Five questions to gauge startup readiness
It is important for entrepreneurs to assess their startup readiness before filing an LLC.
StartUpNation recommends that entrepreneurs ask themselves five questions before beginning their new ventures. First, aspiring business owners should consider whether their corporate experience has prepared them to run a small business. Skills gained managing a large team may not directly translate to leading a team of three people on a tight budget.
Entrepreneurs should know exactly why they want to make this career move. At the end of a long workweek, understanding why it is worth the energy and investment can keep up the motivation.
The next question to consider is: Has there been enough research done on the company and idea and does it have business potential? Creating a great produce and offering stellar service is just a start, and alone they do not guarantee success. Entrepreneurs need to look at statistics, research the market and talk to people within the market in order to be sure that the industry has longevity.
Finally, it is important to make sure that enough funding has been procured and that there is a backup plan in case things do not go as intended.