The first three question that you may ask your self before establishing any type of business is:
1) What do I offer?
2) Why people will buy my product and not the products/services from my competition?
3) Who will be my first buyer? These are the three basic questions I should be able to answer wisely.
Also, a business should include planning, goal setting, and all the things you have mentioned. In fact, all these things should be clearly state in the business plan you create. Yes, a business plan is a MUST! For sure, mostly every businessman tells you that things have occured different than projected in their business plans. The thing is that it doesnt matter. The businessplan is a guide for you, a detailed a guide, that will let you learn many things about the business you want to establish. Making financial projections, defining strategies, all of them will be a MUST do work, before making any type of business. You can tell me, ok, but I do not know how to do a business plan? Ok. There are thousands of books, institutions, organizations that help you do your business plan, entrepreneur groups and events and more.
-----For me money may the most important thing to consider in putting up business however also the innovation of a certain product makes it continually productive. In a way that it is patron by your target customer..
Putting up business may risky, it is usually people faces. But I believe that through proper planning, wise strategy, being innovative and adoptable of the changing lifestyle of people will lead you to be one of the successful BUSINESSMAN!
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