Star a business - Getting started | New Business Ideas, Small Business Ideas, New Business Grant, SMALL BUSINESS | EXPORT IMPORT

Overview

Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well-thought-out business plan that will help you reach these goals. The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.

Getting started

Before starting or acquiring a small business, it is important to take the time to review a wide array of factors and considerations about yourself and the business you plan to enter.

Be honest with yourself. Know what you're getting into.

In business, there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business - but you can improve your chances of success with good planning, preparation, and insight. Also keep in mind that the business you start may not be the exact business you started. Start by evaluating your strengths and weaknesses as a potential owner and manager of a small business. Carefully consider each of the following questions:

Are you a self-starter? It will be entirely up to you to develop projects, organize your time, and follow through on details.
How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers, and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor, or a cranky receptionist if your business interests demand it?
How good are you at making decisions? Small business owners are required to make decisions constantly - often quickly, independently, and under pressure.
Do you have the physical and emotional stamina to run a business? Business ownership can be exciting, but it's also a lot of work. Can you face six or seven 12-hour work days every week?
How well do you plan and organize? Research indicates that poor planning is responsible for most business failures. Good organization of financials, inventory, schedules, and production can help you avoid many pitfalls.
Is your drive strong enough? Running a business can wear you down emotionally. Some business owners burn out quickly from having to carry all the responsibility for the success of their business on their own shoulders. Strong motivation will help you survive slowdowns and periods of burnout.
How will the business affect your family? The first few years of business start up can be hard on family life. It's important for family members to know what to expect and for you to be able to trust that they will support you during this time. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk in the short-term.

Good attributes for entrepreneurs

Self confidence. You have a belief in yourself that you can do it.
Does not consider failure as an option. You recognize that failure is a necessary step to finding what does work.
Able to move from ambiguity to clarity. You recognize that confusion, chaos and lack of clarity are all pieces of the “playing full out” puzzle. You have a process that allows you to move through this phase into a state of power and momentum.
Has perseverance and discipline. You know that every day you must focus on what MUST be done, not what you feel like doing. You engage in consistent, supportive habits.
Has a plan yet is “flexible.” The key to massive results is setting your mind on a desired outcome while being willing to “go with the flow” so the idea can expand and grow with the changing environment.
Sets and attains realistic goals. In my work, the only difference between goal talkers and goal getters are how realistic you are about your time management and abilities.
Takes calculated risks. Risks are necessary – but they must be tempered against what is good for you and your business. Learn what your high payoff opportunities are (a great resource for this process can be found in the Unstoppable Goals Method system).
Equally skilled in sales, marketing and “craft.” It’s not enough to love what you do; you must become masterful at bringing in the business opportunities. Otherwise you will be the best kept secret in the world.
Has financial backing/funding sources. To truly achieve success, you must have access to financial leverage. As the saying goes, “It takes money to make money.”
Enormous passion and drive for the work. When the going gets tough (and it will) the one thing that will keep you going is your passion. You have to get up every day believing that what you do is so vital, so important and so necessary that you are willing to overcome any obstacles in your way.
Willingness to learn. You recognize that the minute you know it all, you are done. Bigger successes come from continuing to learn, grow and evolve your mind and your goals.
Surrounded by other successful entrepreneurs. You invest your time, money and energy in people who are playing a big game. Choosing an environment to tap into collaborative opportunities, brainstorming and big thinking is your way to leaping forward. (Like our Platinum Inner Circle Program does).
Has good health and unbounded energy. The one thing that is precious that can’t be bought once it is gone is your energy. You make a commitment to maintaining a good health regime as a priority, not a last resort.

Keys to success

According to the U.S. Small Business Administration, the following traits are found among successful entreprneurs:

persistence
desire for immediate feedback
inquisitiveness
strong drive to achieve
high energy level
goal oriented behavior
independent
demanding
self-confident
calculated risk taker
creative
innovative
vision
commitment
problem solving skills
tolerance for ambiguity
strong integrity
highly reliable
personal initiative
ability to consolidate resources
strong management and organizational skills
competitive
change agent
tolerance for failure
desire to work hard
luck

Source: SBA

Start with questions about yourself and the business you want to persue.

Your answers will help you create focused, well-researched business plan that should serve as a blueprint. It should detail how the business will be operated, managed and capitalized. Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are: