The reasons for starting a business are many. Some people dream of being their own boss—of turning their hobby into a profitable enterprise, of expressing their creativity, or of being richly rewarded for their hard work. Although Walt Disney’s maxim “if you can dream it, you can do it” holds true for some, pursuing the dream is risky. Those who attempt it must have the entrepreneurial spirit to fearlessly quit a well-paid job, go it alone, and face a future filled with uncertainty. Others might need a push; often being laid off (and its associated lump-sum payment) can be a springboard.
Keeping the faith
While the reasons for start-up may vary, what all entrepreneurs have in common is the willingness to take risks. Few entrepreneurs get it right first time—it takes resilience and tenacity to keep going in the face of failure, and it takes perseverance to remain positive when customers,banks, and financial backers repeatedly say “no.” Faith in the idea is essential. While some startups require very little capital, most require funding during their early growth phases. A business owner must be able to convince banks, or other financial backers, that their concept is valid and that they have the skills to turn the idea into a profitable venture, even though this may take some time. It took Amazon six years to make a profit.
The business plan
The key to securing financing is a business plan. A good plan will outline the idea itself, detail any supporting market research, describe operational and marketing activities, and give financial predictions. The plan should also outline a strategy for long-term growth and identify contingencies (alternative ideas or markets) if things do not go as planned.
To Be Continued...
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