Starting your business - Criteria #2 - Money

I believe there are 3 main criteria that are essential when pursuing the desire to be an entrepreneur or business owner - Passion, Financials and Skills/Abilities. Passion for the product or service feeds your values is number 1. The passion for what you do allows you to enjoy beginning each day, gives you a purpose to push forward when things are tough, and encourages you to beat all the odds.

The second, Financials, is very important. Do you have a large amount of money that will enable you to purchase a high-level franchise, an existing business that is extremely successful or a high-tech company that owns a large amount of expensive equipment? Or are your funds limited to the point you must focus on low-cost entry to market? On the other hand, you might have some money available, but also other resources that allow you to consider something in the middle. Knowing what funds you’ll have available will help pare down your list. Being realistic is difficult, but there are a plethora of opportunities no matter what your financial situation. Ask others, do some research, and be creative!

The 3rd criteria? Check back tomorrow.