To start business you will definitely need the following few things:-
1. Either your own capital or a funding source. If you have accumulated enough money, then you can think about starting the business.
2. Initial people who can work with you. Nobody would easily be convinced to work with you. You will need to convince them either by hypnotizing them with your extrapolated ideas or giving them a picture of growth or opportunities or a very good pay packet(much higher than market).
3. An idea which would work. Don't just jump into a business without having an idea which is fairly good and workable.
4. Knowhow about the business which you want to start. If you do not have some knowhow about the field in which you want to start the business before you jump into it, you will be fooled very badly by employees, if you do not get good trustworthy employees.
5. Some knowledge on Taxation, Labor Laws, company laws, Contract Laws, Intellectual Property laws, your Industry Specific Laws etc., so that you do not get into trouble or regulatory issues.
If you think you are good with all the 5 points above, go ahead and start a business. Take this as a checklist before starting any business. 

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Nice Post

This might also help.