Originally posted by Weirdo80:
Do you have a business registration number? Company website? Office space? What form of organisation? Sole proprietor? Partnership? Private limited? S-Corporation? Have you considered the legal and business implications of each form?
What are your marketing strategies? Have you considered the 7Ps? How are you going to secure long-term sustainable funding? Have you done market analysis or consumer behaviour profiling? What are your pricing strategies? Lead-the-market, price leader or product differentiator? What is the competitive environment like for the industry? Have you done corporate scenario planning to ensure long-term feasibility and relevance?
What are your concrete recruitment strategies? Remuneration and benefits? Do you have valid, reliable, generalisable and useful performance measurement systems?
Have you any strategies to keep the company competitive in the long run? Corporate sustainability? Corporate governace? Taxation and licensing issues? Exit strategies? Where is your business plan?
Sigh.....if all Singapore entrepreneurs are like you then your country is in for a hard time. 90% of all businesses fail in the first 5 years, if you fail to plan then you plan to fail. Translate your ideas into tangible,plausible strategies and actions, then we will be impressed. Otherwise, it's just another load of hot air.
The above are quoted most frequently and understooded best by business professors. Guess what, most of them don't have their own business! and They aren't very rich (ok they may take home $12 K a month but thats nothing compared to the 2 Sims (Sim Wong Hoo and Ron Sim).
It is ok to know the above points of considerations as listed by weirdo80. But do not get too entrenched in answering every single questions as doing so may cause you to give up althogether before you even started.
I think the more important questions now is:
1. Are there demands for your service
2. Do you have a passion for your service
Answer yes to the 2 questions, and you can start to think about weirdo80 questions.