Self Quiz - Will My Business Turn a Profit ?

There is certain critical  information you must fully understand and have BEFORE you start your business. Likewise, if you are already in business, you must know the answers to these questions in detail. Without these questions answered and in turn explored your ability to succeed will be deeply affected.    Take this self (and very simple) quiz to determine how well you know your business. This is is in no means a tell all, but it provides a useful guide.  Will Your Business Turn a Profit?

You have a fabulous idea for starting a business. But how do you know if you should put your idea into action? There are many tests to take but first and foremost you need to determine if your idea will make money. This can be particularly difficult if you have never started a business before or it is a new untested idea. In order to reduce your exposure and risk, take this quiz to discover if your idea has profit potential. Click yes or no for each of these questions. 1)  Can you tell customers the facts on why they should buy from you instead of your competition?  Yes   No   2)  Do you know how you will reach the people that would want to buy your product or service?  Yes   No   3)  The price you need to charge customers will it be BOTH  a) profitable  b) competitive?  Yes   No   4)  Do you have the start-up cash to act now?  Yes   No   5)  Does your business / idea serve a a) niche or b) growing market?  Yes   No

It is absolutely critical you are able to answer these questions, with that said - it is MORE critical that you fully understand your risks in not being able to answer each of these with a yes. 

If you are unsure of your answers or have answered NO to any one of these, it is essential you get mentoring or coaching help before you take the plunge. Are you already in the water and if you find yourself answering NO to any of these you should seek IMMEDIATE help! 

One last point I have found in my many years of working with business owners of small and mid-sized businesses, and that is, they have a tendency to "misinform" themselves. I would use the words lie to themselves but misinformation is a much kinder term.

This is NOT about seeing the "glass half filled or half empty"... it more about understanding the size of the glass and the knowing amount of water it will take to fill the glass. 

And this should never be your guide to making this decision!