What Do You Need To Start Your Own Business?

What Do You Need To Start Your Own Business?

What do you need to start your own business? Unlike the conventional belief, starting your own business goes far beyond your business idea, in fact, your business idea is simply the tip of the iceberg, which means your business idea counts less in the process of building a business, especially the successful one.

In this article, you are going to learn what one needs to start a business, that will eventually grow to more revenue. Let’s start.

Develop the right attitude

What Do You Need To Start Your Own Business?

You have probably heard the saying success is 99% attitude and 1% aptitude. The key to success in business or life in general stems from your attitude rather than your aptitude.

Bradley Sugars in his book billionaire in training said, “what can make you a good employee will drastically limit you as a business person.” What Mr. Sugars is telling us is, the first step to build your own business is to think like an entrepreneur.

Napoleon Hills said well by saying we are all the products of what we think about on a regular basis. You have got to develop the entrepreneurship attitude before thinking about anything else in your business.

Invest in yourself

Aside from your attitude, investing in yourself is one of the requirements to build a successful business, because knowledge is power.

Your attitude in a simple way is the way you interpret events in your life, and you can’t have the right interpretation of events unless you invest in yourself, in terms of knowledge.

It has been reported that business tycoons such as Bill Gates, Warren Buffet, Elon Musk, spend much of their time investing in themselves regardless of the billions of dollars they have to their counts.

The point I’m trying to make here is, there is no shortcut to success. If the elites in the business world are spending time reading for 6 hours every day in the case of Warren Buffet or reading one book every week in the case of Bill Gates, why can’t you do the same?

Don’t write your business plan yet

What Do You Need To Start Your Own Business?

You have probably noticed that I have not yet mentioned the writing of a business plan in this article, and for your information, I am not going to do so, simply because it is an easy task to do and it doesn’t work for most entrepreneurs.

100% of entrepreneurs write a business plan for their businesses, but only 20% of them build successful businesses, and these successful entrepreneurs write their business plans last.

They don’t rush writing pieces of information that are not accurate, in fact, they usually leave this task to other people.

Evaluate your business idea

Most entrepreneurs strongly believe in their business ideas while they should not. What I mean is their business ideas are mostly unrealistic.

Don’t get me wrong here please, I know most of the inventions of the present seemed unrealistic sometimes ago.

But the point I am trying to make here is, being an entrepreneur is different from being an inventor. An inventor invents a product, and an entrepreneur sells a product.

I know there are people who are gifted with both skills, people like Thomas Edison, Henry Ford, and so on. These are the people who invented products they could sell themselves. They were both inventors and entrepreneurs.

In contrast, entrepreneurs are people like Ray Kroc, John D. Rockefeller, Bill Gates, Steve Jobs, Robert Kiyosaki, Mark Zuckerberg and so on. These people didn’t invent anything at all, they simply made what exists better, they are simply selling what people know already.

Don’t invent a product, sell what everybody knows.

Don’t get me wrong once again, I am not against inventions, but as an entrepreneur, you are better off selling what everybody knows already.

You must obviously innovate in order to get an edge over the competition, but the innovation must not be the product, but the way you sell the product.

McDonald’s didn’t invent the hamburger

What Do You Need To Start Your Own Business?

Let’s look at McDonald’s which is undoubtedly the leading company in the fast-food industry. McDonald’s as we know it today was founded by Ray Kroc.

Mr. Kroc was working as a salesperson for a milkshake mixer manufacturer company when one day he decided to pay a visit to a restaurant that bought 8 of their milkshake mixers.

When Mr. Kroc arrived at the McDonald’s brothers’ restaurant, he saw the potential behind the business. He decided to buy the restaurant and change the way of selling hamburgers. Instead of selling at one location Mr. Kroc decided the hamburger from McDonald’s to be sold worldwide.

He ended up turning a small restaurant into one of the biggest franchises in the world. Today McDonald’s has over 30,000 restaurants across the globe. The one lesson you must learn from this story is, leave the invention to inventors, as an entrepreneur you are better off selling soap rather than inventing a new gadget.

Even Warren Buffet who is the greatest investor who ever lived and one of the richest people in the world doesn’t invest his money in new technology companies. He is likely to invest his money in a soap manufacturing company rather than in a technology company. Once again you are an entrepreneur, not an inventor.

Build a team

What Do You Need To Start Your Own Business?

This is one of the most difficult parts when it comes to building a business. Getting professionals working in unison towards a worthy goal is not an easy task, that is why most entrepreneurs simply overlook this step, and that’s the reason why most businesses eventually fail.

It is necessary as an entrepreneur to start building a business team even before thinking about your business. You are likely to start a business without a business team, but your business can never thrive without a strong team.

The following is the list of some professionals you will eventually need in your business team:

  • Banker
  • Stockbroker
  • Bookkeeper
  • Attorney
  • cashflow manager

These are the people you will be working with, not the people who will work for you. There are the people you must listen to because they can easily cause damage in your business without your notice.

They are the ones who will guide you on writing your business plan. For further information on how to build a strong business team, I recommend the book Instant Team by Bradley Sugars.

Build your business system

If you pay a visit to the neighborhood shop, something will become evident to you. The shop owner or the shop attendant wears different hats, he is the one receiving the money, delivering the product to customers, writing bills, and many more.

Running a business this way will surely lead to stagnation and exhaustion. The most effective way to run a business is to develop systems in it. Smart entrepreneurs generally appoint people to run their companies simply because their businesses are systems-oriented businesses, rather than people-oriented.

Which means everybody knows what to do when to do it, and how to do it. There are no key people in a system-oriented business, if someone leaves the company, for instance, a new one can be trained following the operations manual. Some systems found in every successful business are:

  • Product development
  • Office operations
  • Manufacturing and inventory
  • Order processing
  • Billing and accounts receivable
  • Customer service
  • Accounts payable
  • Marketing

These are some business systems essential to any business, and for further information related to building a business system, I recommend you reading Instant System by Bradley Sugars.

Conclusion

Building your own business is not rocket science by the way, even though it looks intimidating in the first place. It can be done with a lot of determination.

I would like to remind you again that your business idea is simply the tip of the iceberg, you should also consider building a strong team because without a team your business will not weather the storm new businesses go through

My last recommendation is to learn as much as you can.

 

This Post Has 8 Comments

  1. Katie

    Hi! Thanks for this article! You are so right that it takes blood, sweat, and tears (and time) to create a successful business of any kind. I really like your book recommendations. I remember hearing that the biggest, most successful entrepreneurs are spending an hour or more each day just reading. I love that. Thanks again!

    1. Randy Levy

      Thank you too

  2. Feji ben

    Hello there, These are very nice ideas that you have given in this article. Over the years many people have failed in the line of starting their own business because they have lacked the proper know-how or I would say they lack the proper orientation on how to start a particular business

    As we all know each and every business has its own start-up requirements and if all these things are met then such a business is doom to fail thanks for share this tips with us It would help a lot in constructing a good business environment

    1. Randy Levy

      Thank you Feji

  3. Jake

    Hi, there are so many challenges that. Are involved when it comes to starting a business. It is lots of hard work and time investment. It is. Not for everybody. Most people are not willing to do what it takes. so you need A good enough reason to put in the work. What is your motivation behind success? Why do you want it?

    1. Randy Levy

      Jake, i personally believe that there are many sources of motivation. My source of motivation is my goal. My life is worthless unless i achieve my goals

  4. Md Millat

    Thank you so much for sharing such an excellent article with us. Your article was interesting and informative. I have got a lot of information about the need to start own business. I need to develop the right attitude to start my own business. Self-confidence is one of the essential requirements of investing in yourself. I need to evaluate my business idea. I will share your article with my friends so that my friends can benefit from reading your article. I have bookmarked your website so that I can come back to your website later when I need it.

    1. Randy Levy

      Thank you Md

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