Things to Consider When Starting a Business

If you’re reading this article, you may be considering starting your first business. Maybe you’ve already had a couple of false starts. You may be wondering if it’s worth it. Should you focus on entrepreneurship? Or should you join the corporate world and finding something more stable? Should you stick to what you know?

A lot of articles will give you the motivational angle, or give you a positive spin on the situation. It’s a little more difficult to find hard truths. Everyone can and should consider starting a business. But there are things you need to know before you do.

The Foundation of Your Business is People

It doesn’t matter how good your idea is, or how smart you are. If you don’t have the right people around you, your business is already dead in the water. You need to surround yourself with people who are ahead of where you want to be. Mentors, role models, and colleagues who have stood where you stand. People you can trust to give you the right advice and to know where you are going.

You Won’t Get There Overnight

The internet is full of success stories. Stories of people who had a great idea, worked hard for two months, and found instant success. While these stories are definitely true, they are the exception, not the rule. The reality is that you’ll likely have to work hard for quite a while. You may have to support yourself in the meantime doing another job. It will be necessary for you to go through hard times, and not give up on your dream.

You Won’t Be Able to Corner the Market

It’s almost inevitable that you will have competition for your business. As much as original ideas definitely exist, they don’t stay original for long. Many entrepreneurs imagine themselves as the next Bill Gates or Steve Jobs. They believe they will create such a strong product that they’ll be the only one that people think of. But the reality is you’ll have a ton of competition. If it isn’t there yet, it will be after you start. You need to focus on being the best. Stick to the core values of what you do. Not trying to chase the competition.