Passion alone is not enough to start a business:

Small-business owners usually start a company because they have a passion for a particular product or service. However, people should not open a bakery just because they love baking cakes. If you love baking, get a job as a baker.

There are many functions associated with running a business. Before you quit your day job, make sure that you know how each of these functions is going to be handled It is important to remember that this most often includes selling

The first step for most entrepreneurs is to sell something. Put in place the minimum amount of infrastructure that you can get by with and focus on generating revenue. Many new businesses fail because they simply cannot generate enough revenue to sustain themselves.

The only caveat to this advice is to, “Fail fast, fail cheap, but don’t fail because you are cheap.” That is, don’t offer an inferior product or service that has little or no chance of success because you are doing it on the cheap. Spend enough to ensure that you have a chance to succeed. Initially, you should minimize the infrastructure you build, do as much of the work as you can yourself and outsource those items where you lack expertise.

Posted in Business Tips

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