Hundreds of businesses are started each day across the globe. They range in size from a few dollars of revenue to giant sums of money. For the entrepreneur, starting out it can be very challenging or if one has the appropriate backing and experience, very easy. For a business that is successful the rewards can be great, Failure can be financially and personally devastating.
Some of the elements to consider are listed below, not all, but make sure you've done an inventory of your resources and skills, as well as the risks and rewards evaluation. you'll need these to a educated decision about going into business.
Do you have the self-discipline, drive and dedication to your venture? 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. 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. You’ll need to fund these expenses just to get started….for a significant amount of time. That said, people have started businesses on a “shoestring” but it is VERY difficult to do and will add 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. 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?
Once you have some of these questions answered, you’ll be ready to begin a formal business plan, developing all the details of your concept/marketing/your execution/ launch plans.