Starting your own business is not as easy as creating or buying stock and finding a space to sell them from, or spotting a gap in the market that you can fill with a specific service. Do you have the entrepreneurial traits like self-discipline and motivation, or the clear focus on the desired outcome, every day?
You need to know who you are, what value you can bring to a new venture and if you’re in a position to take a risk. Here’s what to consider:
1. Do your homework
Do market research by reading up on the product or sector, work out your target market, do financial projections, check out the competition and see what makes your offering better than theirs. Put together a detailed business plan and decide if your business will be for social benefit or profit. Find out what’s needed to register your business.
2. Handling failure
Few first business ventures work out. Every person, and especially every entrepreneur, should embrace failure with open arms, says Richard Branson, businessman, investor, and founder of Virgin Group. “It is only through failure that we learn. Many of the world’s finest minds have learned this the hard way,” he said.
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3. Prepare for the worst
Working for yourself, especially if you have no one to help, means you’ll have to work long hours with little rest. Nothing will happen unless you make it happen. Accept that money will be tight and you’ll have insufficient or no cash flow. Anxiety is constant as many things can go wrong and you’ll have to learn to cope in a crisis.
4. Get real
Instead of spending time on frills like pretty business cards, rather invest time and money into everything that generates an income. Do research on available resources like banks, business or industry bodies that can help you. Network with people already in your field to get insider knowledge of the market you’re targeting. Seek a joint venture if you cannot do it alone. Partner with companies or individuals who have relationships and knowledge important to your success.
*Why do you want to realise this goal?
*Do you have the drive to realise your dream?
*Can you work on your own?