Annually,a number of individuals take a leap of faith and venture intobusiness activities. It is, however, clear that this step calls for alot of hard work, dedication, and planning. Though many end up withdemoralizing failures due to personal and market reasons, those whobreak through enjoying the fruits double their efforts. In regard tothis, any individual who dreams of establishing a business shouldmake calculated steps for him to see his dreams come to reality.
Thefirst step towards a successful business is brainstorming of thebusiness ideas (Pinson, 2004). Every business idea is built on acertain foundation. One should focus on things he is reallypassionate and has broad knowledge on, and think about how he canturn them into business to fill the vacuum in the existingmarketplace. In most cases, the ideas are not just simple they comealong with some problems that need to be solved to satisfy the needsof present and potential customers.
Oncea person settles on a given idea, he should come up with a businessplan (Pinson, 2004). The business plan should take into considerationthe purpose of the business, the targeted market, the goals, and thecapital needed to start up the business.
Witha clear business plan, one needs to go back to the drawing board andevaluate his finances. Will they be able to cover the businessestablishment and sustenance costs? One may resort to taking businessloans or utilization of the savings.
Itis, also, necessary for one to consider the legal implications andrequirements of the business plan (Pinson, 2004). Aspects of businessregistration, tax remittance, and other contracts should be evaluatedprior to setting up a business. Further, an aspiring business personshould register the business with the government entities.
Withall these steps cautiously taken, proper mechanisms that will growthe business, like expanding the business, stabilization of the team,branding of the business, and advertising it to the general public,will be enhanced.
Pinson,L. (2004). Anatomyof a Business Plan: A Step-by-Step Guide to Building a Business andSecuring Your Company’s Future (6thEdition). Chicago: University of Chicago Press.