If you have been working in the corporate world for years and feel you really need a change in life, you may have taken the first step on your future entrepreneurial path. More and more people are seeking the fulfillment of starting their own venture and creating something that really resonates with their heart and soul. If you find yourself dreaming of your new business and would like to move from the spark of an idea and initial concept to entrepreneurial success, there are key considerations that you will need to think about.
Identify Your Niche
When you begin to evaluate your potential entrepreneurial ideas, you should focus on identifying and finding your niche. Ask yourself if your idea satisfies an unmet need, addresses a vexing problem or targets an untapped desire. Entrepreneurial ventures win when they niche down, not when they are broad and try to be many things to many people. Niche marketing is vital to startup success and is also much easier because you can craft and hone your message and direct your communication to the narrower audience of your ideal prospects.
Become Financially Aware
If you don’t have a healthy cash flow (the amount of money being transferred into and out of your business), you will never have a successful company. If you do not track your income, keep a separate bank account, have a good billing strategy and invest money back into your start-up, you are reducing your risk of success. Are you a college graduate with outstanding student loans? Have you thought about refinancing your student loans to get better interest rates that will dramatically reduce your payments and save you a lot of money? Do you have credit card debt? Have you thought about maxing-out your credit cards as you build your business? These are all options that you should explore. Why? Because financial awareness is often the one factor that determines the rate of growth within a company so it makes sense to know about debt burden, sales growth, profit margins and asset values.
Have The Passion And Proven Experience
Building a business from scratch takes a lot of drive and determination. It’s critical that you are passionate about your idea and venture because you will need that passion to carry you through the times when immense effort and long hours are necessary. Proven experience is also a key factor in success. There are times when a new entrepreneurial venture is successful even when the founders don’t have direct experience in their market area. Most of the time, though, not having proven expertise often results in a very expensive learning experience.
Hire The Right Team
There are a lot of moving parts in an entrepreneurial startup and a lot of activities and business areas that need to be addressed. Early on, it’s critical that you assemble a team of passionate individuals that you can trust to help get your concept off the ground. While there may be some functions that can be outsourced, your core team will be what sustains your new business over time. Work ethic, talent, initiative, willingness to learn and trustworthiness are all important characteristics to look out for when hiring. In addition to those, and probably even more important, is an employee’s attitude, passion and ability to work as part of a team.