by Earl Sigmund
April 4, 2006

So you have decided that starting your own business is what you want to do at this point in your life. Now what? Given the high failure rate of start - up businesses, what steps should you take to minimize the chances of failure for your new venture?

Step 1:
Foremost you have to figure out what type of business will work for you? Don't think of just the businesses that you believe make lots of money - (eg. Doctor, Lawyer, Home Builder, Etc.) - Starting a business for the money reward only - almost guarantees a business failure. You MUST choose a business that you will like and learn to love to succeed. You normally must take a real life experience in a certain field that you have already had success, interest, or fun and turn that pleasurable experience into your new business. It may be a hobby that you enjoy, or a part of a fascinating job that you had in the past, or some product or service that you feel the world needs but nobody has fulfilled.

Step 2:
Carefully research the industry your new business is in - starting a pay phone, internet dial up service, and video store business were once thought of as "hot" businesses to start not so long ago. Make sure that your industry has a real future. Once your business passes this industry test, then do some more research on the type of business you want to start - the small business section of the major book stores pack many "how to" books on many types of businesses. The web search engines will help you find competitors around the world and provide valuable information as to how to market your new business.

Step 3:
Once you have an idea for your new business and have done the proper research on it - write down what your business is all about in a fashion that states in detail what it is and why you think YOU would be successful. Sooner or later you will transform this "mission statement" into a real business and marketing plan that will convince you and others that this business makes sense for you both emotionally and financially.

Step 4:
Share your business idea with someone in the business world that you trust - such as a successful entrepreneur; or someone that reviews business concepts or plans for a living - like a bank business development officer. Don't choose just one person - bounce your idea off several people and really listen to their reaction.

If after doing all this work and getting a lot of positive feedback about your concept you feel yourself getting more and more excited about your new venture... by golly you ve got it - THE ENTREPRENEURIAL ITCH - another new business is borne!