As an entrepreneur, here are some important questions you should be able to answer. Answering these questions will make you identify your areas of weaknesses, and help you better understand your business.
1. Who is your target customer? You should know their age range, their financial capacity, their geographical location, their level of literacy, their assets, their liabilities, their condition of living, and their aspirations.
2. What problem do you want to solve for your customer You should clearly understand the problem and how it affects the lives of your customers. You should understand how your customers currently (attempt to) solve this problem. Is the current solution time-consuming, ineffective, expensive, inaccurate, or inconvenient?
3. When does the problem occur and why it is urgent? You should know the factors that cause this problem. The various forms in which this problem occurs. Is the problem seasonal or does it happen year-round? How does this problem leave your customers feeling? Do they want to urgently solve this problem, or change the way they currently solve this problem?
4. What would make the life of your customer easier? What could an ideal situation look like for your customer? Are they ready to pay good money to have this problem gone? And if yes, how much? This will let you know how urgent the problem is, and if it’s worth solving at all.