Gaining Real World Knowledge
There is a modern saying by yours truly, if you want to be in the business of RFID, you have to work in the field of RFID and gain some valuable experience or going by an older saying, you must learn to walk before you run. On serious note, if you already have the expertise in the area of technology on which your business will be based on, gain some sales and marketing experience. This experience will help you gain valuable insight to develop products with marketability value.
Finding Seed Capital
If there is a need for $1 million for your business, your options are to approach venture capitalist, maybe an angel investor or to the bank. Irrespective of which path you choose to raise capital, each one of this source will ask for your commitment in terms of money. They want to know your motivation to succeed in the business. Having an idea is not enough. You need to come up with atleast 20% of the funds to invest in the business. This 20% capital may be raised from your own savings or from your relatives and friends. Cut your expenses. However, do not touch your retirement savings. You will need those savings for your future.
At every moment in your entrepreneurial journey, try to keep things as simple as possible. Remember you have only 24 hours in a day, possibly have a family and a business to run. It is in your best interest to simplify the processes, do not try to do every small thing yourself, delegate as much as possible. Concentrate on your area of expertise, and leave other things to the experts in their respective fields. An entrepreneur is always working hard trying to manage money in an efficient way and in this effort he ends up doing everything himself and loses his focus. This is one of the most common reason of the failure of start-up businesses.
Plan before you Leap
Planning is everywhere in our life. To wake up in morning, you plan in night and set up alarm clock to wake you up. Business is same way, you must plan well in advance. Even if you do not have the seed money, you must have a business plan to have an idea about expenses involved. Business plan is a path for you to follow. So make this plan early and be on your way from Concept to Wall Street.