| How to start a small business! Ask this question from | | | | When people talk about how to start a small business |
| a bunch of people and it would seem that everyone | | | | they usually seem to have a greater emphasis on the |
| thinks they know the answer - but in reality most new | | | | need of a compelling product. Although it can be great |
| businesses fail within the first year of startup. | | | | to have a product/service that can sell itself, the reality |
| Did it ever happen to you that you saw a new kind of | | | | is that not every market provides such advantage. If |
| business and suddenly it struck you that you once had | | | | you want to start a small business and are sitting there |
| a similar idea? If you are anything like me you must | | | | waiting for that colossal idea - the odds of just coming |
| have had several ideas over the past and would have | | | | up with such an idea are probably one in a million. |
| felt the desire to start a small business, and out of | | | | That's even worse than the odds of falling off a |
| those ideas you might even have pursued some, | | | | bicycle and breaking your neck. |
| which you felt more confident about. Let me guess, | | | | 2- The Business plan is just a formality. |
| first you tried to learn how to start a small business | | | | Most people seem to think that a business plan is not |
| and then you started laying out a business plan and | | | | needed for a small business or a formal plan is only |
| while contemplating, either your doubts about the idea | | | | needed when you are looking for an investor or |
| started getting deeper and deeper because you | | | | applying for a loan. A business plan is the best way to |
| realized that the product or service is not compelling | | | | learn how to start a small business, because every |
| enough to be the next "Google" or you thought that it'll | | | | business opportunity is unique in itself. First of all I want |
| be too big of a responsibility and would require too | | | | to emphasize that it's not just a formality. The business |
| much hard work, or maybe you even decided to | | | | plan is perhaps one of the most important part of the |
| proceed with the idea and started a business thinking | | | | process for a startup business because it shows all |
| that the hard work will pay off, but it never did! | | | | interested parties including yourself about how serious |
| It happens to almost every one of us and sometimes | | | | you are about your business. A comprehensive |
| we skip or even fail on some great ideas simply | | | | business plan gives you the idea about your |
| because of some popular misconceptions. There is no | | | | competition, market requirement, feasibility of a |
| 10 step plan or method that can tell you how to start a | | | | business opportunity and many more contributing |
| small business and make it successful but there are | | | | factors. You can't expect your business to be |
| some major misconceptions that usually become the | | | | successful if you don't know your competition and if |
| reason why most small businesses fail. I am going to | | | | you have not done an extensive research about |
| discuss two of the most important factors of a | | | | whether it is an opportunity worth pursuing or not. All |
| business failure. | | | | the hard work in the world would make no difference |
| 1- You need to have a compelling and unique product | | | | if you are not familiar with these important aspects of |
| service. | | | | your business. |