If one of your four questions this year is: Should I start my own business? This article is for you. This Passover, many of us are thinking about career changes and innovative opportunities. Dive deeper this Passover and evaluate a potential business opportunity to be successful professionally and financially.
The Four Questions for Jews in Business
Ma Nishtana…What makes my business different than others?
QUESTION 1: Can I spend the next 5-10 years of my life passionate about my business?
Today, I find quite a bit of motivation in improving my own business. Not only am I just as passionate about marketing, but I am even more passionate about the art and science of building a business. I could spend the next 15-20 years doing this and never regretting a day. Do you feel the same?
You can keep up this grind and the pace that it will take to scale for as long as it takes? This is a long haul, we are talking 40 years in the desert abyss until you create your own sustainable model. Are you ready to wander?
QUESTION 2: Does running my business mean utilizing my skills and carrying out tasks I would enjoy doing even without the money?
Most of my early memories revolve around school. As early as middle school I carved out a lane in graphic design and presentation preparation. I loved the ability to curate images, create funny captions, and even select accompanying music. By college, I always volunteered to assemble the material in a powerpoint.
Why does this matter? The two primary reasons someone starts their own business are to be their own boss and to pursue their passion. In order to be my own boss and get the job done, I had to make sure these were things I loved to do, otherwise they were not going to get done.
QUESTION 3: Does the market want to buy the good/service you are offering?
Some important things to consider:
- Is this timing right for this idea? Based on today’s landscape, if I can get my offering to the public, will they be ready to engage with me?
- Who are my competitors and how can I offer a different approach to the problem we both solve?
- Can I implement a pricing model and sales proposition that differentiates me as a value buy instead of a commodity
If you cannot answer the above questions in good faith, there is a good chance your idea needs more work.
QUESTION 4: Am I willing to sacrifice my time and resources to get those first clients and turn my dream into a reality?
This last question will largely be influenced by where you are at in your life professionally and financially. I am thankful and privileged to have support of my family and was living at home when I started my business at the age of 21. I also gave up nearly all my free-time. My life consisted of day job, gym, food, and new business. Whenever I did make time for friends, I would bring my computer with me so at least 50% or more of that time was productive.
For people in significant debt or they have large family obligations, start with a business venture with low overhead and low barrier to entry (such as drop shipping or consulting). Your primary expenses will be branding and customer acquisition, as well as your time to research.
Ma Nishtana…What makes you different? Why will you succeed…
While some people start a business so they can experience total control and insist on being 100% owners, you ultimately must weigh your options and be willing to take an accurate look at yourself.
Written by Nate Ruben
Founder | Ruben Digital | @naterubenrdm on Twitter, LinkedIn, Instagram
#muchlove #bigthingstocome #rubendigital #chitribe #entrepreneurship #evaluatingbusines
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