If you are considering starting your own business it is important that you know the 5 resources you need to succeed to start a business. Here we will address all five, one by one.
First you have to have the right personality; they label it the ''Type D'' personality. These are people who not only commit to starting a business, but they also have the drive, discipline and determination to start, run and maintain a business. Type D personalities are not only able to come up with ideas but they are able to execute them.
Look, running a business is not easy. There are going to be obstacles, disappointments and rough times. You have to be able to see that these are only temporary, be smart enough to learn from what is going on and find a way to work around them.
Secondly, you must have business knowledge. You wouldn't walk into an OR and attempt to perform open heart surgery without proper knowledge and training, so why would you attempt to start and run a business without doing a little leg work? If you want to start a bakery, it isn't enough just to know how to cook. You have to understand all of the aspects of running a bakery. This includes cost analysis, what you need to sell each day to stay in the black. You have to know how to hire people to handle the aspects that you are not equipped to do. Do the research, educate yourself and talk to people.
The third resource is adequate start up money. This is often the biggest obstacle for most people that want to start a business. Many people not only lose their business, but all of their personal belongings as well when their business goes belly up. Few people have the kind of money it takes to start a business. This doesn't mean that you can't do it, it means that you need to have a plan to get it and you need to know exactly how much you are going to need to get started.
The fourth resource that you are going to need is support. Running a business is not a picnic, you are going to struggle more in the beginning then you will have success. This is why it is important you have a good support network around you. Friends, families are good, but not always the most positive or helpful. Look for entrepreneurial groups and start networking.
The fifth resource is a mentor. You aren't reinventing the wheel; you are trying to duplicate it as efficiently and effectively as possible so that you are making money. Find someone that has ''been there done that'' to help guide you on running your business successfully. Learn from their mistakes so that you don't have to make them on your own.
