The community where I live is not a place with lots of work opportunities. Thus most young people seem to look for work elsewhere and leave this town. Thus I’ve been on a quest to encourage young people to start businesses. Several have been successful, others are struggling to become profitable, and a few have failed. 

Here are some essentials that I’ve found that help people to be successful in their endeavors. 

KNOWLEDGE

Immerse yourself in the quest to gain knowledge for your business. Important things include knowing how to set goals, and the process of planning, organizing, directing, and controlling the activities of a business. Even after you’ve started the business, don’t stop learning. I’d recommend reading one book per month in line with your business. After the first year, read at least one book per year. Keep building on your knowledge.  

MENTORS

Don’t do it alone. Find a good mentor who has business knowledge and experience. Such a guide will help you as you establish your business and coach you as you continue to build your business. Sometimes, you’ll need to pay mentors to do this (even if they don’t charge a fee, pay them – you’ll get more out of the process). 

NETWORKS

You need to develop at least two networks. The first network should be a network of prospective clients/customers. This has to be a never-ending quest as your business moves along. This network can be built online or in your local community. Some use both to develop a network of customers. 

The second network should be a group of like-minded people doing the same type of business. Develop such a network locally (if they don’t see you as a threat to their business). You can also find such people online and expand your horizons further. Don’t be a Lone Ranger as you do business. Develop a strong network that will act like a business support group. 

EXPERIENCE

It is best if you begin a business in an area of your expertise. Otherwise, get a job in such a business and work there for at least one year and gain experience and knowledge. During this year, you can work on developing some of the aspects mentioned above. This year is not a waste of time, rather it is an investment into the success of your future business. 

FUNDS

For many, this is the aspect they think of first, and this is the factor that keeps them from starting a business. Yes, having sufficient capital is essential, but make sure to develop the above essentials first. As you develop those, work on developing sufficient funds. 

If funds are limited, you can begin the business at a smaller size and scale up as you go along. See it as a parallel development of all the above factors as you grow your business. Don’t wait till you have the sufficient funds. Start small, and build as you go along. 

Avoid going into debt to start your business. But if you are well experienced and have started businesses successfully before, you can take loans. Then, you are taking the loan against your prior experience. 

I believe the above factors will be essential as you begin your business journey. Of course, there are many more essentials, and you can learn them as you go along. The most important thing is to begin (without ignoring some of the critical elements mentioned above). 
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