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One of the things we often omit is to bounce our ideas off those who are already in the line of business we want to pursue. They will give you valuable information about the venture to which you aspire. They have made mistakes you can learn from, have faced challenges you will face as well, and have developed ways of doing things faster and more economically. You do not want to re-invent the wheel. Speak to them and learn. Beware, however, of speaking to potential competition. They may mislead you, either by discouraging you completely so that you end up not starting your venture, or by making you start off on a wrong path so that you face challenges and sink! The best advice is to contact people who are not in your direct space, for instance those operating in another province and not where you intend setting up your business.

It is advisable to seek employment in the kind of business you want to start. Make the sacrifice for your future and volunteer to help. In that way you will experience the practical side of your envisaged venture. Rotate right through the business in the course of your employment, getting the feel of finance, marketing, sales, the supply chain, and so on. Remember, at first you may have to do all these tasks yourself or have management oversight over them in your own venture. It is important to know how they work.

Spend time reading up about your line of business. Find the industry journals. Listen to interviews with people who are already there. They will tell you what the challenges are, what the pitfalls have been and what alliances and strategies you can develop in order to succeed. Just make sure you do not go into it blindly. Remember, failure in business costs a lot of money.

Bottom line – make sure that by the time you make the first move that costs money, you are certain that this is what you want to do!