#546 Look Before you Leap
Dec 24th, 2020 by MTFW
The weekly marketing podcast, More than a Few Words is hosted by Lorraine Ball and features conversations with professionals from around the world.
Look Before You Leap
Question to ask before you start your business.
These days, lots of people are thinking about starting their own businesses, but they are not quite sure where to start. Too often they focus all their energy on the product, service, or technology assuming the market will love it.
Krishna suggests they need to evaluate the market potential by asking questions about your idea client, the potential size of the market, who the competitors are and how you are going to deliver it to the marketplace.
Next look at the numbers. What are you projected costs? Can you charge enough to generate a profit? And finally, ask yourself, why you want to start a business? Do you want to make a million dollars in the next 12 months, build this company to sell to a private equity company, use this as one step toward your retirement?
Different objectives will lead to different action plans. Once you have the a clear objective, then it is easier to determine a dollar value to reach the destination and develop a plan to get you there.
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Krishna Mohan is an Entrepreneur, Business Coach, Speaker, #1 Best-selling Author, as seen on FOX TV and multiple media outlets, President of Genius Visionary, Managing Partner of Capital Street Investments LLP, and President of Gifting Boutique.
Over the last 20 years he has helped 3 Fortune 500 companies and several start-up organizations focusing on Sales, Business Development and Finance. His management style has been described as decisive and motivational, where success comes from a focused commitment to developing new business, cultivating relationships, training salespeople and creating growth strategies. He is involved in several acquisitions and mergers.
Resource from Krishna: How I find $10K in any Business within 45 Minutes.