THREE QUESTIONS YOU MUST ASK YOURSELF IF YOU MUST RUN A SUCCESSFUL BUSINESS

 Starting up a business can be one of the most difficult things to do, if you don’t have the right information. 

The truth of the matter is that before you start a business there are some questions that if you have not genuinely answered, you would never have a successful business.

This article is therefore intended to discuss the questions every entrepreneur must genuinely answer before they start a business. 

These questions are answers to the basic economic problems of the society and you should know that a business that would succeed must solve some basic Economic problems. 

Below are the three questions you must ask yourself before you start any Business; 

This is the first Basic question you must ask yourself and answer genuinely if you want your business to succeed.

Why should you answer this question genuinely? 

This is simply because there are things you venture into as an entrepreneur and they end up eating all your capital. 

This is why you don’t just jump on anything to start producing, you must sit yourself down and ask yourself questions about what you want to produce! 

• Market demand for the product 

• location( how many competitive products are around there)

• Availability of raw materials 

• Target users 

• Cost of production 

How to Produce

Now that you have successfully answered the question of What to Produce, it is now time to answer and determine how to produce what you have decided to Produce. 

You have to ask yourself questions like; 

What scale do I want to produce? 

This question will help you know how to produce. If the market demand for what you have decided to produce is very high, then you would need to adopt Capital intensive Method of Production; Using Machines that turn out tons of units of production in less time. 

However , if the market demand is not yet that huge, you can adopt a labor-intensive Method; employing cheaper Manual Labor to help you out. 

For whom to Produce 

For you to be successful as a businessman, you must also be able to answer this question successfully. 

Who are your target users? 

Men, women, or kids? 

Answering this question would help you know where to channel your energy well in providing your product to the right Users. 

I believe this article has been able to help you know the right questions you must ask yourself before going into production! 

Answer these questions correctly as I see you to the top!