Factors that show you are ready to start the business?

[Bookwormlux]

It is not just about deciding to start a business, but there must be a will and readiness to do what is expected of you to be able to make sure you do not just sit down and think about things that won't even come to pass. There are certain things that ought to be addressed first before you can even be taken serious as far as taking care of a business, or starting one is concerned. This is why I want us to share on this thread what are those factors that get to show how ready an individual is to start a business that is already in their mind.

From my own knowledge , some of these factors include ;
1. You are having a very good savings culture. This helps in the sense that you can easily get help when people realize that you already have some funds that would be used to start the business.

2. You don't blame others. Taking full responsibility is what makes you a true business man. If you can not do this, then it would be difficult to Succeed.

3. Knowledge, even though it is last, but I believe it is the most important. Without knowledge about the business, you ain't ready yet.

What additions do you have?

 

[sincerem]

Good points dear, I don't even see reasons why someone should put blames on another when his or her business isn't moving as planned. We take full responsibility and blame when anything goes wrong within our business and not for another to take blame from it, even if we seek advise from him or her. Because, such a person is the real owner of the business and executing all the business operations. Unless the business is a partnership kind of business, then our partner fails to deliver his or her part or task required of him to deliver, that's when can express some frustration on such ruined opportunity but we shouldn't go too hard with our partners when an error is made. Such a partner is a human too, mistakes are expected to come one way to the order. Ability to stand and encourage our partners builds our business up, strengthen the partner to do better next time. We should remember that, failure at some point in our business endeavour isn't the end, rather we should move on to pursue business long term success which will help to erase the failure we suffered earlier time. Ruining over a lost time will do us more harm than good around our business.

 

[Bookwormlux]

@sincerem Not every one thinks like this actually. A lot of people are always trying to see how they can blame others when ever things go wrong, and they would only take the glory when things go the way they want them to go. This is the main reason why I listed it there because we may even have people with such mentality here reading it. The problem with such kind of mentality is the fact that it goes a long way in affecting business Success. The worse part of if is if the business is one that requires partnership. People like this who do not ever take full responsibility for their actions would always find a way of frustrating their partners by making sure they push all the responsibility on them when things do not go fine , or in worst case scenario z the business end up finding.

This is why so many people make sure they do not even bother themselves about these activities of going into partnership because it comes with so many challenges that they may not be able to manage or tolerate In the long run. As such, people like that require a reorientation to get things right.

 

[sincerem]

That's also one of the reasons I wouldn't go into partnership with anyone long term. Because disagreement comes in at times it ruins the business progress. Only few partnership business survives the test of time, due to the understanding flowing around the two partners. I am the kind of person who doesn't like someone blaming me for all actions I took when it comes to business. That's why I love to execute my business as a lone man, and not bringing in someone to come give me high blood pressure due to little error. Errors exist, if you're a single owner, who is innovative and futuristic you can withstand the trial it poses to your business and stand the test of time too.

 

[Yugocean]

You have good points, especially point no.2, but the most important thing is the nature of business.
I will need capital, resources (product and workforce), and the market.

Business needs promotion to get name and fame; this will make it a brand with its own fan base.
I will give priority to the possibility of providing quality, that will make it sucessful. (Start when you have plan for success.)

 

[Kendy]

Factors that shows that one is ready to start a business includes; the level of personal research conducted by the person. There are some persons who do not have knowledge on a particular business they have in mind and they do not also carry out a research to ascertain some factors. When an individual is ready to start a business, to me, the first thing is to be psychologically ready for the business. There is no how a business would progress when the potential owner is battling with a lot of issues thereby making him not psychologically fit to run a business. Try to be ready cognitively and affectively so you can excel in the business. Also, the availability of the capital is a determinant factor on the readiness of the business. A business cannot be set up without the availability of capital. There is much of the financial value so the business can be funded adequately. When an individual is ready for business, he accepts all challenges as his responsibility and also has good decision making skills. In addition, the proof that an individual is ready for a business setup is the ability to see criticism as a place of creativity and innovation.

 

[TOZZIBLINKZ]

New new business ideas are entering into people's mind today . but sometimes they choose not to quickly establish their business ideas because they have some factors they need to consider in order to ensure that they are able to own and manage their own business . Assuming the capital for the business is there , individuals who intended to establish their businesses most first of all consider and ask themselves what will be their reaction when the business faced challenges . This question in all ramification is very important because business no matter how hard the room will always face challenge . some of this business challenges include challenge of competition and challenge of customer satisfaction .

There are thousands of business challenges , but as for the challenge of competition it is considered to be one of the major challenges individuals and business owners face in their business . And so they must ask themselves what will they do when the business face challenges from competitors . a situation like this it calls for creativity and smartness . So as to outsmart your competitors and steel patronize and end the loyalty of your customers . to outsmart your competitors it is important that your customer service become unbeatable as well as the quality of your goods and services .

 

[eldavis]

Another factor to consider is your ability to make choices. Taking responsibility for your actions is one thing, but making the right decision is another thing. Before making any decision, you should be able to make the needed research before making your final decision. This can also be called calculated risk. Though there are times where even after careful planning, things do not go as planned.

 

[Sotherefore]

Understanding of the business is also very important above all the factors you have mentioned because anyone who is interested in a business should not only spend a lot of his or her time trying to save money but should also look for so many opportunities to learn and really understand perfectly out the business he or she is interested to start really works , because that is also what will determine your success as an entrepreneur.

Although saving is very important as this can really help you to start up your dream business and it can also help you put in place all the necessary things that could help in the success of your business, it is very important for us to have the required money that is needed to start up a business successfully first before we could even think of the business itself.

Location also plays a very important and anyone who is interested to start a business must be mature emotionally to handle all the stress that is associated with business , Business sometimes may not really be easy to start especially at the early stage but it's something that will require a lot of dedication and determination to succeed .

 

[Kingsley]

Factors that shows that one is prepare to start a business will natural show in the preparations that we can see in the person who is willing and ready to commence trading, there are people who claim that they want to stay trading but you will never see them doing anything that is relating to the type of business they want to start, you will see the lack of serious in them as they can not even give you any valuable information as to what they intend to do. All you will see them to is brag about the type of business they claim they want to do and they will never do anything to get strategic information as to the profitability of the business they are planning to embark.


Anyone who want to start a business should first have an excellent information and understanding of the business they have in mind to do, and again such a person should have a very good information about the target audience they which to service or furnish with their goods. And again such a person should have information about the market and location that will deem best for the sighting of the business. Then lastly the person should not allow the issue of fund or raising of capital for the start up to be a major set back. The person should look for avenue of getting capital to start up the business either from his personal account or from his friends and family, and lastly from loans.

 

[Setho]

There are some people that just jump into a business without first of all trying to find out if they actually have the right skills the right funds and also the right temperament to be able to succeed in it . There are a lot of people that have field in business not because they do not have the right experience but then they have started the business at the wrong time or they did it with the wrong people .

Before you should know that you are ready to start a business the first thing that you have to answer it if you have a good idea. This is the most important part of every business by selling of products or provision of services . You should ensure that everything you are offering is something that your customers actually need and they can pay you for .

You should also be able to have answered your long-term goals and objectives . It is true that you might be having a good idea that might actually sell but then another important thing is how long the business can be able to last and how it can be able to we stand tough competition .