Hundreds of businesses are started each day around the globe. They range in size from a few dollars of revenue to giant sums of money. For the entrepreneur, starting out can be very challenging or if one has the appropriate backing and experience, very easy. Every business starts with an idea!
Good ideas are a “dime a dozen”, translating those ideas into goods and services (and making a profit) is not for the easily discouraged. While success is particularly satisfying as an entrepreneur, the amount of time, effort and difficulty will not be minimal.
Some of the elements to consider are listed below, not all, but a sampling of questions you might want to begin with: Do you have the self-discipline, drive and dedication to your venture? Do you have the personal communication skills, sales ability and technical knowledge necessary to market and sell your product or service?
Do you have the financial backing to embark on your venture? If you’re living at home and are receiving food, clothing and shelter, insurance, transportation and a space for your venture, that’s great. If you are missing any of these resources, it will be necessary to provide them while you are starting your business. That said, people have started businesses on a “shoestring” but it is VERY difficult to do and adds to the already high stress involved with a startup.
Do you have the core competencies to start the business? That is, the analytical skills, financial tools, marketing strategy etc. It helps to list the resources you need, the resources you have and the gap between the two. Filling in the gaps with resources will be an important part of your business planning.
Have you defined what your business will be, who are your likely customers and why they are likely to purchase your product or services? Have you explored other companies in the same field? How would you differentiate your business from theirs? Where are your potential customers?
Once you have some of these questions answered, out, you’ll be ready to begin a formal business plan, developing all the details of your concept and delivery scheme.
It sounds like a lot but it's done every day. I started my company with a very simple "pitch". I would go to companies and ask them if they had any items they had difficulty finding, were obsolete but still needed or if former suppliers had abandoned the needed product or gone out of business. I told my potential clients that I really wasn't interested in competing with existing suppliers, taking someone's business or becoming an additional supplier to be used as leverage against their present suppliers. I found that most companies had at least a few products they had difficulty getting. I also had a great deal of experience with suppliers in the U.S, and in other parts of the world, and some of the best engineering resources around. Once I got an order, I would find a supplier or manufacturer and if I supplied what they wanted, they would come back with something else. It was a slow first YEAR......fifteen years later, I'm ready to close the business and retire. I had to learn a lot in the process and it wasn't easy. It was very satisfying and rewarding.
So talk to some people who've started their businesses and ask them how they did it.....I'm sure most will talk with you. Listen carefully to their responses....You can start today, it won't cost you anything and you'll have taken a valuable first step.