3 Things Needed To Start Your Own Business

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What I’m about to say might get a “duh” reaction from most of you who are reading this, but please bear with me. Starting a business is no easy feat. And we are living in an age where almost anyone can become an entrepreneur, thanks to the Internet. Which means almost anyone thinks they have what it takes. But you have to have more than a desire to own your own business. There are resources that most of us don’t have, which prevents us from really becoming successful, no matter how strong our desire is.

So this is a gentle reminder to self and to anyone reading to consider your own situation. If you’re trying to start a business and finding difficulty, consider whether or not you have what you need to take off and land smoothly on the ground in the right time-frame.

Here are 3 things you need, that you may be lacking, in order to start and run a successful business:

1. Money

Excuse the “duh” moment, here. But seriously, most people don’t realize what this means. My wife and I recently went through the process of taking inventory of everything we have and everything we’d need to start and run a business, and we learned so much. Namely, that you need a lot of money. And the reality is, that’s not something most people have.

Without investment capital, you can’t spend the money required to market your business, acquire customers, hire employees and operate successfully. It just can’t happen.

We knew we’d need money; I just don’t think we realized how much until we sat down and really looked the numbers hard in the face. And I suggest you do the same. Find out how much money you’ll need. Once you know the answer to that question, you can craft a strategy to help you acquire it. That strategy may include investors, your life savings, early retirement, or a combination of all three. Or it may require that you scrap your whole business idea altogether and come up with something more cost-effective and sustainable, like an Internet-based business where there is no overhead.

Whatever the case, you need money, and you need to know exactly how much will be required to get off the ground and stay afloat.

2. Time

Yet another resource that you should never underestimate.

There are 24 hours in a day. If you spend 8 hours sleeping and 8 hours working a day job, that leaves another 8 hours for you to dedicate to time with family and your entrepreneurial efforts.

Never let one second of your time go to waste. If you do work a job, this is even more important, as it can be very tempting to leave work, go home and sit in front of the TV until you fall asleep. Don’t let that happen! Your family is more important than another episode of Grey’s Anatomy, and your business efforts are what will allow you to spend more time with them in the future.

We all know we need to use our time wisely, but still, day after day, we find ourselves watching television, perusing Facebook and making excuses about how we just don’t have time to build a business.

Well guess what? You do have time. You’ve just been wasting it. Now, get off your butt, and start moving forward.

3. Passion

Sounds like another “duh” moment, but again, hear me out.

When I talk about passion, I mean much more than a simple desire to be an entrepreneur. People with desire are called “wantrepreneurs.” People with passion are called entrepreneurs.

What’s the difference? So glad you asked.

Passion is a drive to succeed. It’s what motivates you to stop making excuses and start doing what you love. It’s the fuel that keeps you going and instills a positive outlook in you when you look toward the future. Passion is you not only doing what you love but loving what you do. Passion kicks desire’s ass. Passion moves your work ethic forward, and ensures no time is wasted. Passion puts heart before money. (So I guess I should have made it my #1 point, then, right?)

Here’s an example. My stepfather owns a tree service company that he manages in the afternoons and on the weekends when he’s not working his day job. He does it for extra money, but he’s just not passionate about it. We’ve tried convincing him to make it his full-time work, and he doesn’t want to. He prefers the stability and security of his current job and doesn’t have the passion for pruning trees that other full-service tree care companies do.

That’s not necessarily bad. He just does it on the side for extra cash. But if you truly want to be an entrepreneur and own your own business, you have to take it seriously. You can’t treat it like a side job for extra money. This isn’t you when you were 15, mowing your neighbor’s lawn for $20 so you could go to that concert on the weekend. Entrepreneurship is serious business.

Successful people are passionate people. Figure out what drives you to be successful, and start doing it.

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