It does not matter what industry you plan on launching your startup in. You need to know how to run a business. If you don't have the basics down, the quality of your product or service will not matter. The endeavor will fall apart. Here are the 5 basics you must absolutely have in hand if you want make your small business a successful one:

1. Financial Literacy 

The most basic function of a business involves money. All startups, regardless of industry or offering, manage money. If you do not have basic financial literacy, you will have trouble managing the early days of startup. That is especially dangerous, as you are working with extremely limited capital. A single misstep could doom the entire endeavor. If you're not sure you know enough about finances, you probably need to learn more.

2. The Ability to Read the Market Relative to the Company 

It is easy to think about the startup relative to itself. You can think about the product, what problems it can solve, and how much you can sell it for, largely without thinking about real world contexts. However, that is not enough. Entrepreneurs who are ready to launch are capable of getting a sense of how the outside world can impact the company's functions and sustainability. If you do not have that instinct or do not have that kind of information, it is time to read up.

3. A Clear Idea of What Marketing Entails 

While you may eventually have a whole team managing the marketing side of your company, at the start, you are the company's top spokesperson. You are responsible for deciding on the brand, as well as the advertising campaign. If you do not understand how to set the right goals or how to read the metrics, you will have trouble reaching your audience. That can quickly doom your endeavor before it even truly begins.

4. The Cash Flow and How it Works 

Understanding how to budget the money you have is only one aspect of money management. An entirely different but no less important skill involves figuring out how to get more capital into your hands. Figuring out where your money is going and how to get more money going into the business is a mandatory skill, but that is not the end of it. You should also have a basic understanding of fundraising practices and options, and have the knowledge to figure out which option is best for you, depending on your needs and available resources.

5. The Legalese 

All legal companies are subject to the law. Since ignorance is not an excuse, you need to ensure that every aspect of your business is above board, or you run the risk of losing everything you have built. The good news is you do not need to be an expert on this. You should hire an actual lawyer to help ensure that your business is legally safe to run and that you have applied for and obtained all relevant permits. Additionally, you should figure out which kinds of insurance are applicable to your company.

While these are far from the only business fundamentals you should have under your belt as an entrepreneur, knowing these five gets you off to a good start. It may feel frustrating to delay your entrepreneurial dream, but it is better to enter the game ready than to leap in before you get the parachute fully strapped.