Own a Business ..

Some people say, "Give the customers what they want." But that's not my approach.  You can't just ask customers what they want and then try to give that to them. By the time you get it built, they'll want something new. Our job is to figure out what they're going to want before they do. I think Henry Ford once said, "If I'd asked customers what they wanted, they would have told me, 'A faster horse!'" People don't know what they want until you show it to them. That's why I never rely on market research. Our task is to read things that are not yet on the page - Steve Jobs

Do You Have What It Takes ?

Not everyone is cut out for the challenge of starting their own business. There are several personality traits that are common among successful Business People, including discipline, frugality, self-confidence, good communication skills, humility, honesty and integrity, pretty good record-keeping skills, motivation, good health, optimism and more ..

1. Planning - Mission & Vision
2. Execution - Art of getting things done
3. Marketing & Sales - target markets, pricing, new products
4. Finance & Accounting
5. Operations - Purchasing, Inventory control
6. Supervision - Hiring, Training, Performance

Create A Business Plan :

One of the major reasons new businesses fail is poor planning. If you are planning on starting up a business, you must have a business plan. This will serve as a road map to guide you, and communicate with your bank and/or investors what you're doing and why they should invest in you. It should include a mission statement, executive summary, product or service offerings, target market, marketing plan, industry and competitive analysis, pro-forma financials, resumes for the company's principals, your offering, and an appendix with any other pertinent information.

Build your Support System :

Starting your own business can be an isolating experience. You're working all hours of the day and night, often all on your own. It's all about 'finding the right people to help you with every step of your startup journey'. Finding the right people to surround yourself with can be a challenge. But there are a few way to build a support system. You can check out an incubator or accelerator, or you can find a mentor. You might also consider building a board of advisers, who can bring expertise in a wide variety of areas ..

1. Create mutually beneficial relationship in your network
2. Join local social clubs/associations
3. Create a small group of like minded entrepreneurs and be active
4. Host a dinner or happy hour each month and invite new people
5. Participate in conferences and panels

Find a Mentor :

A mentor is a person with more experience in business, or simply in life, who can help an entrepreneur hone her or his abilities and advise him or her on navigating new challenges. A mentor can be a boon to an entrepreneur in a broad range of scenarios, whether they provide pointers on business strategy, bolster your networking efforts or act as confidantes when your work-life balance gets out of whack. Too often, we think we have all the answers and are the only people who can really get things done. The reality is that another set of eyes can work wonders for how you operate both on and in your business. An outsider can also make sure you are getting the numbers you need both on the top line and the bottom 
line to survive.

Don't discount, Add value :

Whenever you discount, you are taking money directly out of your pocket and directly from your bottom-line profit. So don't do it. Instead, create added value propositions all the way up and down your product or service line. Focus on the benefits and quality of your product, not the price. Look for ways you can add value - it's all about 'perceived' value.Offer added value services to encourage customers to buy from you. These could be something like a free first service with each used car sold, or half-price scotch guarding on lounge suits etc. 

A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so - Mahatma Gandhi

Sell to the Customer's needs, not yours - Earl G. Graves

ref:

US Small Business Administration Learning Center - https://www.sba.gov/tools/sba-learning-center/search/training

Are You An Entrepreneur ? http://www.investopedia.com/articles/pf/08/traits-successful-entrepreneur.asp

50 Tips for Starting Your Own Company - http://www.entrepreneur.com/article/235903

10 Tips for Strong Start - http://www.entrepreneur.com/article/204982

8 Tips for starting your own Business - http://www.investopedia.com/slide-show/tips-start-your-own-small-business/

4 Steps To Creating A Stellar Business Plan - http://www.investopedia.com/articles/pf/08/create-business-plan-how-to.asp

Find a Business Mentor - https://www.sba.gov/content/find-business-mentor

Things to consider before launching Your Own Business while keeping day job ..

ref: 

• http://www.entrepreneur.com/article/245763 
• http://www.entrepreneur.com/article/228183
• http://www.entrepreneur.com/article/225937
• http://www.entrepreneur.com/article/246755

1. Consider your job in the right light
    No matter what kind of job you have, make sure you consider it as a blessing, not a curse. It isn’t holding you back, it’s keeping you afloat. 

2. Plan your days well
    It’s the little, consistent daily things you do that add up to make or break a startup. Stop the busywork, get rid of distractions and give both your job and your venture the laser focused attention they deserve.

3. Maximize your time
    You have the same hours as the PrimeMinister of India. Maybe you already know your job takes up 40 hours of your time each week, so account for it and figure out how to maximize all those other remaining hours. Sleep should still be a priority, as should some daily exercise. Still, there are 72 hours(40hours left in workdays and 32hours in the weekend) in a week to do with as you wish beyond your 40 hours of work, so spend them smartly. Successful entrepreneurs manage their time, they don’t wish for more of it.

4. Make sure this is really what you want
    Is this going to make me happier? Before leaving your job for uncharted territory, make sure this is really what you want – not just what you think you want or a way to escape your current job.“Too many people suffer silently in their job, but before you go out to be your own boss, you have to believe you're going to be happier. If you can't say that you believe it will make you happier, don't do it.”

5. Practice your dream
    Test the waters without giving up my current job. 'Beta Test' their dream job before leaving a stable situation to pursue it full-time. You might find you don't like the new career as much as you thought you would. “Before you quit your accounting job to open a coffee shop, it might be good to work at a Starbucks part-time for six months to see if you hate coffee and humans,” .. 

6. Get a second opinion.
    Even the most level-headed entrepreneurs should ask for a second opinion before moving forward. You might also tap a trusted colleague or friend for an opinion. Have someone(a devil's advocate) who you trust take a look at your financial projections to ensure you're not being overly optimistic.

7. Outsource, outsource, outsource
    You know what your time is worth (if you don’t, calculate it!). Could you hire someone to do it better, faster and, ultimately, break even or make more money during that time? If so, do it.