In response to the question I ask of anyone opting in for my "Crack the Code to Becoming an Entrepreneurial Physician" free report (I ask: "What is your BIGGEST question about starting or managing a business?"), I received this great reply the other day:

My biggest question about starting or managing a business is whether or not the business I am considering will thrive for the long-term and be able to provide significant financial support (or be a side business).  I do not feel that I have a great business background so it's hard trying to figure out "where do I start".

This was my reply:

The best chance for success occur when you have the following:

1. a well-defined problem you are solving
2. a well- and clearly-defined target market with that problem that you care enough about to want to solve their problem(s)
3. a target market that can afford to pay for your solution, and values your solution
4. a relatively easy way to access your target market without having to find them all one by one, unless you have a really high ticket item you can sell and then deliver without much overhead (consultants can sometimes do this - just one $50,000 or $100,000 project can be enough, and you have to usually find your customers one on one for those)
5. a clear message about the benefits of your solution, with a plan for how to get that message out (your marketing plan)
6. a clear business plan that outlines your business model, what you have discovered about 1-4 above, your path to revenues, your anticipated costs, your financing, and your team (of advisors or employees)
7. sheer tenacity and dogged persistence to weather the rough times
8. and a touch of luck will help!

Do you agree?