25 minutes | Jul 16th 2019

Ep 43: 7 Essential Questions You Should Ask Yourself Before Starting A Business

If you’re like me and most other entrepreneur-minded people, you’re probably ambitious. Ambition is great! However, blind ambition is something that can really come back to hurt you. That’s why it’s so important to take a step back and evaluate before diving head first into a new venture. I’ve put together this list of questions to help save you some pain and trouble along the way, in hopes that you’ll start a business that’s more fulfilling than you could’ve ever imagined. 

The Conversation:

2:52 - How to be angry without sinning. What the book of Ephesians means for our happiness.

8:46 - #1 What do I enjoy doing? - “Why would I want a business where I’m doing something that pulls me in the direction of doing something I fundamentally don’t like?”

9:51 -#2 Where do I have expertise? - “Where has my training equipped me with knowledge that other people are interested in?” “It’s very difficult to be a true expert in multiple industries”

12:07 - #3 Where will I focus? - “What industry will I be pursuing? Who in this world needs what you love to do?”

13:31 - #4 Do I need an operating partner? - The best and worst reasons to choose a business partner and the #1 most important thing if you decide to partner up with someone.

16:29 - #5 What’s the business model? - Why a subscription model could be a great asset and what you can learn from it.

18:57 - #6 How will I build value of the business? - “What parts of the business should I focus on growing if I want to sell the business later on?”

21:55 - #7 How will I exit this business and collect the value? - “Did you build a brand that is enduring and independent of you?”

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