A lot of people get the impression that you have to have an MBA, or a fancy degree from an expensive school to start their own business. I’m here to tell you that this is not the case. While a degree may prove that you have a well-rounded education, and have the determination to achieve your goals; it doesn’t mean that you will have all the tools needed to run a business. In my opinion, to start a business that will give you the success you strive for, you need 3 basic things.
A Healthy Business Model:
You may be the best business person on the planet, but if you don’t have a good business model, you won’t succeed. Find a business that offers a legitimate product or service. The product or service must have a high demand. Does the product or service have a high profit margin? If not, is demand high enough to support the increase in sales that you need to achieve? You also need a business that has little competition. If there is competition, is there a clear way for you to differentiate yourself to attract customers?
While starting your own business doesn’t require a degree, it does require training. Chances are, you don’t know everything there is to know about the product or service you offer. If you have never run a business before, you will need training to help you carry out your day-to-day business functions. Ongoing training and support is key when you are new to running a business.
Strong Work Ethic:
Starting and maintaining a business requires a lot of stamina, especially in the beginning. You will be doing a lot of work. It can weigh you down, and you have to rely on your motivation to see you through it until you succeed. There will be times you might want to give up, and these times will test your character. So many people gave up inches before the finish line. Work hard, get it done, and the results will come.