I Have A Biz Idea. What Now?
Alibaba News Channel:
You’ve got four pre-planning steps to go through before you should even think about launching your company.
Prospective clients often ask this question: “I have an idea and I want to start a business, but where do I go from here?”
Depending on their background, their proposed industry and what they have accomplished at the time the question is asked, my answer varies. However, one component of my answer never changes: I always advise clients to do some pre-planning. “If you’re going to take a risk,” I say, “why not a calculated risk?”
Here are elements of planning that can help an aspiring entrepreneur move from point A to point B.
1. Personal Assessment
Ask yourself: Do I have what it takes to be an entrepreneur? You must consider your willingness to endure these factors:
The lack of emotional or financial support from family, friends and significant others. The road to entrepreneurship can be a lonely path. Be prepared to hear some negativity from the ones you love. Do you have the emotional stamina to handle this?
The risk involved. Some people are risk-averse, and the thought of starting something that could fail is unbearable. If you are one of these people, business ownership is not for you.
The long hours and holidays with little or no pay. Do you have any obligations that would hinder you from working the hours you need (e.g., a health problem, family obligations or school)? If so, you must analyze whether you can balance these competing interests.
Working alone while having to be a self-starter and innovator. For some, this may be a daunting task. For an entrepreneur, it’s essential.
You must also have working knowledge of the industry and its patterns. In the book What No One Ever Tells You About Starting Your Own Business, Craig Hartman of Preferred Industrial Services admits that his lack of technical knowledge and business management skills significantly impeded his company’s growth.
2. Research… read on.
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