How do I start my first company?

Do not sit on the fence; you are either in it or out of it. As Mark Suster rightly puts it "Startups Are for Doers". You need to be in the mood to do a specific thing but not to think about so many things. Being productive is about doing what needs to be done now.

As we approach 2013, many people will set new goals, visions and targets. Aspiring entrepreneurs will be planning to launch that business they have been thinking about this year.

Well, the planning is enough; the time to really put something out there is now. You can never be ready enough. Start something and make improvements along the way. It's the best way to get it right. Not everything you love can be turned into a successful business.

Find things you love now and are passionate about that can be turned into a viable business. Focus on answering how the business can improve somebody's life or make a task less difficult, you could even focus on improving an existing product if you believe it's not good enough. Some people create products out of problems they encounter when using particular products. You could try that if you need a new idea for your new business.

Before you get started, embark on an information hunt. Find answers to basic startup questions. Find out who your competitors are, what are they doing right or wrong which you can improve. Is your idea feasible? Is there a market for that idea or product you want to start.

What difference will you bring to the market? Why should an investor care about what you are about to do or what you’re launching? How big is the market? Will your business be scalable? Of course you cannot answer all the formal business questions, but arm yourself with some basic data. This will determine if there is a need for your product. You do not want to waste all your time creating something that has no future.

Good luck in your quest to launch a new business. But brace yourself: Startups are tough, it's a long road and it could take time to realise that dream, even the most dedicated and passionate founders who are now successful will tell you it took time to reach where they are now – others will likely fail, and definitely be unhappy. And it's alright to fail. As long as you don't stay there, but get back up and try again, you will someday see yourself at the top.