The first and foremost thing an aspiring business person should have is a Bright Idea, a practical one as to what to do regarding business and something you love to do. This could be based on your work experience, area of expertise, or by reading the current and future market trends in the economy of your country of residence. For example, Larry Page and Sergey Brin built Google solely based on their academic knowledge, while Wal-Mart simply exploited the then lack of retail chains in the US. A lot depends on the customers as well for no product or service can be sold without a customer base to buy it.
It goes without mention that the business, the service or product, should cater to the customer demand at the end of the day. Also, one should be passionate about his/her goals. It is important to be passionate because then you won’t notice that you’re pouring your guts out at all. To say the least, it is going to be mentally and physically challenging the entire exercise is. Be prepared for it and do it whole heartedly!
Once been clear in mind about the thing around which you want to build your business, it is time to make the Business Plan, as to how to work the entire thing out in a feasible way. A business plan is where you jolt down your short term and long term goals, allocate resources, prepare for issues, strategize your moves, put together a management team to start with, and plan the budget. There are standard and proven business plans you could find in the internet, referring to those will help you to put things in order in a systematic manner. A business plan is crucial for any startup for it is what that actually brings in investors. A systematically written business plan indicates proper planning for the venture, and this is what investors who are putting in money want in the first place.
Make no mistake; preparing a business plan is nothing short of a daunting task. Also, in all likelihood, the first written business plan may not be so great. Be prepared to review and revise it many times, even after your business is up and running for a decade or more.