Over the years, I’ve seen tons of entrepreneurs succeed, and tons of them fail. Those who succeed generally have five components in situ before launching their venture. First, the necessity for the merchandise has got to be there (NEED). Second, you want to have the expertise and credibility to launch your venture (EXPERIENCE). Third, you want to have all the resources you would like to urge started people, production, distribution, and funds (RESOURCES). Fourth, you’ve got to possess customers who are committed to purchasing your product (CUSTOMERS). And fifth, your business model must be sound—from pricing and price of products to margin of profit and margin of profit (MODEL).
The stronger these five factors are, the higher your chances for fulfilment. On the flip side, the less these factors exist, the upper your probability for failure. Let’s discuss these five components of a real opportunity in additional detail.Continue reading “5 Things Your Business Must Need to Succeed”