A method of preparing a fresh catalyst comprising impregnating a metal into a catalyst support to produce an impregnated catalyst, dispersing the metal in the impregnated catalyst to produce an impregnated, dispersed catalyst, contacting the impregnated, dispersed catalyst with an activating composition to produce an impregnated, dispersed, activated catalyst, and thermally treating the impregnated, dispersed, activated catalyst to produce a fresh catalyst wherein the activating composition is in the liquid phase.