Every individual has a great idea and each one has a vision that the idea will be a successful business venture when enough capital is available. But only a few had the X-factor or the strong entrepreneurial spirit that will make the business going even on very tough times.
Most businesses fail on their second year because of a lot of risks to overcome. Entrepreneurs have to face long hours of work, management decisions, months with no income, and source of capital. Add inexperience to the young starters.
Here are 6 important factors to consider seriously before embarking on the long and often rocky journey of entrepreneurship:

  1. Work experience. Most successful business owners have experienced working as a messenger, a janitor, or a clerk before they decided to take the entrepreneurial challenges. They learned a lot from their own personal experiences. Taking up some business classes will also help a lot.
  2. Hand-pick your team member. Know your weaknesses and find individuals who have high levels of those weak points. For example, an accounting graduate may partner with a marketing guru to make their advertising business going. The other will tend to records while the other takes care of client accounts.
  3. Seek advice to beat your inexperience. As a new entrepreneur, it always pays to listen, read, and seek advice from the experts. SCORE is a website where you can find retired entrepreneurs, who can give advice that they have learned from experiences during their entrepreneurial years.
  4. Business plan. One of the common mistakes of young entrepreneurs is a weak business plan. A strong and sound business plan is complete. It should showcase your product or service offered, the plans on how the business will earn profit, and the skills needed to make the venture successful. This will serve as the map to success–or failure–of your business.
  5. Get your capital. Use your business plan to borrow money from the bank. Do not lose heart when rejected. Ask advice from the bank loan manager on how to improve your business plan. Never use your credit card because high interest rates will just pull down your business to oblivion.
  6. Watch your money. Be a conservative spender. Since you’ll not be earning money for months after starting your business, you should have some cash stashed away for your personal expenses. Do not mix money to avoid confusion on record-keeping.