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Starting a new business is both exciting and rewarding, but full of challenges. The level of commitment that you will need should not be underestimated. The success of your business will be greatly determined by your attitude and skills. This means being honest about a range of issues - your knowledge, your financial status and the personal qualities that you can bring to your new business.
Commitment, drive, perseverance and support from family and friends will go a long way towards transforming your business idea into reality and will be especially important during the early days. Before one can embark on this magnificent journey, here are a few recommended “checks” Check 1: The Day to Day Reality Check – are you ready for personal sacrifice, financial insecurity at times, loss of company perks? The culture within Trinidad and Tobago in particular still reflects a certain negative stigma associated with entrepreneurship and small business formation. University graduates and skilled workers try to obtain jobs either within the oil and gas or financial services industry. How many times have you heard “get a good job in the oil?” Check 2: The Entrepreneurial Quality Check – A typical entrepreneur possesses self confidence, self determination, being a self starter, commitment, perseverance and discipline. The ability to have faith, go the distance, to stick with it when even your best friend says you’re crazy! Check 3: The Business Skills Check – How would you feel if you were about to undergo surgery and as you being wheeled into the operating theatre you overhear the surgeon saying “Wow, this is a new one Tim, I’ve never even studied this before ok, let’s go” you may suddenly get a miraculous recovery! As a business owner you would need core skills to execute your ideas and to ensure that your business survives in the long term. Do your homework this includes learning about financial management, people management, business planning and sales skills if necessary. Check 4: The Market Research Check - You need to research your target market and your competitors carefully.A common misconception is that entrepreneurs who fail simply lacked sufficient funding or did not put the right team in place. In many cases new businesses fail because they have not spent enough time on researching their business idea and its viability in the market. Check 5: The Financial Commitment Check – Access to finance is usually quoted as the number one barrier to an entrepreneur when starting a new business, although it is an area where many entrepreneurs struggle there are now many options available which can assist in start up financing particularly in Trinidad and Tobago now such as NEDCO, MicroFin and the various venture capital funds available.. Securing the right financing for your venture is crucial particularly as there may be no guarantee of a steady income in the early stages of your start up. Starting your business with a lack of funding is of course more difficult, it is imperative that you are realistic! Starting and growing a business is indeed a rewarding experience, passion, commitment and proper planning cannot be overemphasized. Have a pleasant journey! Today’s Top Tips • Get as many facts and figures as early as possible to back up your business ideas • Be Realistic- you will have to justify claims in your business plan • Keep plugging away even when you encounter obstacles • Think Long term – it will save you time later. -The Professor
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