To Increase Your Chance of Success, Get Into an Industry You Know

The more experience you have in your industry, the more you know about the products, services, competitors, suppliers, channels of distribution, customers, and opportunities. The less you know about your industry, the more you have to learn things through trial and error, just like we did with our motorhome. And with limited experience, you often burn through your passion, tenacity, relationships, and money before you gain traction. You can only survive so many crashes on White Bird Hill before you self-destruct and become a statistic in the business failure column. Hence, the more you build on what you already know from your own experience, the greater your probability for success.

Below is an example of an entrepreneur utilizing his expertise of an industry to launch a company, followed up by useful tips for aspiring entrepreneurs about leveraging their own knowledge.

7 Incubators That Can Help Your Startup

The idea for early-stage companies to share facilities in a business incubator became popular in the late 1970s. In 1980, approximately 12 business incubators were operating in the United States. These incubators offered startups, entrepreneurs and small businesses the support, expertise and tools necessary to succeed in increasingly competitive markets. They're also driving high return on investment doing so.

A popular Connecticut study entitled Business Incubation: A Key ingredient to Economic Growth and Recovery, argued business incubators as a “best value” in economic development, based on low program costs and a high return on investment to communities. The ROI of public investment was calculated at $4.96 for every $1 of public operating subsidy.

Is This The Year That You Start Your Business?

Are you ready to turn your ideas and aspirations into business success? To make it as an entrepreneur, you not only need a great concept, but you also need courage, energy and determination. To help you decide whether you’ve got what it takes, take the quiz below. I developed these questions so prospective business owners can decide whether it's time to launch.

Answer each question in writing as completely as possible. Your responses will allow you to evaluate your motives, goals, skills and experience, and can even be used as the basis for your initial business plan. Remember, there are no right or wrong answers. The objective is to help you find a path to fulfill your dreams.