1. Business Idea: A strong, viable and innovative business idea that will serve a particular niche is the foundation of a successful business. It should be unique, sustainable and solve a pressing need.

2. Target Market: It is essential to conduct market research to determine the market size, demographic, and buying habits of potential customers. Knowing this will help in crafting an effective marketing and sales strategy that will reach the target market.

3. Business Plan: A comprehensive business plan that outlines the objectives, strategies, and goals of the business is crucial. It will serve as a roadmap and guide the entrepreneur through the process of starting and growing the business.

4. Capital: Adequate capital is essential to start and grow a business. The entrepreneur should have a clear idea of the startup and operating costs, and the sources of funding available.

5. Legal Issues: Registering the business, securing licenses and permits, and complying with tax regulations are necessary steps in starting a business. It is vital to engage a lawyer or professional who is knowledgeable in business law to ensure compliance with legal requirements.

6. Technology: Technology is an essential component of any modern business. It is important to consider the technology needs of the business, such as hardware and software.

7. Team: A team of qualified and experienced professionals is vital to the success of a business. The entrepreneur should hire individuals who have the necessary skills and expertise to help grow the business.