We’ve all heard the statement ‘there’s no such thing as a stupid question’ but nonetheless, many startup founders feel embarrassed for having to ask a question about running a business because they feel they should have most of the answers. If you’re in the process of launching a new business, you probably have many questions that you’re hesitating to ask because you think that others will view you as an incompetent person not fit for entrepreneurship. That’s why we’ve put together this article consisting of a few of the most common questions startup founders wonder about but are too afraid to ask.
Question 1: Why is making money the wrong motivation for starting a new business? Is this why so many startups fail?
Many startup founders wonder if they’re making a big mistake by dreaming of becoming rich. Of course, there is nothing wrong with planning on making money from your new business because after all, every business needs to make a profit in order for it to be viable. However, if your main motivation for being in business is to get rich rather than creating and adding value, then you’re definitely not on the right track. If your drive for money trumps your drive to create and offer innovative products/services that will add value to your targeted audience, then you may want to do a bit more soul-searching before you take the leap into entrepreneurship. In a nutshell, great rewards come to those who seek to give rather than get.
Question 2: Why is it so hard to come up with a great name for my new business? I mean, shouldn’t this task come naturally to me seeing that it is my idea and dream?
While some startup founders find it easy to come up with great names for their businesses, the truth is that this is something most people struggle with. A good way to come up with a great name is to begin by brainstorming several different names. Then run those names through Google to see which are already being used. This will eliminate most of your choices. Your business name should be easy to remember and spell. It also needs to be interesting and relevant. Many startup founders over-think this process and end up with non-sensible names that have nothing to do with what they do. If you cannot come up with a good name, consider using a name consultancy service.
Question 3: How do I get people to buy my product/service? Is there a secret marketing technique I should know about?
Products and services don’t and can’t sell themselves. Sales happen because of one thing and that is marketing. Regardless of what you may have read, there is no secret to getting people to buy your product or service as it’s up to you to persuade them to buy what you’re selling. Obviously you already have your product/service created but do you have a list of benefits written down that your product/service provides to your targeted audience? If not, do that as these benefits will become part of your marketing strategy. People buy products/services that solve their problems by making their life easier, safer or more pleasant. Once you get your products/services out there in front of those consumers most likely to benefit from them, you must then demonstrate via content how the things you sell solve the problems and issues your targeted market have. Your products/services must provide your target market with something of value and you must be able to explain how the things you sell actually do this.