Now about two weeks I am busy with the telekom tender but I never forget about the topic that I am sharing here for the past month. It is about be your own boss or about starting your own business.

Research is definitely important before you launch your business may it be an online business or a conventional business. Many enthusiastic entrepreneurs open their doors without knowing where they are heading to. They may have the talent, desire and motivation, but they have not done enough research and survey on the business they are planning to start. Even for an on-going business, it is highly advisable to do research to keep up with the ever changing business environment and consumer’s needs.

I would like to share with you 5 important questions that you may ask yourself before you jump into the business world:

  1. Is there a “hungry” market for your product/service?
  2. What makes customers buy from you over your competitors?
  3. Why are they willing to buy from you at the price you determine?
  4. Why should they buy from you instantly?
  5. What makes them want to be your regular customers and not just “hit-and-run” customers?

When you are able to answer the above confidently, you are now already on the right track to a profitable business. You would be surprised many existing businesses do no have the answers to the above questions.

According to US Chamber of Commerce, 81% small-scale and medium-scale businesses do not breakeven wihtin the first three years. Scary, isn’t it?

Remember, no one gets into business to get broke! So, if you really want to be an entrepreneur, you only have a one way ticket. It is to recurring profit!

Guys, give me few days to compile my old notes on this research and come back here for more tips on how to do the investigation on your market, your competitor and your business.

Happy reading and as for me, have to go back in designing the system for the said tender! It will be long hours.

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