Help to Start Up My Own Business - The 3 Basic Business Requirements to Ensure Success
When you set out to start your own business you might dream of becoming the next Bill Gates (in case you have lived in a cave for the last 30 years, the founder of Microsoft) or the next Larry Page and Sergey Brin (the founders of Google).
You truly believe that if you could just come up with that one great idea that you would find your fortune and change the business world.
Often, however, the idea is secondary to the execution if you have three basic requirements to ensure success.
Help to start up my own business is as easy as one, two, three - if I make a point of abiding by these business laws.
3 Basic Needs for a Successful Start Up 1.
Good People - Surround yourself with people that you trust; those that will tell you the truth.
It doesn't matter if you are a sole proprietor operating your company alone in your basement.
No one succeeds without help: be it a partner, a mentor, an adviser, teacher, or friend.
A trusted adviser can save you lots of time and money and can be an invaluable part of creating success with your business venture.
All companies (or just you, if you are by yourself) need a person to bounce ideas off of, tell you when you are heading in the wrong direction, or ask you important questions.
Find this person (or persons) and you will have a huge help in starting your own business.
They can also play a big part in helping you with the next Business Need.
2.
In-Demand Product - Like I said before, it doesn't matter how great your idea is (or even if you have a new idea) if no one wants what you are offering.
So you've come up with an ingenious way to record old home movies onto VCR tapes? Sorry, no one wants that any more.
You thought up a novel idea to sell decorative covers for type-writers? Oops, your 25 years too late.
Maybe a camera bag with space to hold extra film canisters? Nope.
New high-tech air shocks to make that stage coach trip more comfortable? Well, you get the idea.
And it's not just those extreme examples, but other more subtle ones.
Do we really need any more dry cleaners, doughnut shops, or nail salons? Well maybe, but take a serious look at your product and ask those trusted people (from Need #1) if they would buy it.
You can also do testing and small-scale market research on a prototype or beta version if you want to get additional helpful data.
But more importantly, make sure that you are solving a problem for someone else.
If you can remedy people's problems with your product or service, chances are you have an in-demand product.
3.
Small Investment - The reason most small businesses (or large businesses) fail is that they - insert drum roll here - run out of money.
So make your investment as small as you can and spend less than you bring in.
Sounds simple, doesn't it? But think long and hard about borrowing tens or even hundreds of thousands of dollars to start your business.
This is money that you will be responsible for paying back if you don't succeed at Need #2.
Many products or services can be started using existing systems that will propel you along your path without huge outlays of cash.
The Internet is also a viable option for finding a business model that will reduce your investment.
The World Wide Web is the great leveler for the small business person; meaning that running a business online can allow you to compete on the same playing field as the big boys, with a reduced initial investment and far lower cash flow requirements.
You truly believe that if you could just come up with that one great idea that you would find your fortune and change the business world.
Often, however, the idea is secondary to the execution if you have three basic requirements to ensure success.
Help to start up my own business is as easy as one, two, three - if I make a point of abiding by these business laws.
3 Basic Needs for a Successful Start Up 1.
Good People - Surround yourself with people that you trust; those that will tell you the truth.
It doesn't matter if you are a sole proprietor operating your company alone in your basement.
No one succeeds without help: be it a partner, a mentor, an adviser, teacher, or friend.
A trusted adviser can save you lots of time and money and can be an invaluable part of creating success with your business venture.
All companies (or just you, if you are by yourself) need a person to bounce ideas off of, tell you when you are heading in the wrong direction, or ask you important questions.
Find this person (or persons) and you will have a huge help in starting your own business.
They can also play a big part in helping you with the next Business Need.
2.
In-Demand Product - Like I said before, it doesn't matter how great your idea is (or even if you have a new idea) if no one wants what you are offering.
So you've come up with an ingenious way to record old home movies onto VCR tapes? Sorry, no one wants that any more.
You thought up a novel idea to sell decorative covers for type-writers? Oops, your 25 years too late.
Maybe a camera bag with space to hold extra film canisters? Nope.
New high-tech air shocks to make that stage coach trip more comfortable? Well, you get the idea.
And it's not just those extreme examples, but other more subtle ones.
Do we really need any more dry cleaners, doughnut shops, or nail salons? Well maybe, but take a serious look at your product and ask those trusted people (from Need #1) if they would buy it.
You can also do testing and small-scale market research on a prototype or beta version if you want to get additional helpful data.
But more importantly, make sure that you are solving a problem for someone else.
If you can remedy people's problems with your product or service, chances are you have an in-demand product.
3.
Small Investment - The reason most small businesses (or large businesses) fail is that they - insert drum roll here - run out of money.
So make your investment as small as you can and spend less than you bring in.
Sounds simple, doesn't it? But think long and hard about borrowing tens or even hundreds of thousands of dollars to start your business.
This is money that you will be responsible for paying back if you don't succeed at Need #2.
Many products or services can be started using existing systems that will propel you along your path without huge outlays of cash.
The Internet is also a viable option for finding a business model that will reduce your investment.
The World Wide Web is the great leveler for the small business person; meaning that running a business online can allow you to compete on the same playing field as the big boys, with a reduced initial investment and far lower cash flow requirements.
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