Are you a wannabe entrepreneur bursting with innovative ideas? Or maybe you love the thought of working for yourself and generating your own income. Either way, when the last piece of your business idea finally falls into place, it can be tempting to drop everything and get started on bringing your concept to life.

But in reality, many small businesses never survive past the 3-year mark. So if you want to transform your vision into a successful enterprise, a good idea and buckets of enthusiasm are just the beginning.

Knowing what you want to deliver, in terms of a service or product, coupled with a concept of how you want your business to operate, will not only help you get started but also keep you going in the right direction.

Do you know your start-ups from your SMEs ­– ok, no one can agree on one definition for a start-up – but you should know what sort of business you want? How will you fund it? Where will it be based? How much, if anything, do you know about business structures, sales and marketing or taxation and GST? The long list of practical considerations can seem overwhelming.

Happily, in Perth, there’s a lot happening in the ‘innovation space’ to help and encourage aspiring entrepreneurs to develop new ideas. Here are a just a few resources to consider:

• Attend events like Curtin’s Independent by Choice that allow you to tap into the wisdom and experiences of other like-minded people who have trampled the path to entrepreneurship ahead of you.

• Connect with local groups like Start-up news or Spacecubed, and you’ll join a growing community of entrepreneurs and innovators with enthusiastic newbies and seasoned professionals working side by side in co-working spaces around the city.

• Participate in Startup Weekends or development programs like Curtin Growth Ignition, VOCUS Upstart or HBF Activate – you’ll put entrepreneurial skills to the test – you might even pick up an investor!

• Visit the Small Business Development Corporation, either in person or online, and get independent feedback on your business idea. You can also access information on all practicalities of running a business or sign up for a workshop.