3 Things to do Before Starting a Business

Rich Raddon, Co-Founder of MovieClips (http://www.movieclips.com/) discusses starting a business. These important steps will help you prepare before diving into the roller coaster of entrepreneurship.

  1. Ensure you have a solid understanding of the market you're about to enter
  2. Make sure you have the support of you family & friends
  3. Be sure you're prepared for the journey no matter what happens

You know, people often ask me, “How do I know if I’m ready to start my own business?” and I always rephrase the question with three questions.

The first question I ask them is, “Do you have a really complete knowledge of the landscape of the new business you’re going into?”

We call it Domain Expertise. Now, admittedly, you can’t be an expert in everything but I think you can, before you start a business and take that plunge, you can really dedicate yourself to doing a ton of due diligence on the new business. And I always ask them, “Do you feel like you’re an expert in this new media, in this landscape that you’re going into?” With me, it was media.

Secondly, have you received the buy end from your family and friends? Not money because you’ll probably need that as well but do you have the support of your close family and friends? When you start a business, it’s really a change in your lifestyle and it can be very impactful to those that surround you and you need to have their support.

And lastly, “Are you ready to truthfully commit yourself to enjoying the ride no matter what happens?”

And what I mean by that is there’s going be highs and lows when you start a business. And if you can’t look at yourself in the mirror and say, “Look. If this is really though, if this doesn’t go the way I hope it goes, will I be able to still enjoy it and embrace it?”

So, if you can say yes to these three issues, then you are prepared to start your new business.