Are you willing to take risks? Do you have the capacity to organize? Can you get along well with others? Can you face adversity? You should have may more skills to start and be successful in a business venture of your own. You should also have management skills. You should have sufficient experience in the field you are starting the new business. You should be able plan and execute the plans well. You should be able to hire the right kind of talent to run the business in fields, where you don’t have the expertise.
If you are starting a new business in partnership with others, it would be a good idea to get the kind of partners who can complement your expertise. For example if you have technical knowledge, it is better that your partners have experience in finance and marketing. It is better to demarcate the areas of responsibility and take care of the business.
Henry Ford said “find a need and fill it “. If you have to start a new business the first question you have to ask yourself if the service or the product you are offering has a market. As the market already has people catering to its needs why would anyone want to buy the service of product from you?
Does your product have features that are different from what is being offered in the market at present? Unless it offers advantages over other products already available in the market people may not buy the product.
You should make a through and detailed plan. You should plan as to how you financing the business. What part of the funds will come from you and your partners? What would be extent of finance you require from banks and financial institutions?
Would you like to start a partnership firm? You should also examine the idea of staring a limited company.
