Most business owners will tell you – starting a company is not an easy task. If it were easy, everyone would do it. That’s what makes being an entrepreneur so fulfilling and rewarding.
However, according to updated information from the U.S Small Business Administration Office Of Advocacy, less than half of small businesses survive over five years (48.8%). One of the best ways of learning what and what not to do when starting a company is by talking to entrepreneurs who have been through it before.
If you are considering starting a business, keep reading this guide and learn the questions to ask entrepreneurs that can help give you insights into what it takes to start a business.
1. How Do You Attract Customers?
The most important thing, above all else, is the ability to attract customers to sell to. Even if you have created the perfect product that’s capable of incredible things if you can’t attract anyone to sell to, what’s the point?
According to an interview with Steve Wozniak, co-founder of Apple, he mentions marketing is the most important thing when starting a business. Asking an entrepreneur about their marketing methods is like asking for a trade secret. See if you can gain any valuable advice.
2. What Mistakes Have You Learned From?
Everyone wants to know what to avoid when starting a company, so they don’t make the same mistake. Talking to entrepreneurs who have opened multiple types of businesses can give you insights into what to do and what to avoid for the best outcome.
One of the most common answers to this is thinking they can do it alone. Partnering with organizations such as inspiring Canadians can give you the support needed when it matters most.
3. What Motivates You?
People sometimes look up to entrepreneurs like they do superheroes, think about business leaders like Elon Musk, Bill Gates, and Steve Jobs. That’s because starting a business is a challenge, and it takes great motivation to succeed.
Learning what motivates other entrepreneurs to keep going can help give you the inspiration needed.
4. How Do You Manage Work & Life?
Being an entrepreneur typically requires long workdays and not a lot of time off because you are always on the clock. This makes having a work/life balance challenging when just starting.
Business owners might have some tips to help you better manage your time and still have the ability to spend some with friends and family.
5. If You Could Go Back and Give Yourself Advice, What Would It Be?
This is a must-ask question. If they could go back and give themselves one piece of advice through all the knowledge they have acquired over the years, it would have to be something extraordinary. Learning this advice could give you valuable information to help you become a successful business owner yourself.
Questions to Ask Entrepreneurs and What to Takeaway
An essential thing to keep in mind is that every business is different and will require different methods to turn it into a successful company. With that being said, there are common situations that entrepreneurs run into. Discovering what questions to ask entrepreneurs to learn what others have done successfully and what mistakes they have made can be priceless.
For more information to help you when starting a company, head over to the rest of our blog!