It takes a lot of work and commitment for an idea of yours to evovle a fully-fledged business plan. It also takes a lot of consideration before procceding to start a business of your own. To do so, you must be careful not to sabotage yourself at this crucial moment of your entrepreneuing career, like others have. Yet, this works to your advantage as you can learn from mistakes past and not do the same ones again.
Many businesses can be started with little investment while many others require a lot of money. But in all approaches, you either have the ability to start large or test your idea. Many entrepreneurs do not have alternatives and start big, renting and reforming local investing in new machinery, hiring staff, etc..
Do not misunderstand. I’m not saying do not risk it. Entrepreneurship is a risk. The thing is that you don’t have to go all in right from the start. If you take your time to consider things, you can get to have a much cheaper project than you had initially thought. This will give you more time to work (remember that money runs out quickly). If you start big, you are more likely to fail.
To avoid that,you have to search for any alternatives available. You can find used machinery, sign rental agreements instead of buying, condition the staffing to a minimum level of activity, etc.. In short, flexibility is the key.
Lack of planning
Although the reality of the market will always be different from what you imagined and you have to adapt, you need a minimum of planning before you build your business.
This means that you need a business plan, a very useful tool if you use it properly. It allows you to reflect on many aspects of your project so that you can anticipate and correct your approach before you start. It also provides support for financing or investors.
If you want to succeed, the first thing you have to do is to define what is success for you. This has to be followed by the development of strategic objectives, which will take you to define the right approach to achieve your success. In order to keep moving forward and to correct or adapt your strategy when it has to be done, you need to measure your results compared to these goals.