Five Questions Every Entrepreneur Should Ask Before Starting a Business

Expert Reveals How to Know You're Ready to Launch

SALT LAKE CITY, UT--(Marketwire - May 6, 2010) -  As the job market continues to lag behind, many disenfranchised professionals are thinking of starting their own businesses. The risks involved beg the question, "Am I ready for this?"

Andrew Oman, founder of the Olive Tree Network (, an organization devoted to helping entrepreneurs get started, believes answering a few simple questions can help new entrepreneurs find their footing. They include:

  • What is your product or service, and how it is different than your competition? - If your product or service isn't very different or it's not delivered in a unique fashion, you may already have the odds stacked against you.
  • What is your management background and expertise that allows you to provide your product or service? - Your resume should be comparable to that of other senior managers in your field. Credibility is important to customers and clients, and if you haven't walked the walk, people won't believe you when you talk the talk.
  • Who will be your customers? - If your customer base is rich with mass consumer possibilities, or deep pocketed clients, you're off to a good start.
  • How will you market to your customer? - Knowing your customer is important, but if you don't know how you'll sell to them, you're lost. Marketing is a major expense, so understanding this strategy will also help you figure out how much capital you'll need to make it work.
  • What are your start-up expenses, the one time expenses that need to be considered prior to beginning business operations? - Setting up an office, creating business cards, buying software and other costs need to be considered in order to determine how much funding you'll need.

"Regardless of your answers to the questions, the primary thing you need is passion for your venture," Oman added. "You can have the best financial model, a receptive audience and compelling marketing, but if you're not absolutely passionate about your new venture, you won't have the drive it takes to make it happen."

About Andrew Oman

Andrew Oman, founder of the Olive Tree Network, has successfully owned and run his own online business since 2001. He majored in Organizational Communication at the University of Utah and values education and research as key elements of establishing a business.

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Rachel Friedman