When you get down to it, there are hundreds, maybe thousands, of tools, resources and specific pieces of knowledge every business owner must have to succeed. Once you have a potentially viable business idea in mind, most of the other needs can be put into five categories.
1. Knowledge and Skills
Successful entrepreneurs must have (or develop) a broad range of knowledge and skills. From organizational skills to people skills, from business fundamentals to detailed operations, an entrepreneur is responsible for it all. Sure, you will be your own boss, but also your own accountant, attorney, marketing department, production line, salesman and secretary. And you have to play all these roles like a pro if you want to succeed!
2. Information
Seasoned entrepreneurs are fountains of information. New entrepreneurs have to learn where to find what they need to know and must be able to retain and synthesize the information they gather. They also need the ability to quickly analyze and assess the data. The internet offers a wealth of free information, but much of it is worth exactly what you pay for it nothing. Before you launch your big idea, you need to absorb volumes of information on every aspect of running a business marketing, networking, financial management, employment, legal issues, compliance, and the list goes on. With a shrinking world and shorter attention spans in the marketplace, successful entrepreneurs must always be gathering the latest news and trends. Paying attention to what is going on within the industry and the business world is a critical aspect of keeping any venture current and relevant.
3. The Right Tools
Any startup with plans for growth or even turning a minimal profit must have certain tolls in place. Computers and peripherals plus internet access is as important in business today as was a pen in generations past. Small business software, including an accounting system is critical. Posting a website is quickly becoming a necessity for every type of venture. Cellular phones are standard, as are organizational and planning systems. Regardless of what the get rich quick and for free scammers try to tell us, any business with any chance of success must have the appropriate tools to succeed.
4. Support
Entrepreneurship is a difficult road and almost impossible to navigate completely alone. Worse, if the people closest to you don t support your effort 100 , it can be very difficult to stay motivated and avoid discouragement. You may need financial support, moral support, or even startup support from an expert, but every entrepreneur needs a support system to help keep them on track. Don t underestimate the importance of this startups can include some very dark days. The better your support system, the easier it will be to butch through and re energize.
5. Desire
Entrepreneurship requires the drive, commitment, and perseverance that come from a desire to succeed. You must want to be smarter, better and faster than your competitors. You must want to build a loyal following in your customers. If the will is weak, the business will fail. An overwhelming desire to succeed can overcome any number of limitations and setbacks. Without it, those obstacles might as well be mile high brick walls.
Author Resource:
K. MacKillop, an entrepreneur with a J.D. from Duke, is co-founder of LaunchX LLC and authors a business startup blog. The LaunchX System, a complete package of step-by-step business startup procedures, key software and more, answers the question, "Where do I start?" Visit http://www.LaunchX.com .
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