Questions to ask yourself before doing a startup
I recently participated in Round 1 of the Lead To Win program. This was an amazing experience and I got approved for Round 2 starting in end of June. This is a step towards the major league of Startups and Ecosystems. On the last day we had we had David Lisk (Industrial Technology Advisor) present. He asked us 4 questions that are supposed to test your readiness and commitment to being an entrepreneur. I found great benefit in answering them while reflecting on the session.
- Are you sure you're an entrepreneur? (There are a lot of "entrepreneurs" out there that haven't even begun doing any market research or talked to customers, but work on one idea that they've had in the pipeline for years. If it's not your full-time gig, you ain't one.)
- Have you had the money/time talk with your significant other? (Definitely a must if you cherish your relationships. Tough times are ahead and either their on the train or they get off it. Simple.)
- Have you looked at sources of funding? (Are you self funding, raising money, SRED, IRAP, etc.)
- How much money do you really need to start your company? (This is a tough one, but the sooner you place a dollar value to your effort the quicker you can evaluate the feasibility)
