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Jul, 01 2008

Reasons why you can start a business

Owning a successful business is everybody`s dream, therefore, start if you have the following attributes.

Doing what you enjoy: Starting a business requires hard work, but entrepreneurs who love what they are doing, enjoy the fun and challenge that goes into it.

Identified a market niche: Farsighted entrepreneurs see what others do not see, i.e, recognise a distinct, previously undiscovered need in the marketplace. Very often, better and less expensive product or service is what attracts more buyers. Identifying a niche is only the first step; you need to find out whether you can make a living from it.

Easily dissuaded: The market is not waiting for your product. Entrepreneurs are often shocked when they encounter criticism and competition. Remember the three Ds viz, Drive, Determination and Diligence.

Need for independence: Entrepreneurs who are outspoken, make mistakes and learn, are the ones who stand a good chance of succeeding. They enjoy discovering things on their own and long for total control of their destinies.

Failure as a learning experience: Most, successful entrepreneurs rather than giving up the venture learn from their failures, their mistakes, and bad deals and review their blunders, doing it right the second time.

A long-time dream: Many successful entrepreneurs actually dreamed about running the business they now own and lead. Today`s chains of restaurants are examples.

Passion for your product or service: Wendy`s founder Dave Thomas had repeatedly attributed his success to his love for a well-cooked hamburger with all the trimmings.

A take charge person: Entrepreneurs are born leaders. They can motivate people into buying. They enjoy doing what they are doing.

Understand that customer is number one: All entrepreneurs, especially in the initial phase, must understand that the customer is the judge and jury for your product or service.

Investors willing to financially support your idea: Many entrepreneurs have to use their own funds or resources to start their business. If a bank, venture capital firm, or even friends and family are willing to give you the financial help you need then you are certainly off to a good start.

You have been down sized: It is likely that you are hoping to start on your own but were afraid to leave a secure job. A strong corporate background has helped many entrepreneurs to succeed. Depending on your position and company benefits, some of your start ups costs can often be reduced.

You have a strong network of business advisors: A solid support network of friends, colleagues and business associates has been the impetus of many successful businesses. “No matter how independent you are, do not try and go it along,” says an expert.

Do not start a business if you…

Cannot take risks: If you are looking for safety, security and assurances that your business should succeed, then, keep your job and keep away from business.

Confuse interest with skill: If you have passions about cars and books it does not mean that you should open up an automobile repair business or a bookshop. Interest is only the first step in creating a business. Go beyond it and master the process to launch you business.

Cannot deal with confusion and lack of structure: In the early stages of the business creation the going can be pretty chaotic. There is no certainty.

Are undercapitalized: Undercapitalisation is a positive way to end all your business fantasies. Many businesses start out with a prayer but not enough money in the bank to last six months.

Think you have got the most original idea: Thought it is not possible to create a unique product or service, but often the best you can do to improve on an existing idea. Do not assume that your product is totally new until you have thoroughly scored the marketplace.

Your family is pressuring you: Head of family often push their off-spring into business of their own. Starting a business should be because you really want to and you are prepared to dedicate yourself to the task of making it successful.

do not want to take orders from anyone: You won`t be reporting directly to the boss, but you will be reporting to plenty of other people, like vendors, suppliers and possible investors and not to mention the boss of bosses - your customers.

Want to make lot of money: Money should never be the prime motivator. Successful entrepreneurs will tell you money is just the reward for creating an exceptional product of service. Passion for you product along with prospect of meeting a market need should be your most critical motivator.

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