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Starting a New Business…..Why?

Updated: Nov 1, 2023

If you are starting a new business or have already started the same. Here are a few questions that will help you channelize your energies.

This is going to be a series of articles on Business Coaching to share how you prosper and grow at a scale you always wanted.

As a Business Coach, I come across many Business houses that have the Subject Matter Expertise with regards to their core product or service, what they miss out is creating a successful business enterprise out of it.

With all the other critical aspects for running a business, an ongoing internal and external assessment is mandatory.

The first question to ask is – WHAT PROBLEM ARE YOU SOLVING? this is a fundamental question that you need to ask.

As an exercise with 2 Business Partners – I asked all of them to write down a response to this question, both the partners, who have been running the Business for last 4 years had completely different responses.

For the purpose of this article, respond to the questions below and see what opens up for you?

External Assessment:

1) Where is the problem occurring?

2) What data do you have to validate the same?

3) Which Industry or what set of people you want to solve this problem for?

4) What difference will your product or service make?

5) What is the process for getting your product or service?

6) Is there an existing market or a new market needs to be developed?

7) What are the risks and legal compliance adherence required?

8) Who is our client & Who is your Customer?

9) What are the business channels you want to use?

There is a lot more deeper that you need to get into the same – take your time and do the assessment – keep validating whether that’s what you think (as we all have our own biases) or this is based on data/facts. And if some of these are assumptions – what’s the foundation of that assumption – Being in the fancy world, derails the focus.

Internal Assessment:

1) Why do you want to do this?

2) What will you achieve by doing this?

3) What’s at stake for you?

4) Who can you rely upon?

5) What resources do you have – Infrastructure, manpower, financials, emotional support, knowledge, skills, subject matter expertise?

6) What is your SWOT?

Once you respond to these queries authentically, it will open up space for you to chalk out your next steps.

Every day lots of new businesses get registered as there is a new #MeToo about being an entrepreneur and a start up. There is a great ecosystem to support and take your dream further, all you need is to keep bringing clarity of what you do and why.

My next article will be about the “Go to Market” approach.

All the best and keep growing.

Kalpesh Raichura has the vision to help Organizations & Leaders to develop wholistic thinking in their approach and set up growing cultures.

A Business Coach and Herrmann (HBDI) Certified Practitioner has been an influential leader to drive growth and develop possibility mindsets for more than 2 decades in various roles.

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