You have to have a passion and a dream. One of the things that a banker is going to look for in an individual is does the business I am proposing fit my dreams, does it fit the market? Have you spent the time to do the research? Doing your homework is a very important characteristic. You've got to do your homework. You've got to do your research.
Keep on top of your business, it has to be managed, it's not just going to happen. Successful businesses don't happen - they are managed. You watch what's going on and when things are not working you change them. You have to be flexible.
Not everyone should be in business. They don't have the skills, the ability, the inclination, the dedication, the passion, whatever it is. And not everybody who wants to be in business will make a go of it. If you are looking at the statistics, something like 50% of businesses fail within the first three years. 85% of them fail within the first five years. Part of our job is to try to get better numbers for the business owner, and one way is finding out which people shouldn't be in business in the first place.
You've got to put a lot of time, effort, emotion, and money into a business. Having a good business plan is not going to assure you success, but without one you are way behind the curve.
One of our workshop tools is a kind of a personal assessment to see whether you really have what it takes. Do you have the family support? Do you have money? You can't start a business on no money. It takes money. Nobody is going to give you or lend you a 100% of the money. You got to have some skin in the game even if you are going to borrow money.
