If you've got a great new idea and no competition in sight, you must be sure that the product or service will be of value to customers- at a price you can afford to sell it.
There may be no competition for a very good reason.
If your objective is to enter a field with established competitors, you have to know your strengths and weaknesses, as well as those of your competitors.
Be sure you can provide a better product or service for a competitive price.
Finding out all these things is called "market research" and you have to do a thorough job of it to succeed.
Having a well-considered and systematic plan allows you to recognize problems as they arise in time to be able to take corrective action.
The plan should be a living document, flexible over time to adapt to changes in the marketplace and your industry.
It should include sections of every facet of your business- whether you're a sole proprietor or the executive director of a new manufacturing venture.
Take your ideas and business plans to variety of people, starting with friends and close supporters.
Be prepared for critical feedback, and be flexible.
Take the inevitably first few comments of "no thanks" as opportunities to fine tune the next presentation.
One of the hallmarks of an entrepreneur or business owner is the ability to regroup, rethink, and achieve a goal in another way.
Seeking publicity for your business is a way not only to notify potential customers but also to get the attention of potential investors.
The more people know about your idea, the better the chances that you'll attract the right investor.
Be willing to share a portion of the company/business with the right partners, but be wary of companies and investors who want full control, or the lion's share of the proceeds.
You could also think about entering into a joint venture with another company, or position your company to attract start-up funds from federal or state sources.
Being entrepreneurial doesn't mean being a lone ranger.
Being successful often depends on your ability to network with potential customers, suppliers, new investors and even those in government who control certain aspects of the business environment.
An integral part of your business plan involves a marketing plan- how you intend to create the demand for your product or service.
While market research tells you the "what" and "where" of your opportunities, the marketing plan outlines the step by step which you'll find potential customers and convince them to buy from you.
Networking, advertising, and PR- public relations are all forms of marketing and promotion.
Most entrepreneurs or business owners are better at ideas than at managing budgets, business operations, and employees.
Anticipate that you'll need more capital than you figured at the start, and don't be lavish with spending beyond the company's means.
If you find yourself in a questionable position, make sure you have a network of trusted and experienced advisers to help you see the proper perspective and cover the things you are not naturally good at.