What are the primary skills and pre-requisites required to start my own business, be it of any kind ?

Question

I'm a Software professional with 3 yrs of experience under my belt. Do a typical 24 yr old have that level of capability & maturity to drive an organization. I just keep getting the usual non-worthy advices like "Start small, think big", "Confidence & Hope drives you "etc. But is it possible to get a practical response ?

Answer 1

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

Anectdotes are fine, but you need a plan. Do you have managment experience? Start by developing a business plan. I use Business Plan Pro Premier. It does the organizational work for you. Define your strengths and weaknesses and build your plan accordingly. Once completed, you will feel confident in your ability to judge whether it's right for you or not.

It's not an age thing. If you're going to do it, the sooner you begin to plan, the better. Most entrepreneurs had lemonade stands or lawn mowing businesses by 10. 3 years is certainly enough time to understand an industry's structure, if you've had the right exposure.

Don't be hasty. Understand the inner-workings of the organization that employs you before you set out on your own, even if you are planning to do something different. Your employer will give you a free education, and it will take less time with them than going to the school of hard knocks. The thing most people lack in their 20's is practical application skills and an overview of how the business world thinks. Yes, thinks. The product and inspiration are just the conduit, you must be thoughtful and creative.

Read books like:
Think and Grow Rich
Rich Dad Poor Dad
Guerilla Marketing

Find what speaks to you and begin to develop your own ideas and style. Incorporate these ideas into your business plan.

It is not when you do it, it's what you do. Be organized, thoughtful, and prepared to learn from failure. Odds are excellent that you will NOT succeed in your first venture. The thing they don't tell you is that that is one of the most important ingredients to success.
Good luck

Answer 3

I know nothing of software but, I do know our business 1st know everything there is to know about your product or service, ask yourself questions and if some one ask one you do not know tell them you will get right back to them and do it. Decide what you want to do, set up a game plan and schedule and keep to it. Put all your money into it and cut back on living expenses ( eating out, cable TV, expensive food, do not waste gas, anything that will cut your utility cost in the house) however keep your Internet and get the best service possible because there are sites you can advertise for free. Work part-time or if you can handle it full-time at night and work on you business in the daytime, keep your cell phone on you at all times(yes all times)and answer professional. Advertise any way you can, make flyer's and pass them out,put them on cars, ask stores if you can put them on the windows; make business cards give them to everyone you talk too, even people in line at the grocery store around you; email your flyer's to everyone you know and ask them to pass it on. Do everything you can yourself before you hire anyone to help you, believe me it is going to kick your butt but it will all be worth it a few years from now. I wish you good luck don't give up.

Answer 4

To start your own business, be sure to personally look into the day to day operations. Sometimes people fail because they put he responsibility of "running" the business into other people's hands. No one can value more your business than yourself. So attend to the nitty gritty of it personally especially money matters.