Thursday, September 23, 2010

Before launching a startup

Look within and ask these three basic questions before starting a small business of your own:

•Do you really want to operate independently and be the person making all the decisions and shouldering all the responsibility?

•Are you willing to work hard and make the sacrifices starting a small business entails?

•Do you have the self-confidence and self-discipline that will enable you to persevere and build your new enterprise into a success?

If you have answered "no" to any of these, you're probably not ready for starting a small business.

Have you demonstrated the following essential entreprenurial qualities ?

The seven most highly ranked qualities were perseverance, the desire and willingness to take the initiative, competitiveness, self-reliance, a strong need to achieve, self-confidence, and good physical health (William E. Jennings, "A Profile of the Entrepreneur" in Entrepreneurship: A Primer for Canadians).

If you have answered yes, and written the successful stories when you have demonstrated these qualities, whether it is in business or raising kids or in other life challenging situations, then ......

What is the real problem you are solving for the marketplace?

When you have completly satisfied yourself that you are ready, willing and able, then you are ready to assess the business aspects of your idea.

Arete Consulting can help you each step through the Start-up "fog" from researching and validating market demand , to distribution channels and evaluating and attracting a management team.