5 Key Questions You Should be Able to Answer as an Entrepreneur

What are some of the most common questions that you get asked as an entrepreneur? I’m sure you could think of at least a few. And here’s a hint: there are some key questions that you should be able to answer as an entrepreneur. There are two sides to this. Being an entrepreneur and having your own business is something that not everyone might understand in regards to what it’s all about and what you actually do. Another side of the coin is talking to other entrepreneurs or even potential investors and clients. You should have a clear vision of what’s your business all about, who you’re working with, and why you think you’re better than the competitors.

These are some basics that you should be able to answer anytime with no hesitation since it’s YOUR business. In the beginning, you might not be able to go into detail, but you should at least have a rough idea of where you want your business to go. 

 

Questions You Should Be Able to Answer as an Entrepreneur

 

What’s Your Mission/Vision?

Why do you do what you do, and what are you trying to achieve? How do you help your ideal clients? The mission is what defines you and your business. What you stand for, what your aspirations are. Vision is describing what direction you’re heading towards and what’s your desires for the future.

Communication with your target audience and the content that you share should always be in a way connected to your mission and vision. When they read your content or copy on the website, they should know what you stand for and that you’re not only talking about it but also incorporating your values and principles into your business. Your mission should be reflected in all your activities and offers.

 

Who Is Your Ideal Client?

No, it can’t be everyone. There are always some specifics that your target audience and your ideal client have. Think about demographics, what makes them interested in your offer? What age group are they in? What are their pain points? By understanding what your ideal client looks for, you will be able to tailor your offer to meet their needs. You’ll know what way of communication works. Which platform do they hang out on? What they’re searching for?

You need to know who you’re selling and talking to; otherwise, it will be like talking to the wall with no results. Write down all the characteristics and try to be as specific as you can. Even though at the beginning of your business, you might not be sure who you want to work with, it’s helpful to focus on one particular group of people with the same or similar beliefs and motivations.

 

What Problem Are You Solving?

This part is about how you’re actually helping your ideal clients. You should focus on the main pain points and things they always complain about or what they struggle with and show you have a solution for them. Going from this place, it will be easier to articulate your ‘I help statement’ which will tap into those issues they’re facing. 

You should also incorporate this into your content strategy to capture your ideal client’s attention. Start your social media posts with intriguing questions they can relate to (Have you ever felt like…?). It will grab their attention, and they will feel you can relate to their struggle. Once you have their attention, talk about the solution. How can you help them solve it? What can you do to make their life better/easier/simpler? Talk about it.

 

 

Who Are Your Main Competitors?

Do you know who your main competitors are? If the answer is no, you should definitely do the competitor’s research and find some similar or the same offerings on the market. You need to know what your competitive advantage is. Why should your ideal client purchase from you and not your competitor? What do you bring to the table? Think about it when doing your research.

There are a few things that knowing your competitors can bring you. One is the knowledge about what and how they offer it. It also gives you a great idea of the market itself and what’s some new innovations and strategies they use. What channels are they on, and how do they communicate? Can you somehow improve your strategy?

Another point here is about going through their Instagram profile to see who follows them and who engages with their content. Their followers are most likely your potential followers, so start engaging (not in a salesy way though! Create a connection first!). 

 

How Do You Measure Your Success?

What metrics determine whether or not your business is successful? Every business can have slightly different numbers to track, but the conversation rate is one of the most important ones. Are you converting people into your paid clients or customers? Are you selling your offers? Are people active and engaged on your social media profile? You should track some of the most important factors for you that will give you a good insight into whether you’re just doing all the promotion or if it actually works and brings people in.

Set up some goals for your business at the beginning of each year, it will help you track the progress, and you have predictions with which you can compare your actual results.

 

Conclusion

There are a few things that you should be able to answer when someone asks you about your business. You should have a clear idea of your mission and vision meaning, what your business stands for, and what your aspirations for the future are. You should know who your ideal client is and what their pain points are. This way, you’ll know how to communicate it and show them your solutions.

Another part is having a good overview of your closest competitors and what’s your niche market like. What makes you stand out, and what’s your competitive advantage? Knowing this, you can use it in your marketing strategy. Lastly, define metrics that will help you measure the success of your business. Having goals that you want to achieve is very important for the comparison with the actual results.