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What are Some factors an entrepreneur should consider before starting a business

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One day if a person who wants to become an entrepreneur doesn't become entrepreneur another day. There are a lot of factors to be considered before taking any crucial decision. Entrepreneurship is a challenging career. There is no surety of success or failure in entrepreneurship. There is no ready solution to problem or obstacles along way. There is no short cut to excel but to it think a lot and work hard. So an entrepreneur before starting his entrepreneurial journey should consider certain important factors,they are as follows :

  1. Business idea into action - developing a business idea that will manage the needs of target group is not enough as one should try making a layout on how to execute the idea and turn ig into reality.
  2. Financing - an entrepreneur should well in advance plan about how the business will be funded and what resources he will use to finance his business venture. This is the most challenging aspect for many entrepreneurs as it is very important for the survival. 
  3. Location - another important factor is when an entrepreneur will carry his business activities. Place of doing business plays an important role in defining success or failure of a business. 
  4. Competition - considering other already established business in the market is important.An  entrepreneur should research about competitor's business, its policies, pricing and marketing strategies etc. So that he can start developing strategies to compete with them and lead in the market.