For any entrepreneur starting up in business, there are five ingredients needed for success:
1. An idea for a product or service that customers are willing to buy at a sufficiently high price to allow for a big margin above cost.
2. The ability to provide the product or service.
3. Personal contacts for acquiring information and other resources.
4. Money to keep the business going during the start-up phase.
5. Sufficient customer orders to cover all costs and expenses and to provide a profit.
Many entrepreneurs have tried to start businesses without giving enough attention to each of these requirements, their businesses have failed.
Photo by chatirygirl.
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