Starting a Business: Early Considerations

It’s a common dream—ditch the chains that bind you to traditional employment and start your own business. However, in deciding to start your own business and become an entrepreneur, be careful that you are not just attempting to run away from present difficulties that might have simpler remedies. Your evaluation should begin with an appreciation for the commitment and personal qualities known to increase an entrepreneur’s chances of success. Here are some considerations as you contemplate starting a business. 

Tip 1: Successful entrepreneurs are innovators with a competitive spirit. They believe in their abilities and have very positive attitudes. Where others see obstacles, they see opportunities.

Tip 2: Starting your own business takes a tremendous amount of time and effort. This is not for people who want to coast. Successful entrepreneurs exude self-discipline. They are extremely hard-working people-giving their ventures everything they have, 24/7.

Tip 3: Building a business requires patience. It can take a year to organize and start a new business, up to three years for that business to become profitable, and up to five years for it to become self-sustaining.

Tip 4: Planning is critical. It is essential to properly estimate the amount of capital needed to operate the business, including sufficient sustainable income for the owner for at least six months. Most experts consider writing a business plan to be an essential ingredient for success. In addition to helping you manage your cash flow by creating a budget, the business plan will serve to crystallize the concept of the business, helping you define how you will stand out from the crowd and find customers for your product or service.

Tip 5: All the bases need to be covered with players in every position. Before starting a business, determine who is going to be the salesperson…the bookkeeper…the marketing expert…the publicist…the computer wiz…the receptionist… (you get the picture). Chances are you will not be interested in, nor good at, wearing all of these hats. That’s okay, just figure it out before it becomes a problem.

If, after reading this you are still undaunted, start writing that business plan and seek out as much professional advice as you can get.

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