The Four Ws and a H: The Questions an Entrepreneur Must Answer To Succeed

Today we all struggle to achieve one thing as entrepreneurs which is success, but then it is important to note that a good business idea is not just good enough for us to succeed, it requires questions which we all must answer.

   You hear of individuals like Mark Zuckerberg of facebook, Steve job of Apple Inc, Donald Trump Jr the republicans candidate for US presidential race, Larry page of google, Jeff Bezos of Amazon and many more successful entrepreneurs around the globe because of the answers they were able to identify from this four Ws and a H. Mind you, they are not just answers which might be right but rather a market reliable answers which are right.

 These four Ws and H are.

These questions are key areas describing the entrepreneur idea and how it will happen:

1. WHY is it needed

2. WHAT is the business idea

3. WHERE will it take place

4. WHO will the enterprise serve

5. HOW will it be delivered

 

      WHY IS IT NEEDED

After identifying a business idea, it is important to sit and give out tangible reasons why the business is needed. This can be seen from the perspective of social and economic objectives. This social objectives can be you want to reduce the number of unemployment and offer a satisfying service from the economic objectives to make a fair profit.

   If you have discovered a catering idea, it might be you want people to live a healthy life by offering food with low calories, a fresh organic fruit. It is important that your reasons should be purely customer oriented satisfying need, let it be a challenge for example obesity, that you are trying to help fight with your food or product.

   WHAT IS THE BUSINESS IDEA

This question requires you to state or write out the unique nature of this business idea, what qualities make it different from the other services and products in the market, is they any innovation that makes your product and service special or different? For example it might be that your catering Idea aims to provide vegetarians with organic food which is hard to come by this days or delivery of your product or service at a place wanted.

   You will have to look at the viability of the business idea in terms of future expansion, advertisement and many actions that brings out the image of the business to the notice of the public and provide answers to them.

WHERE WILL IT TAKE PLACE

  The location of a business goes a long way in determining the success of the business. A caterer that offers fast food might want to be located in the heart of the city where organisations and business activities are at peak. A laundry service might be located in a residential areas of the rich, a delivery service might also be located in a business district, or it might possibly be a mobile business.

   Your business idea no matter how great it seems will fail if the idea and location are not match. So you need to provide an answer of Location to the perfect match of your business idea.

   WHO WILL THE ENTERPRISE SERVE

  This question aims at identifying your potential and prospective customer base. For example the catering idea might serve vegetarians and non-vegetarians, it might be directed to diabetes patients that requires food less of sugar or workers who need fast food for breakfast or lunch while at work.

  The key to every successful business is identifying your customer base even before embarking on the business. Sometimes it is even important to identify if your business is going to serve the rich class, the medium class or the poor class, this also helps you to serve your customer better.

HOW WILL IT BE DELIVERED

   This is based on how your product and services will be delivered to your customers but then it depends on your staff scale, your funding, your Fixed resources like the number and size of vehicles and the management. If your staff scale is large with adequate machineries like cars then you can be able to deliver a home services.

  So haven understand this, pick up your pen and access the viability of your business idea, it has to be encompassing and must offer a solution to people need and if it is a common business idea then they must be innovation in your product/services.

 Let's get your comment to know how we can serve you better. Do have a wonderful day.