Is a Great Idea Enough to Start a Business?

Is a Great Idea Enough to Start a Business?

I have consistently encouraged people to consider entrepreneurship, but I am always quick to add that ideas and passion are not enough to make you a successful entrepreneur.

It is critical that you undertake a holistic assessment of your readiness to exploit a given opportunity or become an entrepreneur before you proceed to start a venture.

Consider your skills, motivation, and personal background. Particularly, identify whether you are confident with basic financial concepts. You need to be at least comfortable with figures to make a good entrepreneur.

Familiarize yourself with basic accounting and economics concepts like financial statements and breakeven analysis to enable you to exude the confidence necessary to attract serious investors.

Note, I am not saying one needs a business or economics degree to start or run a business. You may argue that people learn on the job, but it is helpful to start right. Becoming a super-successful entrepreneur requires adequate preparation.

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