What do you know best and what are you best at? Does that fit with your
new business?

Education
It is a great advantage if there is an educational foundation of the
competences in the company. If you can add several years’ practical
experience within the field it will take the competence to an even higher
level. Life experience and spare time activities are also important
parameters to review when starting business.

Economy
Very few of those starting their own business have a lot of money to invest
in the company. But then again, very few companies require substantial
financial resources to get started. Usually, a consultancy or a software
engineering company does not require huge start-up capital. Besides its
knowledge pool, such a company usually needs only a phone, a computer,
an internet connection and means of transportation.

It is opposite for retailers in huge malls. And for development-intensive
companies such as biotech, computer game development and
manufacturing companies. If you are to start a small computer store your
capital requirements quickly mount.

How much money are you able to raise?

Internal Trade Networks
Having the right connections within a trade is of great importance. But
networks are also important within other aspects of business operations.
Experience shows that many customer relations have been established
because a friend of a businessman has told another friend about the
businessman.

Product/service knowledge
It is important to possess a profound knowledge of the service or product
you want to market. An uncomplicated business such as selling fast food or
cleaning can be handled on the basis of general skills and knowledge. And
without prior experience.
But starting a translation agency without a proper linguistic education would
be very unwise. The more specialised the service, the more important to
possess great knowledge of the topic.

Do you know enough about your product or service?


11
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51