Questions for Every Entrepreneur

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Almost 2,356 people move to entrepreneurship per day according to 2008 reports from the U.S.Census. Even though not all of them succeed, the report puts entrepreneurship efforts of such people at 78 percent of U.S. small businesses, with estimated earnings of $951 billion per year.

Andrew Oman, founder of the Olive Tree Network, an organization devoted to helping entrepreneurs evaluate their risks, find funding and get started in business, believes answering a few simple questions can help new entrepreneurs find their footing. In a two-part series, Promotional Consultant Today encourages you to ask yourself these questions.

What is your product or service, and how it is different from your competition? This sets the stage for the risk assessment. If your product or service isn't very different or it's not delivered in a unique fashion, you may already have the odds stacked against you.

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Compiled by Cassandra Johnson

TOP SHELF TIP NO. 103
"Business opportunities are like buses, there's always another one coming."
Richard Branson

What is your management background and expertise that allow you to provide your product or service? Your resume should be comparable to that of other senior managers in your field. Credibility is important to customers and clients, and if you haven't walked the walk, people won't believe you when you talk the talk.

Who will be your customers? If your customer base is rich with mass consumer possibilities, or deep-pocketed clients, you're off to a good start. If you can sell to a wide range of customers, you'll have a better shot at meeting your business goals.

"Regardless of your answers to the questions, the primary thing you need is passion for your venture," Oman says. "You can have the best financial model, a receptive audience and compelling marketing, but if you're not absolutely passionate about your new venture, you won't have the drive it takes to bring it all to fruition."

Do you have a great idea for a business? Are you ready to start your own distributorship? Read tomorrow's PCT for more questions for the entrepreneur.

Source: Andrew Oman is the founder of the Olive Tree Network - an organization devoted to helping entrepreneurs evaluate their risks, find funding and get started in business. He has successfully run his own online business since 2001.