To start your business, you might experience some challenges especially when it comes to finding out what comes into play in the business world, don’t give yourself much head ache, because this post will be of great help to you. Many would-be entrepreneurs have failed in their business because they have not done their best to put this top 10 requirement into play.
This article is going to give you a view of the top 10 requirement for you to start your business. While I am not writing to all entrepreneurs, those who have a business running can still benefit by looking at areas that they need improvement.
Without wasting much of your time because in the business world, time is money, lets find out the top 10 requirement for you to start your business; discovering this will help you to become a smart entrepreneur.
The Top 10 Requirement for You to Start Your Business
- Idea: This is the most obvious point , it’s because most entrepreneurs have had cause to hide one or two ideas from other people. Every business started as an idea with great prospect in the market place. Ideas are like seed that you plant into your business environment, this idea germinates, grow and become a business tree that produces fruit (value) for its customer. Always remember that value is equal to money.
- Skills: While your idea might be great, skills will help you to cultivate the ideas. There are different skills that you need to build a great business. Some of those skills required includes: marketing, business relationship, technical skills like programming and financial knowledge. but remember that you don’t need all these skills, always apply what you have now and get others who have skills in areas that you are lacking to make up for you.
- Money: Money is the seedling of every business, you cannot start and run your own business without first using money to start it. I strongly belief no successful business exist without initial money inputs; though the money differs from business to business, the principle remains the same. So, don’t go and look for how to start a business without money, rather look for how you can start a business with the amount of money that you have, and I am sure you will get great ideas – this is why I am here to help.
- Market: No market no business. If you like, your business idea should be for the whole of man kind, if there is no market or potential market, then you will never succeed. Please I will be as direct as I can on this, you can never succeed without a market. Market here stands for those that will become your customers when you eventually start your business. Customers are the once that will pay you to get the value that they are getting from you. So find the market with your business idea before spending your money starting your business.
- Team: While it is great to be a founder, don’t make the mistake to think that you can start your business and effectively run it without direct or indirect contribution by others. People are there to help your business, do your self a great favor and use their skills and talents either by employment, partnership or consulting them. My take on this is that you should not solely depend on your self alone. But that does not mean you should spend all the time waiting for other to join you, what makes great founders is their ability to draw others into their business.
- Name: This is your key to branding your business. What will be the name of your business. Since you have a name and you want your own name to be special, so also you must give a name to your business, guide your name by registering it and make it unique by branding it into a corporation. This will help your business to stand out from others. This is key to your business success.
- Work Space: I believe you can’t work in the air or in the sky, depending on your type of business, you should have a work space; even if you are working from home, it is necessary for you to have a space that is special to your work. This will keep your business in order.
- Mentor: A lot will be learned and achieved if you have a mentor that will guide you in your business. Those people who have gone ahead of you will help you a lot, because to be frank with you, the business world has its own storms and experience sailor(mentors) will teach you how to navigate through every challenges.
- Business Plan: While there are some business today that started without prior written business plan, it is mandated that you have a good business plan or projection of when your business will start, what it needs and where it will be at certain time period and how much it will need to get there. You must write a sound business plan before you start your business.
- Product or Service: The corner stone of all the points here is that you must develop a product or service that will give value to your chosen market and make money for you. Without a product or service, you cannot be in a business. While this sounds simple and easy you should make sure that you don’t miss the word value because value is equal to money.
In summary, starting your own business has it challenges but this top 10 requirement will help you understand your business environment and avoid some silly mistakes that many including myself went through while starting our own business.
Kindly share this post to further encourage other would be entrepreneurs not to make mistakes.
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Josh S. Doye is a business developer, freelance content marketer. you can contact him for more enquiry via the contact page on this blog.