3 Vital Things to Consider Before Starting a Business So you have the qualities needed to be an entrepreneur. But before you charge headlong into your own venture, think these issues through.

By Doug and Polly White

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Pixabay

We wrote a column where we outlined the three most important personal attributes of an entrepreneur. They are adaptability, persistence and work ethic. We stick by these. You'll need all three.

However, to start a new business, you'll also need to deal with three very practical issues.

1. Possess the requisite skills to do the primary work of the business.

(Or if you possess only some of the required skills, you can partner with someone who has a complementary skill set.)

Related: To Succeed With Your Small Business Avoid These 5 Mistakes

It may sound like remedial counsel to say that before starting a business, the owner should ensure that he or she could do the primary work of the business. Yet, we've known many people who have charged headlong into an entrepreneurial venture without having thought this issue through clearly.

One most often overlooked and necessary skill is the ability to sell. For most startups to survive, the owner will have to sell. It is unusual for a startup business to succeed if the owner(s) lacks the ability to do the primary work of the business.

2. Have a plan for performing the ancillary functions.

If you love baking cakes, don't open a bakery. Get a job as a baker.

If you are going to start a company, you had better want to run a business. That means you'll have more to do than just the primary work of the enterprise. If you are running a bakery, you'll do a lot more than just bake. You'll have to wait on customers, order supplies, set up a bookkeeping system and administer it. You will perform administrative functions such as accounts receivable, accounts payable and payroll. You'll probably need some sort of IT infrastructure. The list goes on.

Related: 4 Basics for Making the Move From Corporate Job to Entrepreneur

These functions are ancillary to the core business. However, they are not unimportant -- quite the opposite. Getting these ancillary functions right is critical to the survival of the business. Yes, some of the ancillary functions can be outsourced, but you'll need a plan to do each of them.

3. Realize that growth means you will have to let go.

Perhaps you are contemplating going into business because you are passionate about doing the primary work of the business. Good, you'll need that passion. Still, you must remember, if your business is successful, it will grow.

The time will come when you'll face a choice. You'll have to delegate doing the primary work of the business to others, stop growing or hire someone to run the company while you continue doing the primary work of the business. Before you launch your new venture, know which path you'll take. Be prepared to deal with success.

Starting a new business is an exciting journey. As with any journey, prior planning can help you avoid disaster. Make sure you have thought through the three critical issues above.

Related: Couch to 5K? No Way. To Get Traction for Your Startup, Get Out There.

Doug and Polly White

Entrepreneurs, Small Business Experts, Consultants, Speakers

Doug and Polly White are small business experts, speakers and consultants who work with entrepreneurs through Whitestone Partners. They are also co-authors of the book Let Go to GROW, which focuses on growing your business.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Marketing

Want to Get Your Product into the Hands of Celebrities and Secure Endorsements? Here's an Effective Strategy You Need to Try.

Celebrity gifting suites at events like the Oscars and Grammys provide a prime opportunity for brands to boost visibility and earn endorsements.

Business News

A Texas Man Reportedly Boarded a Delta Airlines Flight With a Fake Boarding Pass

The 26-year-old used a photo of another passenger's pass and gained access to the aircraft.

Leadership

8 CEO Mindset Quotes That Keep Me Honest and Inspired

In this article, I'll share a collection of my favorite inspiring quotes for CEOs and why I think they're useful to remember.

Business News

The U.S. Justice Department Is Suing Apple in a Groundbreaking iPhone Monopoly Lawsuit — Here's Why

Apple says that the lawsuit "threatens who we are" and, if successful, would limit its ability "to create the kind of technology people expect from Apple."

Side Hustle

This Gen Zer's Stylish Side Hustle Earns About $20,000 a Month and Paid Off His Parents' $200,000 Debt: 'I Enjoy the Hands-Off Nature'

Ray Cao went from working as a barista for $8 an hour to being a successful seller on online marketplace StockX.