What is important when setting up your own business

What is important when setting up your own business? (Why?)

When setting up your own business，several factors should be taken into consideration.

Firstly, I think a good idea is very important．You should consider the market demand and target at potential customers．Under the guidance of the idea，you may know the urgent need of the customers，or solve the problems of the customers that other companies haven’t thought of．A good idea from the very beginning can avoid failure of a new company．

Besides I think knowing your customers is also important．You’d better keep a file of your customers with their names，age，profession and hobbies etc．Based on their personal information，you may guess the potential needs of the customers and inform them of your product lists at first time possible according to their possible needs．Knowing your customers helps you to provide them with the information they need．

In addition，it’s important to think about whether you suit to set up your own business. Remember that not everyone is suitable for starting a business, since they have different skills, motives and opportunities. It suits people who don’t like to follow rules.

Apart from the points，I think adequate starting capital is also important．Only when you have enough money，can you provide varieties of products with good

quality；or you can provide good service which is important to attract customers to your company．

When setting up your own business, you must take experience into consideration, too. Without experience, you may have trouble solving the problems in business. You can run the business well if you have plenty of business experience.

Well, this is my understanding on the topic. Thank you.