Being an entrepreneur, you usually get one shot before both time and money run out. You understand business success indicators including market sizing, market research, marketing as well as timing. However beyond those, how can you tell if you are doing it ‘right’? That your chosen business strategy plan makes sense, your style and design bears the appropriate tone, your product or service works, and your marketing plan will yield good results? Young entrepreneurs sometimes need validation for their business ventures, take a look at this list of 20 questions from entrepreneur.com.
Here are some of the signs that indicate you are on the right track on your new business venture:
• Focus on the company culture – You have created a culture where the team is one when it comes to solving problems. Your staff respects one another and works toward the company’s goals. You’ve had vigorous arguments as well as debates constantly, but you have succeeded to completely unite everyone behind decisions in spite of individual positions or motivations. Individuals who can’t row towards the same direction should be asked to leave the boat.
• Paying customers – You’ve discovered a powerful value proposition that people are prepared to spend money on. You have people who are willing to become alpha test users according to your comprehension of their problems as well as your vision for the future. They’ll invest in your minimum workable product, and supply active input to your product road map. Be sure to determine several alternate revenue channels for your plan B.
• Customer feedbacks – Within today’s rapidly changing environment, entrepreneurs must market test their idea constantly and iterate through solutions right up until they’ve found the most effective one. You’ve gone out and talked to people. You have successfully run ad campaigns in order to attract enough users to test the many iterations of your product. As a result, you’ve obtained the right amount of customer feedback your need.
• More competition – competition is not something an entrepreneur should fear. If anything, having competition in the same industry only validates the market you belong in. Your market is really red hot and it is attracting plenty of startups. Now, it all comes down the company who can execute. If you are unable to see a growing number of entrants to your market, this might be letting you know something – and it’s not good. The market is probably not quite promising or its way too mature for virtually any new competitions.