Trenton Business Week News
May 5, 2014
Starting a business takes more than just a good idea
By
According to the Kaufman Index of Entrepreneurial Activity, about 543,000 new businesses are started every month in the United States. As the economy continues to slowly recover, is now a good time to start that business you always dreamed of owning? Here are some thoughts from successful entrepreneurs and experts on what it takes to start a successful business:
Rachel Kats-Galatt, CEO and founder of Maternal Science, advises that there is "no exact science in determining the right time to start a business … not just any business, but your own business." Some may say that she started hers at the most inopportune time — when she was five months pregnant.
The key to turning a good idea into a viable business, according to Kats-Galatt, is to think about the "void you’re filling in the market." Is there a need? Is there a point of difference between what you’re offering and your competitors?
To answer those questions you need to develop a business plan. A business plan can be used to get feedback from people whose judgment you trust and to raise money to fund the business.
Kats-Galatt notes "a business plan is a tool to help you think through many decisions that need to be made and to understand all the costs involved — it’s a GPS on your journey to business ownership."