Yes, these are the most important questions that needed an answer if you must succeed in Business. As a matter of fact, you don’t have to be a certified business analyst to know how important these questions are; if you are an entrepreneur, then you must ask theses following questions.
Irrespective of the kind of business you are doing or the industry you will be assessing. What is important is for you to know what you are going to do and how you are going to do them. That is why you must ask questions; if you must be successful.
Every successful business analyst must know exactly what its clients or customers want with a list of answered obvious questions before starting out. Following are the MUST ASKED QUESTIONS:
One GREATEST Mistake of Young Entrepreneurs By Akin Alabi
1. What problem is my business going to solve? This is a crucial issue as it must be crystal clear what problem your business is solving. If it’s not solving any problem; it’s not a reliable business. If you do not understand what the problem is, then you cannot help to solve it.
2. What is my customer currently doing about this problem? Every problem has a history, that is why you need to know what your customers are currently doing about their problem. If you can get this right; providing the exact solutions won’t be a problem. Remember, you are in business doing at present to alleviate or solve a problem? That is why you need to know what has been tried in the past – problem history. Don’t forget you must understand what the client is doing to understand what must be done. Listen to the customer. Find out what they have done. Ask questions while you are listening and listen to what has not worked.
3. What are the resources needed for this business? What will outside resources be necessary? You will want to determine where your help and team players will be coming from. It is important you know where your inner and outer resources will be coming from. Whether you need to get trained or outsource.
4. What is your Vision? If there is no vision, the business is not likely to succeed among the competition. In other words, make sure your business is on the same path with your business. This is sometimes easier said than done. Communication is the key to success with this question.
5. What are your business risks? You need to know your risk as a business person. Understanding your risk thoroughly helps you prepare for them maximally. The problem you are aware and prepared for is already half solved.
6. What is your time constraint? There are sometimes we need to achieve certain things within some time frame. Just like when you were in school; you knew when you were to graduate and exactly what you need to do to achieve that. It is important to set a time frame to reach your business goal.
7. What is the projected cost of the business? It will be foolish to be planning to build a house without first counting your cost! Same thing with business; it is important you know exactly how much money you will need at a particular point in time. An aggressive business person may be blunt and honest by wording the question like this. What is the business budget? Remember, certain steps can cause the business to run over budget. That is why this question must be answered with all correctly because it determines the level of your business success.
8. Who are your customers? There is no need to go into a business that has no customer. What support will they have? You will need to know this in order for the business to succeed. The goal is to reach the objective with everyone satisfied. A business person cannot do without talking and listening to everyone involved at least for the purpose of collecting information.