The Unemployed Life

16 Questions for Aspiring Entrepreneurs

We’re entrepreneurs. We like entrepreneurs. We are especially fond of what we call New Entrepreneurs — the countless people who, having been downsized in the downturn, were inspired to start businesses for the very first time.

Last week we interviewed Lori Chalmers, who started her handbag company, ChaCha, after being laid off from her graphic design job. Her one piece of advice for those looking to follow in her footsteps: Plan, if you can.

Enter David Ronick’s 16 questions. David is a serial entrepreneur who now advises other people on their startups. He recently posted a series questions every aspiring business owner should ask themselves. Actually, it’s more than 16 questions–and they’re not easy to answer. In fact, you might not be able to nail down all of them. But if you can, you’ll probably be solidly on your way to success.

What are your goals for the business? Is there a revenue number you’d like to hit? Do you want to sell the business, and pull out some amount of personal wealth? Do you have other motivations (e.g. fame, press, a bridge to other opportunities, etc.)?

Who is on your current team, and why are they uniquely qualified to execute your plan? As you expand your business, what are the key management roles you’ll need to fill?

What businesses most closely resemble the one you will build? Do you have data on how they built their business, including the evolution of their product lines, distribution, and revenue?

See the rest at Upstart Advisors.

Tags: business, Lemonade Maker, Lemonade Makers, new entrepreneurs, tips