* Am I happy to take the risk?

* What sort of business shall I start?

* How much money do I need?

* Where is it coming from?

Let’s take a closer look at these:

Am I happy to take the risk?

You could well be in a situation where no money at all is coming into the family coffers in the first twelve months or possibly longer and you are probably in a nice secure job which may even be paying top dollar. You might also have a partner, wife/husband who will have to take the risk with you. Apart from selling the idea to them as you will need their support throughout this long journey, answer yourself truthfully that all this is OK and that you either have savings set aside, a house you are prepared to re-mortgage, or rich parents/in-laws!

Be mindful that even when the business is up and running you may be unable to pay yourself enough to pay the bills. In the life cycle of a business there are many ebbs and flows and you can read about some real-life ones in my book ‘Raise the Bar, Change the Game!’

What sort of Business Shall I Start?

Actually, it doesn’t matter as long as you are passionate about what you decide to do. This is necessary to overcome the disappointments in the businesses progress through the years when things may not be going to plan, and you need to infect your employees with the same passion to motivate them and get the best out of them.

There is no need to reinvent the wheel. Most ideas have already seen the light of day and unless you have invented a revolutionary product or can disrupt an existing market like the iPhone did, just choose one of your passions and do it better than everybody else. After this eureka moment there is no doubt friends and family will be quick to say it can’t be done but you will have to keep that self-belief and ignore these comments. Try not to surround yourself with nay-sayers and negative people as they can bring you down. Keep a positive can-do attitude and you will succeed.

How much money do I need?

This is the moment many entrepreneurs give up before they even start. Firstly, it is a convenient reason not to start the business if you are not convinced you can do it and secondly most businesses need very little money to start. The best way to finance the

business is from family and friends, a small bank overdraft, and getting your suppliers to finance the business through cash flow. Make sure your customers pay you before you pay the supplier thus using their money and not yours! That’s where the money comes from. Make sure though you understand cash flow, go to a class to read a balance sheet and a profit and loss statement – we call them management accounts. You need a cash flow statement showing how much cash you are using and have in the bank. You can make large profits and still go bust if the cash runs out!

In summary it is never too late to start a business – I was 35 before my eureka moment. Be passionate in what you do, be a risk taker, and keep an eye on the CASH.

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Brian Marcel is the founder and Chairman of International Bar Code System (IBCS) Group, known for bringing the game-changing barcode technology to a part of the world in desperate need for change. Since its start in 1988, he has built the IBCS Group into the top enterprise mobility integrator in Central and Eastern Europe. His debut book, Raise the Bar, Change the Game: A Success Primer for Budding Entrepreneurs who Want to Change the World, is available on Amazon. Marcel's book Raise the Bar, Change the Game: A Success Primer for Budding Entrepreneurs Who Want to Change the World is available for download.