If you do not have any money and want to start a new venture, do you give up and wait or do you find a way to get it done? If you take the conservative route your answer will be I will wait until I have enough cash to get the idea going. But how long are you willing to wait? How long will the opportunity last?
Small questions that deserve long answers. You need to look at the problem from many angles.
First Analyze the opportunity. Do not just rely on your passion (although passion is important). Do some research and find out if there is a market and if money can be made from it. Survey potential customers to see if they would buy the product or service and how much they would pay for it.
Second Do some more analysis by locating competitors (if it is a really new idea there may not be any). Get to know that competitor through their products, the price points, and how they are sold and how successfully they are selling.
Third If you still think there is a market, do a forecast for sales, and what resources (both financial and people) are needed to make the opporunity worth the effort.
Finally Find the money from different sources. You can apply for a business line of credit, private lenders, or other places. This is time to be creative and find ways to make the opportunity work for you. If you are extremely conservative, then this may be too risky a venture. If you love risk, then go for it and see where it leads.
For me - I almost always go for it as long as I have done my homework and know the potential wins and pitfalls.
Bette Daoust, Ph.D. has been networking with others since leaving high school years ago. Realizing that no one really cared about what she did in life unless she had someone to tell and excite. She decided to find the best ways to get people's attention, be creative in how she presented herself and products, getting people to know who she was, and being visible all the time. Her friends and colleagues have often dubbed her the "Networking Queen". Blueprints for Success - Networking: 150 ways to promote yourself is the first in this series. Blueprints for Success Branding Yourself: Another 150 ways to promote yourself is planned for release in 2006. For more information visit www.BlueprintBooks.com |
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