Don't give up and don't give into getting discouraged - it will happen!
Do remember failures are more learning events when you think of businesses. I have my brother who is in the middle of pivoting from a corporate job to launching his own business and the hard yards he is putting in now will be the seeds sown for a successful future. Think about convincing yourself as to why someone would invest in your product or your business and build the right business case for it, backed by all of the elements outlined above. And yes be ready to face obstacles as no businessman will ever tell you that their initial ride wasn't bumpy. Think of a differentiating factor as well..How is your product or service very different to what is out there in the market?
Dream big, seek advice and have the ability to communicate your key differentiating factor- those three would be my key takeaways to lay the foundational seeds. If you don't have all these nailed down before you decide on launching a business, you are likely to land in sticky situations sooner rather than later. All the very best!
Prasanna recommends the following next steps:
Getting and retaining qualified people.
Having to know and do so much including marketing, accounts payable, website development, taxes, insurance, etc.
Anthony Kofi Hene-Amoah
Please, note the following, concerning challenges pertaining to building your own business:-
1. How to consider the type of business.
2. Inadequate/lack of capital or finances.
3. Inadequate knowledge in the business.
4. Unfavourable marketing conditions.
5. Unfavourable government policies.
6. Unfavourable competition with other businesses and organizations.
Best regards in your vision.