The Trump Blog

Stephen was anxious to own a company close to where he lived. He became excited when he realized there were no fish supply stores in the area, so he began to pursue the idea of opening one.

He borrowed money from family and friends and tapped his own personal finances and credit cards for a total of $18,000 to cover start-up expenses. He found a location, signed a lease, stocked the store with tanks, supplies, accessories and exotic fish of all kinds. He opened the doors for business. Stephen was feeling really exhilarated. But one year later, his business had to close due to lack of customers. By the time he extricated himself, losses amounted to almost $18,000.

What went wrong? For starters, Stephen knew nothing about the fish business. He never even owned a fish tank! It was not a hobby or a passion of his. Exotic fish are difficult to care for, and many died because of his lack of knowledge. There may or may not have been a local need. He didn't really know. In any case, customers were quite dissatisfied when they could not get him to answers their questions.

Stories like Stephen’s are not uncommon among new entrepreneurs who fail to assess how well they fit with the businesses they are considering.

Check the Fit between You and Your Idea

Yes, you have an idea for a business, but is it really the best business for you? Here’s a checklist of issues to consider:

Passions and interests. Do you have boundless enthusiasm for your venture? If not, chances are you won’t make it.

Risk tolerance. If your idea requires a large infusion of capital, is that too risky for you? If your business fails, will you be able to rebound financially and emotionally?

Task match. Is the business a good match for what you like to do most - and least? Consider: operations, product development, bookkeeping, finance, travel, sales and management.

Skills match. Do your abilities and experience equip you to run the business?

Technology. If you are contemplating a business that requires technological expertise - such as one that relies heavily on Internet marketing - do you have what it takes?

Your values. Does your business idea support your beliefs about what is good for people and for the world, or does it work against them?

Lifestyle. If you are committed to enjoying a quality life with your family, will your new business allow it?

Customer value. Are you the right person to add unique value for your customers?

Answer the questions above patiently and honestly. The time you invest on them can save you from failures like Stephen’s. Even more important, you'll make sure that the business you start will be successful because it's the one that’s right for you.

Why Not Get Started Today!

If you are developing a business idea, Trump University is now offering special packages that provide up to $1,000 worth of additional entrepreneurship training and support when you enroll - at no extra cost to you. CLICK HERE or call 1-888-668-7867 to learn more.