Maybe you have always wanted to venture into business and wondered where to start or the necessities to facilitate this dream . Let’s walk together step by step as I show you how you can achieve this.
- □As an entrepreneur you will requirea number of characteristics in order to create a successful small business- motivation,talent,research,planning,and start up capital.
Assessing what you have and getting what you need are both important in starting a new business.
●To start a small business,as an entrepreneur ,you need not only to research, plan, and raise capital,but you will also be required to be equipped with certain attributes, such as motivation,desire,talent,discipline and patience.
●To start up a small business in the right field,asks yourself what you likes most to do, what you are good at,what valuable skills you have,and if you have the aforementioned characteristics. Research should include what’s going on in today’s market,and information about possible competitors.
●For better results in the end,as an entrepreneur you will have to examine the business goals at the initial stage,and decide what they will require and should expect from your start-up ventures. The business plan is a valuable part of raising capital to finance the business.
●After you have formed the business plan,seeking capital will be an important step in starting your business. Some options for finding money are friends and family,private or angel investors,bank loans,and grants.
Critical points to consider in determining your business start-ups
★How long in business
★Do you have an advisory board
★State of your technology/ tools of trade
★Expected competition and how overcome it
★Amount of capital you are seeking
★Revenue within the first 12 months
★When will the business be profitable?
★Industry experience of your management
★How many employees ?
The feasibility analysis
Whether you plan to expand an existing business,acquire a running business or start your own new business,this montguide will show you how to perform a basic economic feasibility analysis: a preliminary evaluation of your business idea to see if it’s worth pursuing.
In pursuing your feasibility analysis,you will:
◆Evaluate whether you and your management team possess the characteristics most common to entrepreneurial success
◆Assess the market for your new business idea;
◆Estimate the basic financial feasibility of your business,including potential sales revenues,fixed and variable costs,a break-even figures;
◆Identify the pitfalls many new businesses encounter and study how you can avoid them; and
◆Finally,make an informed choice as to whether or not your idea is still attractive and practical.
In case your idea proves unachievable ,do not be demoralised . It’s always wise to look for other options like how you can start small as you learn more tricks rather than putting your money on unattainable project. In case you would like a further clarification you can contact me.
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