What you need to start a business

You need more than just an idea and a trigger to establish a successful business.

For the idea to be translated into reality with a chance of success you need to have the personal skills and personal character traits to run the business.

Crucially, you also need to find customers that want to buy your product or service.

If you are to prosper, you need to understand your competitors and the market place in which you are going to compete. You need to understand how you can attract customers at the expense of these competitors – your marketing strategies.

Finally you need to ensure that you have sufficient resources – and that usually means money.

Pulling these things together means research and that means you will probably have to acquire new skills. To evaluate whether your business idea has a chance of success means that you will have to plan how you might launch the business and how it might grow. Evaluating its potential for success means that you need first to prepare a business plan. Indeed, if you need start-up capital a business plan is essential.

Developing a business plan, as well as acquiring new skills for the purpose of conducting research can be time consuming and demotivating in most cases. Because, really, what you want to be doing is grow on your idea and introduce it to your world. This is what business professionals do best: they give you the time to focus on your idea and do the legwork for you. 

Adapted from Entrepreneurship and Small Business by Professor Paul Burns