It's a very useful qualification!

There are many different opinions about how to start a business from researching and writing a detailed business plan -- -- to just jumping in headlong and trying to make a buck from Day 1. However, here are some very brief tips on what you need to think about when starting your own venture:

Your idea.

Is this a brand new invention or product? Probably not!!. In fact, many successful small businesses have become successful as a result of finding a way to deliver an existing service or product more efficiently and economically or have customized an existing product or service to fit an opportunity. So don’t worry about whether your idea or product is brand new. The important factor is that it is unique and competitive.

Write a business plan

It doesn’t need to be hundreds of pages long, with exhaustive charts, graphs etc. showing how you are going to change the world, but a Business Plan should be written and it does need to explain your idea, analyse the competition, explain how your product is different from the competiton, and illustrate the growth potential. The exercise in business case writing is as much for your benefit, in clarifying what you are developing, as much as for potential investors.

Do you need investment.?

Determine early in the process if you require investment. If so, how much, and how much of a share (and control) of the company will you be prepared to give away for this investment. You need to determine how much it is going to cost you to "go live" and how long you can survive without any revenue (and lots of costs!!) before you reach a conclusion on financing.