Understand the Commitment and Challenges Involved in Starting a Business

So here you are, full of motivation and ambition to start an adventure of your own, ready to become a successful entrepreneur, start the best business plan, become your own accountant, advertise your company and all those exciting duties entrepreneurship entails.

But hang on a second. There are many skills and tools you need to have to be a successful entrepreneur, but at the core of your business, at the root of your success, is your product or service. This may seem quite evident; how would your business even exist without something to sell? Well, many make the mistake of jumping into the entrepreneurial world without a convincing product or service to offer. Then, how do you find the perfect idea?

TIPS

• Find what you want: If you are to be working day and night for years to be your own boss, you better like what you do. The first key to success is to find your passion and create your job according to what you love. You will be a lot more convincing to your customers if you believe with all you heart in your project.
• Find what others want: After you have found what you want, find out what others want or don’t know yet they want. Do not underestimate the preliminary research part of your business. You need to know the market around you to make sure that people would be interested in your business. The reason number one why startups fail is the lack of market demand, so study the market thoroughly.
• Do not copy others: Copying an existing business is not a good idea, so even if you end up selling similar products, offer something more or something different than what is already on the market. Define what would make your product unique. As we explained in the previous module, if what your business offers is not innovative, your success won’t last long.
• Be precise: Last but not least, have a clear idea of what you will provide people. Nobody knows better than you what you want to sell, so be ready to know every little detail about your product and to present it both concise and detailed manners.