Getting Started Overview

Everything you need to know about starting a business in a nutshell from Ventureport.org™—the Online Outfitter for the Entrepreneur’s Journey

Overview: The Idea

The bad news: only 5 percent all businesses succeed. The good news, many of the people who fail at their first venture go on to create a successful one, and technology has made it easier than ever to succeed.

Take a step back, look objectively at your idea:

• There should be a clear demand for your product or service, either because it's a new concept or because other companies provide a poor product or service.
• It should have a definable market you can reach through personal sales contacts or a reasonable marketing budget.
• Don't kid yourself when it comes to financing: you need to have enough money to get the business to at least break-even, so you don't go bankrupt simply for lack of money. Most businesses fail because they run out of cash, not because they're a bad idea.
• You'll need people to help you with expertise and relationships you don't have.

Remember: it's not enough to have a good idea. You need money, expertise, relationships, and access to customers. A little luck never hurts.

Click on The Idea for more articles and resources.