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What Resources are Required?
The American Heritage Dictionary defines Resources as "The total means available to a company for increasing production or profit, including plant, labor, and raw material; assets."
Although the following is not intended to be the ultimate list – never the less, they are what we consider to be the 6 most important resources required for starting a business.
Idea/product:
The only criteria here is that the Idea/Product serves a purpose and is able to be commercialized and sold to the public at large.
Business Plan:
A documented detailed plan to sell your services or product. It includes an analysis of your business, your Idea/product, potential market, and financial requirements.
Ambition/motivation:
An Entrepreneur is ambitions by nature. However ambition, like all psychological characteristics are enhanced by the individuals’ motivation. Another way to phrase it would be "the drive to succeed".
Capitol:
You must have investment capitol. The amount required depend on the type of venture you are starting. You may also need a source (bank, small business administration, Investors) to fund start-up, expansion, or consolidation plans.
Location:
Whether the location is a Shopping mall site, Web site, or a street corner Flea market, it must be conducive of your ability to sell your service or product.
Patience:
This is a virtue few business people possess. It’s contradictory to an Entrepreneur’s nature. Full speed ahead is normally the battle cry. However, we learn to apply patience whenever necessary. And you can be sure that there will be numerous times, sometimes on a daily basis, that patience is required.
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