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Keys to Starting Your Own Business

There are a few key things that would be beneficial for any individual who wants to start a business.

Daryl Gatteson

February 07, 2007

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There are a few key things that would be beneficial for any individual who wants to start a business. They are pretty tantamount to starting any business. In a nutshell they are not absolutes, but necessary skills or qualities that can be acquired in the process of starting business and also they profile the typical entrepreneur.

Starting a business seems to be everyone's dream. It gives independence, allows you to be creative, allows flexibility, and yes done right... makes you more money. It is said that the largest proportion of millionaires made their millions through there own business.

1) Passion....It goes without saying. You must love the nature of the business. In other words, if you love sand, in every respect, how it feels, how it looks, how you can mold it, and just about everything else about it, then you have the basic building blocks of building a business around that passion...which, in this silly example, is sand. I have heard of odd companies that started with a simple problem and to you or me, would have thought it was worthless, turn into a multi-billion dollar corporation. IBM laughed at Bill Gates when he presented the PC operating system at first. Today what is Microsoft worth, over $100 billion. Go figure.

2)  Determination....As long as you deliver value (not just a product)...you do it with the determination of a tank, you can succeed. Keeping in mind that you always be honest and sincere in dealing with vendors, employees, customers and any other factions that deals or touches your product & business.

3)  Market Demand...Your product must solve a problem. Meaning there has to be an individual or entity willing and able to give fair value for the product or service on a consistent long term basis. If people just don't want it, it will fail. You have to do your homework. People may not want to buy sand, but they may want to buy products that help them build sand castles.

4)  Stat Focused...You will have people who say that you can't do it. Listen and understand these people, but “do not” allow them to stop or impair your direction. Believe in what you do (again as long as your product is not intended to harm anyone personally, financially or "directly" emotionally.) Some people will be bothered by your product in some way, but your objective is to earn a fair honest profit, you tweak your product to the market needs.

5)  Continue to Learn...There are so many resources to help you succeed. In our years of business building, I have learned that there are very inexpensive assistance programs and resources that give small business owners a real competitive advantage, against larger experienced businesses. Resources are always available. Continue to learn from your customer. Doing research and listening to your customers, employees and vendors will ensure your success.

6) Get Momentum….Do not let up. Your business will grow with time and effort. There will be a lot of trial and error phases, but maintain that the errors are small relative to the bigger plans for the business. Do not be afraid to try something new. Remember, Microsoft tried something new, as well as Google. Who would have thought that Google which is only about 8 to 9 years old would now be one of the biggest companies in the world? The guys who started it are just average people; just like you and me....they had a passion.

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