What to consider first when starting a business

I've spent a long time in business and I've seen so many people race into starting a business without even considering the basics. The most important thing you need to think about before anything else when starting out is to ask yourself the following things:

• Why are you going into business?
• Are you prepared to spend 10x more time, energy and effort than you were in your job?
• Do you have a relentless persistence and a burning desire to do this?
• What would it mean to you if you didn't do it?
• How good are you at dealing with failure and rejection?
• Are you competitive and someone who likes to win?
• Do you enjoy self development?
• What will you sacrifice in order to do this?

Going into business demands from your intelligence an unwavering application. Furthermore, it demands from your emotions courage, patience and growth. It is not for everyone! In all honesty, it's not for the vast majority.

Dispelling a myth

Firstly, not all business owners are rich! So many people go into business for the wrong reasons, e.g. they think that it’s the best way to make money or they are trying to escape from their job. However, if this is you then you're immediately set up for failure.  When you go into business you have to believe in it with all your heart. You have to have passion, you have to have stamina AND you have to be able to think out of the box! Take it from me – it’s incredibly tough to run a business and it’s risky! Remember most businesses fail.

Although that sounds a bit bleak, many people start businesses and are successful. Running your own business gives you lots of advantages as you can work it around you and your family. The vital thing in business is that nothing gets in your way of delivering a great service to your clients. People who want to make a difference start some of the best businesses in the world, or they simply see a gap in the market and are driven to fill it. And this could be you!

So when you are considering starting a business think about everything and as my mentor told me ‘don’t chase the paper, chase the dream!' She got it from P Diddy!

In the comments below, tell me how you are getting on with starting your business. Let me know where you are at with it. Is there anything that you struggling with or need help on? And, finally let me know what action you'll take as a result of watching this video and reading this post too. I'd love to hear.

Thank you, as always for reading, watching and contributing here. If you found this useful, please share it with your friends!

With love and gratitude,