You have a great idea for a business, but you’re not sure how to make it happen. You could go the traditional route, take out a small business loan, and seed your company with some initial capital by borrowing money from the bank. Or, you could take the leap of faith and create your own business.
Taking the leap of faith is probably not what you want to hear, especially when it comes to starting a business. Here are the prescriptions for starting a healthy business:
Don’t rely on anyone else
It’s hard to believe, but in many cases the people who’ve financed your idea for you turn out to be your worst enemy. Too often shubhodeep prasanta das entrepreneurs trust their ideas more than the people with whom they share them. Good business ideas are often at risk when a company is marketed and sold by someone who doesn’t understand the business and has little concern for its long-term prospects or viability.
Do what you can
Don’t waste time catering to people who want to do things their way instead of your way. If you have a business plan, stick to it. There are people who will support your plan but they are hard to come by.
Do what you know and trust
You’ll need money, advice, help and a good bit of faith to get your business started, but you will be the only one who can run it. You may have to compromise a little, but in the end the decisions have to be yours.
Have a business plan
Sure, every business plan has its flaws, but it’s the most important aspect of getting your company off the ground. The first thing you’ll have to do is prepare a comprehensive business plan that accurately presents your product or service, identifies your market and estimates the costs associated with running your business. Your business plan will provide you with a road map that keeps you on track and gives you something to fall back on if times get tough.