Recently, there has been a craze for entrepreneurship. More and more people want to start their own businesses for various reasons and it is a good thing. Starting my own business was one of the best decisions I ever made in my life.

Unfortunately, many people just follow the crowd and jump aboard the entrepreneurship train; spending all of their money, time and energy working on what they believe will bring them fame and money without thinking critically about what they are doing.

According to statistics, 9 out of 10 startups fail. That’s the hard and bleak truth. This means, statistically, your new business has a 90% chance of failing. If you want to be in the 10% you have to get some things right from the beginning.

Jim Collins, in his book, Good to Great proposes the Hedgehog Concept and ask 3 questions which I believe is apt for any upcoming entrepreneur or anyone who wants to enter into business.

If you decide that you want to be an entrepreneur, here are 3 questions you should ask yourself before starting a business.

1. What Are You Deeply Passionate About?

What drives you? What are you willing to spend the rest of your life doing even if no one is going to pay you for it? Before you settle on what business you want to start it is absolutely essential that you figure out what you are passionate about. Mark Zuckerberg built Facebook because he was passionate about using technology to connect people.

When things start getting crazy, it is your passion which will keep you going. If the idea you have does match any of your interests, passions it is in your own best interest to stay clear off that path.

2. What  Can Are You Deeply Passionate About?

In determining what business you should start, look at your strength and skills and choose something where you have the potential to be the best. You may not necessarily be the best at it today but an area where you have an innate ability that with work, effort and continued learning you can become the best.

My strengths are with embedded systems engineering and software development. They are my passions too. So I have chosen to start businesses in this fields. I am not the best in any of these fields yet but I am committed to lifelong learning and continuous development and I keep getting better each day.

3. What  Drives Your Economic Engine?  (What Can Be Economically Viable)

If you want to start a business it should be something you can make a living from. If you have a skill or passion which no one is willing to pay you for, you cannot make a living out of it. Whatever idea you have should be something that people are willing to pay for. That’s the only way you can make money.

Look at these 3 questions as circles. Where they intersect is that sweet spot you want to be. If you can find a business idea which matches your skills and abilities, which you are passionate about and which can bring you money, then you are on the right track.

Final Thoughts

Entrepreneurship is not for the fainthearted. The odds are stacked against you and it is important that you think carefully about these questions before you move forward.