Starting a New Business – What Does it Take?

In recent times, there is a proliferation of new business opportunities being advertised in the electronic and print media. And there is a great deal of interest! It seems that many people want to be their own boss. But what does it really take to start a new business? Is everyone cut out for it? These are good questions to ponder since the advertising of many such opportunities claim that anyone can start their own business if they are teachable and willing to follow the system.

One thing is certain. A prerequisite to starting a new business is a desire for change. A desire for self determination. A desire to stop working for someone else.

How does this desire for change develop? This desire develops when you become dissatisfied with what you are doing. Are you currently employed? Does your job stress you? Do you dislike the people you work with? Do you find that you are now working longer hours for the same pay, or even less pay? Do you lack flexibility in the work place to care for children or aging parents? Do you wish you had more time to do the things you love?

Are you unemployed even though you would love to work? Do employers and recruitment agencies pass you by because you “have too much experience”? Or are you finding employment difficult because you have a disability?

Apart from these reasons, the desire for change also develops when you see a lucrative opportunity in the market place. There may be no other business providing a particular service or product. Or there may be a great demand for a service or product and few providers. Also, you may believe that you can provide a better service or better product than your competitors.

How long does it take for this desire to translate into action? Some people take 5 years, others 5 months, 5 weeks or 5 minutes. It all depends upon you and the type of person you are. If you are currently employed, it may take you 5 years to become dissatisfied with your situation so that you want to change it. If your circumstances in life change (e.g. retrenchment, juggling child care, employer cutting back hours, earning less money than before), it may take only a few months for you to develop the desire to become more self determined. So it really depends upon the type of person you are and the situation you find yourself in. In essence, are you dealing with a potential threat to your sense of satisfaction in the work place or do you want to capture an opportunity that presents itself in the market place.

Once desire for starting your own business develops, how do you know what type of business you want to be in? The answer to that question will be addressed in a following article.