Starting or taking over a business is one of life’s most challenging problems. Some entrepreneurs focus solely on one business, whereas others are bold enough to launch multiple ventures.

Even if you are new to business management, it is critical to ask yourself questions about the long-term viability and profitability of your business projects.

Then how would you start a successful business? What are the essential keys to business success?

Today, I am going to give you some simple guidelines on the questions that a business owner must ask himself in order to survive in the entrepreneurial game.

Questions you should answer as an Entrepreneur

Make a diagnostic and set goals and objectives.

1) Where do I want to go?
2) What kind of business do I need to build?
3) Why do I want to start that business?
4) What risks and sacrifices does such an enterprise require?
5) Am I willing to take those chances and make those sacrifices?
6) When is the best time to start this type of business? Is the market ready ? Am I prepared?

Clarify and define your strategy.

1) How am I going to get there?
2) Does the strategy have a clear direction?
3) Can the strategy generate sufficient profits and growth?
4) Is the strategy sustainable?
5) Are my growth objectives too conservative or aggressive?

Put the strategy into action.

1) Am I capable of doing it? Do I have the required skills to launch the business?
2) Do I have the right resources and relationships?
3) How powerful is the organisation?
4) Can I execute my part?

Why does a business fails after five years?

Even though the reason for its creation is to generate profits, the success of an enterprise is more than just financial success. It is also possible to continue performing activities beyond the first three years of fateful. It is important to note that in France, the sustainability of a business is limited to a maximum of 55% depending on the region of residence. A slightly higher figure when compared to the number of new businesses founded each year. To not reproduce those mistakes, please plan and organise your corporate strategy.

Some good business startup techniques

1) Analyze emerging markets, major players, and business models.
2) Conduct a market research
3) Create a business plan
4) Consistently innovate
5) Diversify your sales channels

Who is Victoria Trochoux ?

Victoria Trochoux began her career as a Management Consultant, focusing on Airbus’ Information Systems. In 2017, she co-founded her first company in the Luxury Tourism industry and collaborated regularly with American Express for high-end services. Alongside her second company, she began to provide Corporate Strategy lectures to French and English-speaking future executives.

As a Professional Speaker since 2021, Victoria Trochoux has delivered numerous conferences in France as well as abroad. Through her powerful message of self-belief, she inspires her audience to recognise their own value in business and in personal relationships.