Have You Got What It Takes to Start a Business in 2019?

Thursday, December 27, 2018, 6:00 AM | Leave Comment

Becoming an entrepreneur is a dream for many people; perhaps it has been a dream for you for a while now. Some decide to pursue this dream and make a big leap forward. Others are more careful about how they pursue their dreams of starting a new business and becoming their own boss.

Let me be the first to tell you that there is no better time to start a new business than 2019. The market is filled with opportunities for new businesses and entrepreneurs to shine. You just have to have these key ingredients to start a business and be a successful entrepreneur.

  • The Right Attitude

    Before you get to the business ideas and the challenges to face, you need to have the right attitude to become a great entrepreneur. There are certain skills and traits that will separate you from others trying to make it in today’s market.

    At the top of the list, we have discipline. Just because you are your own boss, doesn’t mean you can act like a boss from the beginning. Being an entrepreneur often means putting in more than 40 hours a week and working hard to get your business idea off the ground.

    Good decision-making skills and the ability to see the bigger picture are also important. You don’t have to make the right decision every time, but you do need to know where you are going – and the objectives you want to achieve – to stay on the road to success.

  • A Solid Idea

    Starting with a simple business idea is clearly not enough. There are thousands of new entrepreneurs who also start with the same or similar ideas, and you are competing with them almost from the very beginning.

    What you want instead is a mature business idea. This means a product or service that solves the problems potential customers are facing, the ability to bring that solution to the market in a timely and effective manner, and know-how about the industry as a whole.

    You need to work on your business idea before it is ready for the market, but you also need to make sure that you enter the market before others can develop a similar business idea and beat you to it. This is where the challenge begins.

  • Good Sources of Financing

    Lastly, you need to know how to fund the business and how to best manage business financing. Finance will make or break your business. Simple things such as the state of your cash flow and your overhead costs are incredibly important.

    On the upside, you have more financing options to choose from. Aside from bootstrapping and partnering with investors, you also have start up loans and other financing options to choose from. You even have tools like LendingExpress helping you connect with the best lenders.

Other things – including a network and a strong team – are essential to the success of your business. These three basic ingredients, however, are what it takes to start a new business in 2019.

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