUR OWN COMPANY

KEY QUESTIONS YOU SHOULD ASK YOURSELF BEFORE STARTING YOUR OWN COMPANY

Sometimes the determination, sometimes the need, push you to make a very important decision: to start your own business. What are the first 3 key questions you should ask yourself before starting your own company?

There are many specialized books or articles that attempt to delimit the basic aspects to undertake. It is normal to find about 10 aspects, 12, 15… But we want to make it very simple, so we leave it in three.

  • Do I have knowledge or skills to do something?

  • Will that product or service have a customer?

  • Do I have the capacity to manage that product to put it in a market?

The first question is crucial. Training, experience, a special natural intelligence… Always a person throughout his life accumulates a baggage that in some cases allows him to do something productive on his own. The merchant’s son is more accustomed to discover what their clients want; the student of professional formation acquires some knowledge in certain professional branches that can derive in a job with which to earn a living; the economist who works in a bank or in a firm has skills that can help him advise other companies; the telecommunications engineer, aware of the enormous possibilities, can recognize a niche where to specialize.

But will there be someone who pays for what I know or for the product I sell? Businesses consist of a basic cycle, most of the time: find a customer, provide a service, send the bill and get paid. This nourishing circle must be repeated as many times as possible, but if the final part fails the circle becomes vicious. A merchant chooses his place thinking of the influx of people, arranges his products in an attractive way, makes rebates, offers, raffles…, what it takes to sell; the recently graduated plumber may know construction companies that subcontract him; the economist may have had contact with smaller companies than those audited in his work, who need other types of business advisory services; the computer engineer no longer wants to travel continuously, or work piecework, and prefers to change his dedication to more specialized services and focused on other types of clients…

But do I have the organizational skills to manage my own company? Maybe not completely at the beginning. For this, you need an expert hand that gives you the necessary help to achieve all the objectives you set. At A & P, we are concerned precisely with all these doubts and other possible ones. Does my personal behavior adapt to the demands that a company requires? Do I have consultants to draw on? Will I know how to behave with my suppliers and my workers? Do I have time to look for clients? Is the price that I am charging right? Can I order my time and my capacity, with the right advisors and contacts, to make money? Whatever your question, we are sure we can help you.

There could be a fourth aspect that would be of great importance: we live in a globalized world, customers are all over the planet, competition is fierce, management systems are constantly changing. Everything is technology, most businesses are shaken, the possibilities are extraordinary. So, do not fear. This is the beginning. Remember that you can start without an answer, but at least you must ask most of the questions.