WESST Blog

Are you thinking about starting a business?

This time of year, you’re not alone — one of the most common New Year’s resolutions is to improve an employment situation. For many, this means looking for more rewarding work in their field, or perhaps pursuing a new career altogether.

A select few, however, will pursue their passion in the form of an entrepreneurial venture. But with the high level of risk and substantial personal investment involved in starting a business, you may be wondering if entrepreneurship is the right choice for you.

The most important element of successful entrepreneurship is personal dedication. Starting a small business isn’t for everyone — many potential entrepreneurs decide not to pursue a venture because the risk of failure is too high, or because they aren’t genuinely enthusiastic about their idea for a business.

When considering entrepreneurship, be absolutely certain that you are passionate about your idea and are committed to making your business successful. Know that you are never really able to be your own boss; even when you are the owner of a business, you must still answer to your employees, your customers and the community.

Take these thoughts into consideration, and if you decide that you are willing to make the commitment to entrepreneurship, you will be ready to take the first steps toward starting your business.

Once you have decided that owning a small business is a good personal choice for you, you need to make sure your idea is compatible with entrepreneurship as well.

Carefully analyze your business idea and make sure there is a market for your proposed goods and services. Begin by asking yourself a very straightforward question: Is my idea viable, and can I realistically produce it? Be honest with yourself, and seek tangible evidence that reinforces your position. One of the best ways to support your idea for a business is to do some market research — compile information about the people that are willing to pay for your goods and services, and know what need your business fills in the marketplace.

By the same token, make sure that you fully understand the internal components of your business idea as well. Know how your goods and services will be produced, and acknowledge anything that could hinder your ability to offer your core products. Be sure to account for the cost, technical and legal factors of producing your products, and know what your business would need to do to address those issues. Your goal in answering these questions is to create a case that you could present to someone else that would convince them to invest money in your business.

Once you complete the analysis of your idea and develop a strong argument for why it is viable, you’ll have the tools you need to begin seeking financing for your venture.

At a glance, starting a new business can appear quite unapproachable. Owning a small business is by no means an easy task; with the right attitude and careful planning, however, the odds of having a successful venture greatly improve.

If entrepreneurship is the right choice for you, a combination of personal dedication and meticulous planning will create a foundation for lasting success in small business ownership.

(You can also view this blog in the Rio Rancho Observer)