Now that you have looked at the personal issues involved in starting a business, let's take a moment to consider your business idea. Before you can begin to market your product or service, you must determine what will work best for you.

Wherever there is a need and a market that can be reached and served, there's a potential business. The first problem you face as an entrepreneur isn't lack of opportunity; it is actually the reverse. There are so many opportunities out there that the real problem is finding the right one for you and your resources, interests, skills and experience. Ideas for new or improved business-or even continuing a prospering business-are everywhere.

Click on the link below and see if your business idea has what it takes to succeed. The worksheet here, available for download, will help you visualize your business in detail. Once you have completed the questions, you will have a firm idea of how you would like your business to be run and what it is that you will be doing in this venture.

Questions & Worksheet

Requirements for Success

To determine whether your idea meets the basic requirements for a successful new project, you must be able to answer at least one of the following questions with a "yes."

Major Flaws

A "Yes" response to questions such as the following would indicate that the idea has little chance for success.

1. Are there any causes (i.e., restrictions, monopolies, shortages) that make any of the required factors of production unavailable (i.e., unreasonable cost, scarce skills, energy, material, equipment, process, technology, or personnel?
2. Are capital requirements for entry or continuing operations excessive?
3. Is adequate financing hard to obtain?
4. Are there potential detrimental environmental effects?
5. Are there factors that prevent effective marketing?