How Much Are You Worth Per Hour? (and Other Questions Every Entrepreneur Must Ask)

If you’re an entrepreneur and your answer to this question is unclear, read on.

Entrepreneurs get bombarded with different questions when it comes to running a business. These questions could come from anywhere – leads, clients, partners. But one of the more significant questions that we should face, and have an answer to, are questions that we ask ourselves. These questions are not just any inquiry or of the blue. These should be the right questions. 

But exactly what questions should entrepreneurs ask themselves if they really want to scale their business and go in the direction of success they intend to go? 

My podcast guest, Denis Fourie, himself a master entrepreneur who has over 25 years of experience, and the founder of Upstart Entrepreneurs, drive this conversation towards essential questions that every entrepreneur must ask. 

Let’s discover some of these questions. 

• How much are you worth per hour?

The reason this question is significant is that it serves as a fixed reference to the prices you set for your product or service. It also serves as a ballpark figure for your financial goals whether you’re truly growing in your revenue or slacking and then make plans on what you can do about it. 

• What worked and what hasn’t worked?

When you commit a mistake in the business, such as a miscalculated risk or wrong investment of a product, this question is very important to ask. You need to bravely raise this question because you are making a decision for your business every day. Rather than beating ourselves for the wrong move, face it with an objective question so you will learn to navigate around it and focus on resolutions instead.

• Is it going to increase revenue?

If you’re at a crossroads of investing in a product or service, asking yourself this question is crucial. When you talk about increasing revenue, you also focus on increasing your productivity. If spending on a product or service makes you more productive and gets you to focus more on your major responsibilities, then it could increase your revenue. You can then make your decision about that investment.

• How do I lower the operational expense?

This is another significant question to raise for entrepreneurs, especially those who are still starting because you would really want to purchase something that is truly needed. Dennis cited the example of deciding whether to purchase a multi printer over going digital in the paperworks. In the end, he decided that going paperless in their transactions, particularly because the majority of their clients are also going digital, is the right way to go. Without the multi-printer, they also saved literal time and space from storing all those documents. 

Decision-making is indeed a crucial aspect and skill for every business owner. The growth of your business depends on every decision you make on daily basis, whether this decision is big or small. For this reason, entrepreneurs must also need other people or mentors to help you ask the right questions so that you can decide the best way to go. 

Listen to the full conversation of this podcast episode to uncover the whole chest of knowledge that Denis shares by simply asking the right questions. 

Useful links in this episode:

Follow me @theprofessionalrulebreaker.

Visit my website here.

Listen to my Spotify Podcast here.

Tune in to the Apple Podcasts here.

Visit Denis’ website here.

Follow Paul on LinkedIn here.

Follow Paul on Instagram @denisfourie. 

Check out Denis’ Facebook here.