Six Keys To Start A New Business

Before you quit your job and start a new business, work your idea on evenings, weekends and holidays and see how it goes. If you feel that you are ready to throw away the past and can answer 'yes' to all of the following six questions, you are ready to start your entrepreneurial journey. One 'no' answer should cause you concern. 

1) Is your concept unique?

Entrepreneurs start as small fish in a big pond. If you're planning to start a business, ask yourself these questions: "What's my niche? How do I distinguish myself in the field? What's the innovation here? What am I fixing that isn't fixed today? If you cannot truly say your product or service is unique, tailor it till it is.

2) Are the barriers to entry difficult?

Consider whether someone can easily copy your idea. What if someone comes along with more marketing resources, takes your work and improves upon it? Make sure you've trademarked, registered, copyrighted and service marked your products and services. Even small walls may it more difficult for the competitor to enter.

 3) Does your product/service have legs?

In this difficult and challenging economy, you want to find and exploit growing markets. That market might be local, regional, national, international or global. Does not matter, as long as you believe that you can milk it without interference from a competitor.

4) Do you have access to a network?

Your network includes your personal confidential network (i.e. lawyer, accountant insurance agent), along with your friends and people who'll buy your product/service and give you leads. Talk to three strangers everyday and you will build your network quickly. Try to utilize the Internet networks which allow you to advertise for free.

 5) Are you passionate?

Do you have endless energy? You have to get up early, work late. Are you willing to die for your product/service? Are you obsessed with selling and improving your sales performance every day?

 6) Do you have good credit?

How is your credit score? Are your connected with banks? How are your savings? How long can you last before you make your first sale?

Let me repeat what I said earlier. If you can answer 'yes' to all of the porevious six questions, you are ready to start your entrepreneurial journey. One 'no' answer should cause you concern.