Want to move your business idea from a dream to reality? Here are five steps to get you started.
Look for unmet needs
Many great business ideas grow out of the problems and frustrations that individuals have. Look for unmet needs and better solutions. Can you do something better than your former or current employer?
Consider your skills
Determine your own strengths and where you have gaps to fill. Join trade associations and get experience in your target industry. Find out what it takes to be successful.
Get real about $
Many new businesses fail because of inadequate start-up funding. Have enough cash for at least 3-6 months — better yet, the next three years if you can. Minimize your business expenses.
Many entrepreneurs let their passion for their business blind them to its problems. Avoid thinking that your product is so good it will “sell itself.”
See the Hands on Banking Entrepreneurship course for much more on the topics of starting, managing, and growing a business of your own, including helpful resources to learn more.
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