by Sharon Jones

Every ambitious person dreams of starting their own business one day, but few actually follow through with it. One of the reasons most individuals never actually get to the point where they take the great leap and start a business is the fear of failure. Yet, the one differentiating aspect of any successful person and the rest of the world is the acceptance that failure is inevitable somewhere in one’s life. Once you make peace with the fact that you will fail at some point in your life and that failure is only a lesson learned to prepare you for success, you’re already much closer to your goal than you were before. That said, here are two things that will definitely increase your startup’s chances of success.

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Experience

Even though having a qualification will help you greatly in life, there are few things as valuable as having some real experience in the field you’re pursuing. Experience will teach you many things that a book will never be able to, and there are tons of scenarios that will happen in real life which you need to be prepared for. Gaining some real experience in an industry you’re planning to open a business in will be of utmost value, and you may find yourself looking back to your practical days more than your theoretical ones when needing guidance. Experience can entail almost anything, from a short internship program, an apprenticeship, or even a real job - the point is that you will apply nearly all that you’ve learned from your experience into your business, and you’ll never regret the days you spent learning all you needed to know to make a success of your business.

Investor

An investor is crucial to your startup if you don’t personally have the funds available to get your business off the ground. A business loan is also an option, but you’ll have to pay back the money borrowed with interest even if your business doesn’t turn out as successful as you hoped. On the other hand, an investor supplies the necessary funds in turn for shares of the company or a partnership. This lowers the risk factor from your side tremendously, seeing as you won’t be sitting with substantial debt should the business fail somewhere down the line. Investors like Elizabeth Edwards are precisely the type of people you need on your side; they are individuals who believe enough in you to invest money into it and play an active role in your business’ success. An investor can also serve as a mentor of sorts, seeing as they’ll be able to share their knowledge and answer any questions you might have down the line. Be sure to have a business plan ready to present to your potential investor, seeing as they’ll want to know even the tiniest detail before feeling confident enough to say yes.

Knowledge

Everyone knows a time where an initiative was delayed or canceled due to not having the knowledge of how to get started. Forming a business does require some knowledge of the corporate form, taxation, and organizational issues. The Internet is filled with resources, like MoneyBrighter, that can help guide you through establishing your own LLC.

Even though many moving parts contribute to a successful business, the above may increase the odds and level the playing field a bit from your side. Consider these two tricks and always remember that you have the potential to achieve greatness, but first, you need to believe it!