No one starts a business expecting to fail. People who start a business genuinely want to succeed. They hope it will give them more freedom and independence than working as an employee, although that is often an illusion. Many believe that starting a business is simply a matter of investing time and dedication in something they enjoy. It is never that easy, and without a plan, it is very unlikely that any business will stay afloat.

When starting a business, the only certainty is the “why.” Because I want to make a profit, obviously. Whether it is to generate a second source of income or to make a living from it entirely. Then come the big questions that must be answered before taking the leap: What? Who? When? Where? And How? If we do not have clear answers to these questions, the idea simply will not work.

What? The product I am going to sell or the service I am going to offer. Is there strong demand for this product? What does the supply look like? How easy is it to obtain?

Who? Who is my target market? What group of people is my product intended for?

When? Will my product or service be available 24/7, including weekends, or only during regular business hours?

Where? Do I need a physical location, or can I sell my product online?

How? Do I have the capital, or will I need a loan? What is my plan for the next three, five, and ten years? Will I need to hire employees? Do I need a distribution network? And so on. The “how” is the most important question of all. This is where most people fail in their planning.

If I do not have convincing answers to these questions, my idea is unlikely to gain support or attract investment.

Why am I making this introduction? Because many people start a business without clearly answering these questions. No business is born without capital or investment, and nobody wants to start something only to lose money.

I have not seriously considered starting a business myself. At least for now, it is not something that is on my mind. If I ever do, I will certainly need a plan to avoid wasting my money. The truth is that while a business requires a great deal of planning, intuition and the courage to venture into the unknown also play an important role. Many successful businesses were not their founders’ first ideas.