Having a vision and mission for your business is one of the ways to motivate yourself.
Self- motivation is built first by knowing the cause to own a business.
Dream is an important goal for the cause you were thinking about.
Finally is by having the hunger to achieve the cause and dream that you wish for.
Starting a business with your own personal interest is a bonus.
While other people are still thinking of what kind of business to do, you are already one step ahead by doing what you like and what you are good at.
Besides that, considering your personal interest as a business also gives other benefit.
Firstly, it will help you develop and generate lots of ideas.
Furthermore, the best way to make sales is to believe in your product and have faith that all products that you promote will benefit people in many ways.
The point is that, it is much easier to start or develop a business when you have an interest in it.
This element plays very important role not only in the planning stage of your business but also in other stages until you become a successful business owner.
Not only that, family may also be one of your fund providers when it comes to startup capital.
To make sure that your family members will not suffer from any risks due to your own ambitions and target, you have to discuss with them, especially your spouse and children before you pursue your business dream to ensure that everyone is prepared with the business.
Running a business will involve both physical and emotional activities.
Even in the planning stage, you will have to consider every single thing; business planning, operational process, accounts and procurement, as well as products/services marketing. It is totally tiring and stressful.
Having good physical health will ensure you the strength to cope with all heavy activities and operations involved, supported by good emotional health that will avoid you from being demotivated by any unwanted problems and challenges.
Guts refer to an entrepreneurial instinct, which is an overwhelming desire to have your own business.
While appropriate educational credentials are important, entrepreneurial "brains" means much more than scholastic achievements.
You will need seed money of your own, plus sufficient cash, to maintain a positive cash flow for at least the first year of your business. In future session, you will learn how to forecast future cash requirements through cash flow control. Many businesses can be set up on a very small scale with a small investment. Then, as the business grows and as you gain experience, cash flow from your business can be used for growth. In some cases, you don't even need starting capital to hire other people because you might start by doing everything yourself. The "do it yourself" strategy is a good way to learn everything about your business and also makes you better qualified to delegate work to others later on. You can control your risk by placing a limit on how much you would like to invest in your business.
Your business could be named from something memorable, a name related to your area of work, or availability of potential domain name.
You have to select business name that can distinguish you from other people or business.
Your business name should be attractive, brief and memorable to represent your products or services. You have to make sure that no one else is sharing the same or similar business name that you are using.
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