It is interesting start new business venture. Where you are right now actually does matter if you stay there and continue working but if you have decided to move on with your own venture, the world is going to be different then you can ever imagine.
How to start new business venture
The question how to start new business venture rises when you are already working somewhere. Most important is your willingness to leave your existing life and start. Decision making is the toughest task which takes maximum of time. After that you can think about the business model you want to work on. With business model there are many things associated including following.
There are many other aspects that must be considered before taking this decision.
Check feasibility of starting a business
Starting a business involves investment of time, money and resources. Think multiple times and research enough on this aspect because a wrong business idea may take it all. You may want to create a niche market or want to compete with existing models, analyze and research enough before taking final decision on it. If the idea is feasible, then the chances of success increase automatically.
Writing Business Plan
Before you start the process and quit your existing job or career. Create a complete business plan for your idea. During the process of creating business plan you will come across various negative thoughts and positive points and you are supposed to write all of them in order to find out challenges that you have to overcome and key areas that will help you grow. Collect as much information as you can and try to find loopholes to assure success of business idea in real world.
Team management skills required
A strong team can make the toughest dream into reality so this is one of the most important before you take final decision required as a first casting stone of business foundation. Your team management skills are required to ensure the team is working on common goal. Do not be emotional while taking tough decisions as market only understands numbers. Make a list of team members, their capabilities and interests. If someone is not interested do not push. You must have self motivated people to survive and sustain long term success. The history is evident that only few people survive till end so the best way is to keep negatives away (understand difference between negative and critics).
Get initial funding for business
Every business requires some amount of money to set up and promote it, so it is important to get initial funding for business. Arrange funds for business in advance and make a budget of everything. No matter how much money you have, it is supposed to be spent one day. This is about fund management and sources of finance when you do not have money to survive. Don’t be afraid to be in a situation where all the money will be exhausted and you will have lot of financial commitments. Just plan ahead of time to assure disaster management is in place.
Go ahead and start the business. All the best!