$7$ Most successful entrepreneurs start off with:

A proven business model they acquire from someone else

Adequate funding from a grant, bank, investor or venture capital group

A strong purpose, a true business opportunity, and a lot of passion and perseverance.

Formal academic training in business, management or marketing

$8$ Your new business venture will have the highest probability for success when:

You get a large line of credit from a bank so you will never run out of money

When your friends and family members tell you that you have a great idea

When you discover a genuine need or problem, you have some experience in the industry, you create a solution, and your business can make money to sustain itself What you are in the right place and the right time and have a lot of luck

$9$ The very best way to know if you have identified a genuine need or problem that potential customers have is to:

Ask business experts what they think about the situation

Read a lot of literature about the need or problem you are exploring

Take a class in entrepreneurship at the local junior college or university

Line up a number of customers who commit to buy your product or service as soon as you launch your venture