Many start up enterprises face many challenges. Most of these challenges are due to the inexperience of the entrepreneur and lack of adequate support. Indeed many of these enterprises fail within their first year. There are a number of important things on start up business Calgary entrepreneurs need to know if they are planning to start one.

The first things that you have to do is to create a business plan. The plan will vary depending on the exact nature of your enterprise but there are a number of things that have to be highlighted. Some of the important components of a plan include the vision, mission and objectives of the firm, source of capital, nature of product or service, its source and distribution channel and most importantly the consumer.

As you start the enterprise you need to identify the source of capital. Here, there are many options to be considered including personal savings, loans from banks and other banking institutions, and securing equity capital investors among others. The commonest challenge here is to estimate the exact amount that is required to start the enterprise. The safest thing to do is to have some extra money put aside just in the event that the initial amount is underestimated.

Understanding your clients is very important not just when starting the business but during its entire life. To achieve this, you will need to conduct market research. In the research, the aim is to find out the basics regarding clients including their predominant, age, gender, demand of the goods and services and their tastes and preferences. The information so obtained is used to make important decisions aimed at improving the nature of product or service provided.

Any business that is opened operates in an industry. You will need to identify the major players in the industry and how these will affect the way you operate. Direct and indirect competitors should be well known. Come up with strategies that will make you stand out from the crowd bearing in mind that there are other players that are well established and have large size of loyal customers.

Passion is what will keep you going even when faced with the most challenging of circumstances. If you are passionate about something then the drive is to see it exist rather than to make money. There is no doubt that any enterprise started today will be faced with numerous hurdles. Taking it as personal project, and focusing on the long term survival rather than short term gain is key to survival.

Identify a mentor to guide you through the process. An ideal mentor is an individual who has succeeded in a similar venture in the past. They may still be in the industry but are five or six steps ahead of you which means that they understand more than you do. Alternatively, they may be part of your business as equity capital investors or angel investors.

Every enterprise operates in an environment governed by laws. Make sure that you are conversant with those that apply in your specific case. Registration with the relevant government bodies is necessary before one can be allowed to operate. As a young enterprise ensure that you conform to the laws that govern operations even after being allowed to set up shop so as to avoid penalties.