5 Questions Every Budding Entrepreneur Must Answer

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Whenever the word ‘entrepreneur’ is mentioned, the picture that comes to mind is that of a person with genius IQ, high technical skills and super powers to see what others can’t see. On some level this might be true especially as when it comes to risk taking. However, entrepreneurship is not about special skills or talents. It is about solving problems. If you are able to identify a problem and find a profitable solution that will benefit you and others, you are on to something. 

 The ability to solve problems (entrepreneurship) is a skill that can be acquired by anyone at anytime. Therefore there is no age limitation or best time to become an entrepreneur. Every problem you see is an opportunity in disguise.To begin ask yourself these questions:

1. What problems are around you? Is there a product or service you can improve? 

2. What solutions can you apply to end or reduce these problems? As an entrepreneur, you might not be able to solve every problem in one swoop, most times your product or service will go through a series of iterations before it perfectly fulfills a need.

3. How many other people have this problem you have identified? The size of market is critical when considering an idea. Is there enough need to justify the time, money and energy you will spend developing a solution?

4. Will people be willing to pay for your solution? Again you have to determine that the problem is throbbing enough that people will gladly part ways with their money to have it fixed.

5. How will they know about your solution? It is ignorant to think that people will just find out about you and love your product/service. You must have a creative strategy to reach your desired customers, tell them and convince them about your product/service.

Answering these questions will help you identify the opportunities around you and prepare you for the entrepreneurial journey. The required mindset is a continual search for solutions to the many problems we have in the world today.

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