Before Launching a Business, Ask Yourself These 5 Questions

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How to know whether the sacrifice is worth it.

4 min read

This story appears in the October 2020 issue of Entrepreneur. Subscribe »

Q: I have a startup idea…but how do I know whether it’s worth my time to pursue — Nia, Chicago

That’s a very important question. In fact, it might be the most important question — and many entrepreneurs bypass it on the road to independence. We’re so excited by our 2 a.m. epiphany that we don’t want to know the answer. We fear that this is our one and only shot, and that another great idea may never come. But if you skip this self-audit, you may face massive consequences for years to come.

The consequence is this: opportunity cost. 

When starting a new endeavor, we focus so much on what we might gain that we overlook what else we might have done. Despite all the deification of entrepreneurs and the glorification of the hustle culture, building a business is really hard. It is a long, painful, lonely slog. It is not a flip. You are enlisting to serve in a war that will take five years to arrive on high ground. Five years to even catch your breath and maybe have a full night of sleep. Is this how you want to devote these years — instead of to another, perhaps wiser path?

To know the answer, begin by asking yourself these five questions:

1. Is my idea a stand-alone business or just a feature?

I’ve made some of my worst professional mistakes by becoming enamored with my clever idea and never bothering to ask myself this critical question. The reality is, most great ideas are still great — they are just not businesses. They are enhancements. 

Related: 4 Tips for Launching a Business While Working From Home

2. Am I running away from something or toward something?

The worst decisions are fueled by escapism. Make

Source: Entrepreneur.com

Read the original here:
Before Launching a Business, Ask Yourself These 5 Questions

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