In 2014, Inc. magazine published an article titled, “100 great questions every entrepreneur should ask.”  Some of the questions were submitted by best-selling business writers such as Jim Collins, Patrick Lencioni, and Peter Drucker, while others were submitted by a variety of business educators, business leaders, and business owners.  But all were thought-provoking and insightful.  I picked out several to share with you . . . several that were particularly meaningful to me, and hopefully, to you too.  Please continue reading below.

A few questions every entrepreneur ought to ask.

Many smaller company CEOs spend their days putting out fires . . . dealing with day-to-day operating problems and responding to customer issues.  Most of the Inc. “100 questions” are strategic in nature and are an attempt change the entrepreneur’s focus, if only briefly, from the here and now realities of today to the possibilities of tomorrow.  Here’s a sampling of those questions.

• How can we become the company that would put us out of business? -Danny Meyer, CEO of Union Square Hospitality Group

This is the stuff that comes out of a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.  It makes us think about what might be sneaking up on us . . . market trends, the competitive landscape, or new technologies . . .  that we better pay attention to.

• If we weren’t already in this business, would we enter it today? And if not, what are we going to do about it? -Peter Drucker, management expert and author

More or less the flip side of the previous question.  Another way to ask it might be, “If we were to start this business all over again today, would we build it the same way or would we put it together differently?”

• Is this an issue for analysis or intuition? -Tom Davenport, author and professor at Babson College

We like to think we can reach a great decision through careful analysis of the situation, but that’s not always true.  Sometimes there is simply not enough relevant, reliable data to make thorough analysis possible.  In those instances, our only alternative is to base our decision on our experience and intuition.

• What would have to be true for the option on the table to be the best possible choice? -Roger Martin, professor, Rotman Business School

That’s a great clarifying question to ask when you’re trying to choose between several equally appealing options.

• Why don’t our customers like us? -James Champy, author and management expert

Or we might ask, “What is it that people dislike about doing business with our industry, and how can we be the guys who do it differently?”

• If our customer were my grandmother, would I tell her to buy what we’re selling? -Dan Pink, author

OK, so maybe that’s a little corny, but it speaks to our culture and our values and asks us to reaffirm both.

• What happens at this company when people fail? -Bob Sutton and Jeff Pfeffer, Stanford professors

Failure goes hand-in-hand with innovation and creativity.  After all, innovation and creativity are all about doing something new, doing stuff that hasn’t been done before.  So even though we believe we’ve thought it through thoroughly, sometimes a seemingly good idea just don’t turn out the way we’d hoped.  You must accept failure as part of an innovative, creative process, and celebrate it as a learning experience.

• Do I know what I’m doing? And who do I call if I don’t? -Erin Pooley, business journalist

Smart CEOs surround themselves with seasoned advisors who are strong in areas where the CEO is not.  Some of those advisory roles are probably filled by the CEOs management team, but if there are still gaps in knowledge and experience that the CEO and his or her team cannot fill, then the CEO must find outside advisors to fill those gaps.

And finally, one more.  This one is from me, not culled from the Inc. 100.

• How can we become the employer of choice for our area . . . the challenging, rewarding, fun place where people go to work because they want to, not because they have – Andy Rockwood, Rock Solid Business Development

If you would like to see the entire Inc. article with all 100 questions, the link below will take you there.

http://www.inc.com/magazine/201404/leigh-buchanan/100-questions-business-leaders-should-ask.html

Andy Rockwood

Rock Solid Business Development
Phone: (847) 665-9134
andy@rocksolidbizdevelopment.com

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