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    8 Replies Latest reply on Mar 14, 2008 12:08 PM by babyjoy214

    Important when starting a business?

    geertjanw Newbie
      Which of the following things is most important in your opinion when starting a business?:

      1. Available knowledge, skills, experience.
      2. Money and other financial resources.
      3. Contacts.
      4. A vision on where to go with the business

      (I am interested in how you all are thinking about these four possibilities specifically)
        • Re: Important when starting a business?
          LUCKIEST Guide
          Welcome to this web site. Important when starting a business.
          When starting a business all 4 of the items you listed

          1. Available knowledge, skills, experience.
          2. Money and other financial resources.
          3. Contacts.
          4. A vision on where to go with the business

          are important, PLUS a Business and Marketing Plan
          Good luck, LUCKIEST
          • Re: Important when starting a business?
            Lighthouse24 Ranger
            Of the items you listed, I would say #4, the business vision. If an entrepreneur has a compelling vision, he or she can work to overcome everything else that's lacking:

             

            • We can develop knowledge, skills, and experience;

            • We can earn, save, or borrow money;

            • We can meet people and establish contacts.

            On the other hand, someone can have all three of those already, yet without a business vision, he or she will probably always someone's "employee" (not that there's a single thing wrong with that -- in most industries, we need good new employees a LOT more than we need another new small business!).

            If we're discussing what's important when starting a business, I'd certainly add "drive" to the list -- i.e., the energy, self-discipline, persistence, and patience to do whatever work it takes to acquire whatever resources or capabilities you lack. There are people who start with almost nothing -- a mediocre idea, marginal skills, no money, and few contacts -- yet they succeed because they work hard. There are also people who start with everything (by comparison) -- a "can't fail" idea, the right skills, plenty of money, and a solid network of contacts -- and they fail simply because they're too lazy to do what needs to be done.

            So . . . the vision is a prerequisite (in my mind), but so is the drive to do what it takes to achieve the vision (which includes coming up with whatever else you need from among those other three elements).

            Welcome to the community! Best wishes.
            • Re: Important when starting a business?
              MKTG.com.au Adventurer
              What about marketing? It should really be included in your list. If you dont have marketing then you are missing out on opportunities. Many small businesses or start ups often forget about the importance of marketing and underestimate their marketing budgets. In my experience, marketing can be the difference between a success and failure. I would encourage you to add marketing to your list and I dont think I would be alone in recommending this.
              • Re: Important when starting a business?
                babyjoy214 Adventurer
                I think everything is interrelated.. You have to have the skills, knowledge and heart, no experience necessary since some are just starting a business..next is contacts-- figuring out who your target market will be.. then the money matters and resources and lastly is the vision to pursue more..