I believe the most important foundation for a new entrepreneur would be to have a well thought, processed and solid business plan. The more detailed, the better it is. Take time to consider every aspect of your business plan. Those parameters would be;
– Do you feel excited about the path you have chosen? Is it meaningful to you? Can you imagine yourself doing that business (I mean it, close your eyes and try to imagine in detail yourself in the future doing the business)? Notice how do you feel imagining that? Scan your body, how does it react? Does it feel right and good to you? If the answers are “Yes”, you can proceed to the following items. If the answers are “No”, try to find out what that is about? If you are excited about the startup but have worries, maybe they come from past individual or family traumas being triggered, or your personal issues of inadequacy or unworthiness. Then, you need to work on them with a professional first. Or, if that imagination feels uneasy, not right or tense to you, maybe you need to reconsider a different path.
– Are you skilled enough to do this work? If not enough, the first step would be to develop yourself into the field or collaborate with the professionals of the job and people who can consult you into that journey.
– Think about the detailed financials of the business plan. Do you have enough financial, mental and emotional resources to keep you going for at least one or two years because it might take time to settle down and develop your new business? You need to be patient and able to deal with the unpredictability of the first years. Try not to get into too much debt because then you will be stressed out. You can always develop your business step by step. Taking risk is important and necessary but still, the plans need to be well grounded.
– Consider thoroughly the qualities and your relationship with people you are going to work together or your partner(s). Be sure that you are all sharing the same vision. If you will not be alone into this business, talk in advance with them before even starting every detail of the rules, framework and compromises of the business plan and the relationship. Thus, you will eliminate possible struggles and conflicts that are waiting for you in the future. Conflict is unavoidable but if the communication, harmony and conflict resolution skills between the partners are good, every conflict would even strengthen the relationship.