Please don't start up a new venture just for the sake of starting a business or to make profits from the first month or just carrying a side business along with job to have some money. Please be serious about everything you do and every step and move you take. Once an opportunity is lost its lost and new strategies need to be made. You cant cry over spill milk.
Do full market analysis and write down all pros and cons of starting the new business. It may so happen that your idea is a total flop and you crumble down. Write down every small and big aspect which comes in your mind and do talk to your good reliable and faithful friends about it as they are the ones who will point out the loopholes. This will give you a particular direction and you can plan things in a better manner. You cannot predict the future but you can surely rely on the present and talk to people who have experience. Having full knowledge of the market and customers will help you knowing the penetration of your business or product. If there are too many players in the domain where you want to start your business. Then you please think again. Old players may be giving very good quality product at a cost effective rate which you cannot compete at the start. Then how will you sustain. If you have very good product and you are ready to take risk then go for it. Your passion and believe may work wonders for you.
If you want to start a partnership firm. Decide who all will be partners and if you know all of them closely. If you all are friends then also you have to keep many things in mind. Business and friendship are two different things. If you mix both it will be disastrous. Put down every discussion in writing and discuss everything and don't lave any unresolved issue. A lot of problems happens in the later stage as you cannot speak in front of your friend. Don't ever try to cut each others experience. Having an argument is good rather than nodding head on each and every topic.
Have a financial analyst who will let you know the expenditure and plan the future according to market analysis. Many business close down in the first month due to poor financial planning.
Always have in mind you cannot make profits in the first month or first year so be prepared to face the most difficult situation. Always be clear on what to want to do and be passionate about everything you do. I have seen people being passionate about something in the first month and then liking something else on the second month. Please stick to one single decision. Be self confident. Have a positive frame of mind because in the later stage you will have to listen to many negativity.
Be prepared and be honest to your self. Don't ever cheat your own self.
Learn from mistakes committed by other people. It will prevent you from doing blunders.
If you want to try something new and trod an untrodden path. Be prepared it may so happen that you are very lucky and make lots of profit or thrown out of the market. Sometimes things may or may not work in your favor so prepare your mind for the worst possibilities.
Don't give up always try. It might be worth our while to remind ourselves of those immortal words from the Bhagawad Gita:
Yada yada hi dharmasya, glanir bhavati bharatah
Abhyutthanam adharmasya tadatmanam srijamyaham
Paritranaya saadhunam vinshayacha dushkritam
Dharma sansthapanarthaya sambhavami yuge yuge
(Whenever and wherever righteousness is in danger; and the unjust rises its head; I manifest myself
To protect the right and to destroy the wrong; to reestablish righteousness, I happen millennium after millennium)
Try again and again. Success will surely touch your feet.
