So you want to start your own business. You’ve got a fabulous business idea and you’re going to take the world by storm. Richard Branson and Donald Trump had better watch out. Now all you’ve got to do is actually implement and execute the idea you have.

Timing and Global economics:

First off lets talk about the world economy and the economic landscape you could be entering into.

Now I’m sure you’ve heard it many times before and I’m going to say it again, but there has never been a better time to start a business. We are in the midst of the greatest liquidity bubble this world has ever seen. With an excess amount of cash sloshing into every nook and cranny of the global markets. Alongside this we have the rise of the Indian and Chinese middle classes, the improvement in global communications and of course the rise of the internet. All of these factors and others combined have created an economic environment that’s perfect for the hungry entrepreneur to create great success.

What do you want to do:

So where to begin. Well your first step is to get an idea about what business you want to start: Is it a product, a service, how will it be delivered, etc..

It doesn’t need to be unique or fabulously creative. It can be a new use for an old product, you could be taking advantage of a new trend. Maybe you’ve seen a successful business abroad and decided to bring their idea and business model to your area or country. Maybe your local area is missing a nursery or gym. Ideas are everywhere you just have to find the one that’s right for you and be in a position to execute the idea.

Now before we progress I’d like to clear something up: Ideas are ten a penny, everyone out there has a great idea for a business. But it’s not the idea that’s important, what’s important is the execution of the idea. You can be the most uninspired person in the world who has never had an original thought in their life. But if you can execute well you’ll have more success than all of the creative people out there. So what next?

Have you got experience:

Well you’ve found what you want to do, now have you got the necessary experience and expertise in that field to make a success of any venture you start?

At this point in time don’t worry if you haven’t. Lots of successful business have been started by people who had no experience in their chosen business or industry.

But this is no reason to remain ignorant. If you wish to achieve lasting success in any field you must become an expert, as without this specialist knowledge you will certainly fail in the long term.

It doesn’t matter what the field is be it plumbing, selling, investing, cooking, web design, printing, programming, etc.

If you know nothing, work for free, take classes, read industry and business publications, ask questions. Someone out there knows how, so don’t struggle and make silly mistakes. Ask!  Do whatever it takes to get the information you need.

  Whatever country you’re in there will probably be a support service for startup/small businesses and the advice they offer is usually free. They can help you write business plans, do market research and point you in the right direction for grants and funding.

And don’t be afraid to contact experts in your chosen field. You’d be amazed how open people are to a polite phone call or a well written e-mail. Simon woodroffe (Yo sushi / Yotel founder) spent 20 minutes talking with me on the restaurant business after a short e-mail.

Next, you need to know yourself. What are your strengths and weaknesses.

Are you good at selling and marketing, are you a great decision maker, can you work well under pressure. Can you stay on top of your finances, the accounting and inventory control?

All of the above are essential skills for a small business owner and if  (which is likely) you are lacking in certain areas it may be a good idea to take some specialist training courses to help you develop and maintain these skills. Thankfully nowadays outsourcing certain areas where you have a weakness is fairly cheap, but as a small business owner you should be watching the pennies, and it is good if you know every aspect of your business bottom up.

Continued in part 2……