What are the top questions young entrepreneurs should be asking themselves?

From a business point:

  • What are we doing (concept) and why is this important (what need or opportunity does it address)
  • Who will use this
  • Who will pay for this, to whom and how much and how often? (Customer segment and business model)
  • How am I going to do all this (the operating plan)

 

From a personal point:

  • Why am I doing this (motivation – to make money, to change the world, to do ….)
  • Are the people I am doing this with (my co-founders) the ones that I feel really, emotionally close to (if not, won’t last)
  • At what milestones will I say “I am successful”
  • What will be the parameters for me to give up and move on
  • How much time can I pursue this without a salary
  • What alternate opportunities am I giving up to do this… and why am I happy doing that
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Author: Prajakt Raut

Prajakt Raut is the founder of Applyifi.com, and author of the book for startups - ‘Starting Up & Fund Raising’ Prajakt personal goal in life is to encourage and assist a 100,000 people to become entrepreneurs. _____________ Prajakt is the founder of Applyifi - an online platform that provides startups a 36-point scorecard and assessment report on the venture's investment readiness [www.applyifi.com], and helps them improve their odds of getting funded. Prajakt is also the founding partner of The Growth Labs, a platform where growth-stage companies get sharp, incisive advice from senior professionals and experienced entrepreneurs. [www.thegrowthlabs.in] Before starting Applyifi, Prajakt was the head of operations at IAN, founding member of a leading incubator, and the Asia-Director for TiE (2004 - 2007). Previously Prajakt had co-founded Orange Cross, a healthcare services company, and was part of the founding team member of Idealake Technologies. While in college Prajakt had founded a printing business and has spent over 10 years working in leading advertising agencies. Prajakt’s book, ‘Starting Up & Fund Raising’, helps startups understand an investor’s perspective, and helps them improve their odds of getting funded. The book also helps entrepreneurs understand the building blocks of a business.

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