THINGS TO KNOW AND DO BEFORE STARTING A BUSINESS
More than 90% of start-ups fail within the first two years of existence. To avoid being included in these statistics, take the time before starting your business to:
Assess your entrepreneurial potential: through a skills assessment (knowledge, know-how, soft skills, motivation etc.);
Mature your project or business idea;
Learn about your market: size, turnover, competitors, regulations, etc.;
Develop a Business Model Canvas or a Business plan outlining your business model;
Possess or have developed the essential qualities of an entrepreneur (see below); a mentor or a coach can help you do this;
Acquire basic notions of management and accounting;
Get informed about the legislative and regulatory framework relating to the creation and support of SMEs;
Build up an investment capital and be informed about where you can get funding for your business;
Carefully plan the implementation of your action plan with the objectives to be achieved;
Prepare a backup plan in case the project fails.
- have or develop an original idea (solving a problem or meeting a need) as well as a well thought-out “business model”;
- calculate all your costs carefully, taking into account unforeseen circumstances;
- estimate realistically your sales revenue. If your result is largely profitable, there is a good chance that your business is profitable and sustainable.
Do not mention the quest for gain (becoming rich) as the main driving force behind their actions, but the passion for what they do and the desire to make the world a better place. The billionaire Dietrich Mateschitz, Austria number one fortune and cofounder of the energy drink Red Bull, said in one of his rare interviews that money always came last after the quest for freedom, independence and passion for his projects.
Did not try to anticipate everything or wait for everything to be ready; they took action as soon as possible and progressed by learning from their mistakes.
SUCCESS IS A PERSONAL MATTER
Just as finishing at the top of your class throughout secondary school or even at university does not guarantee a brilliant professional career, being or becoming rich is by no means a guarantee of a happy and carefree life.
Our society still wrongly measures a person's success mainly by his wealth and the number of possessions he owns. However, quite all senior and retired people questioned about the things and moments that have meant the most to them or given them the most joy rarely mention money or possessions, but instead mainly time spent with their families, job well done, hobbies and sport, helping those in need, etc.
So, whatever success or wealth you achieve in life, always put people at the centre of your actions, never compromise on ethics, focus on continuous learning, be a help to your loved ones and loyally serve your community and country.
As Professor Woodrow Wilson once said: 'Every man sent out from a university should be a man of his Nation, as well as a man of his time.'
