In 2014, Inc. magazine published an article titled, \u201c100 great questions every entrepreneur should ask.\u201d\u00a0 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.\u00a0 But all were thought-provoking and insightful.\u00a0 I picked out several to share with you . . . several that were particularly meaningful to me, and hopefully, to you too.\u00a0 Please continue reading below.<\/p>\n
A few questions every entrepreneur ought to ask.<\/strong><\/p>\n Many smaller company CEOs spend their days putting out fires . . . dealing with day-to-day operating problems and responding to customer issues.\u00a0 Most of the Inc. \u201c100 questions\u201d are strategic in nature and are an attempt change the entrepreneur\u2019s focus, if only briefly, from the here and now realities of today to the possibilities of tomorrow.\u00a0 Here\u2019s a sampling of those questions.<\/p>\n <\/p>\n This is the stuff that comes out of a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis.\u00a0 It makes us think about what might be sneaking up on us . . . market trends, the competitive landscape, or new technologies . . .\u00a0 that we better pay attention to.<\/p>\n More or less the flip side of the previous question.\u00a0 Another way to ask it might be, \u201cIf we were to start this business all over again today, would we build it the same way or would we put it together differently?\u201d<\/p>\n We like to think we can reach a great decision through careful analysis of the situation, but that\u2019s not always true.\u00a0 Sometimes there is simply not enough relevant, reliable data to make thorough analysis possible.\u00a0 In those instances, our only alternative is to base our decision on our experience and intuition.<\/p>\n That\u2019s a great clarifying question to ask when you\u2019re trying to choose between several equally appealing options.<\/p>\n Or we might ask, \u201cWhat is it that people dislike about doing business with our industry, and how can we be the guys who do it differently?\u201d<\/p>\n OK, so maybe that\u2019s a little corny, but it speaks to our culture and our values and asks us to reaffirm both.<\/p>\n Failure goes hand-in-hand with innovation and creativity.\u00a0 After all, innovation and creativity are all about doing something new, doing stuff that hasn\u2019t been done before.\u00a0 So even though we believe we\u2019ve thought it through thoroughly, sometimes a seemingly good idea just don\u2019t turn out the way we\u2019d hoped.\u00a0 You must accept failure as part of an innovative, creative process, and celebrate it as a learning experience.<\/p>\n Smart CEOs surround themselves with seasoned advisors who are strong in areas where the CEO is not.\u00a0 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.<\/p>\n And finally, one more.\u00a0 This one is from me, not culled from the Inc. 100.<\/p>\n If you would like to see the entire Inc. article with all 100 questions, the link below will take you there.<\/p>\n\n
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