* The characteristics most essential for successful entrepreneurship.
Can you identify with these characteristics? If so, you may want to consider starting a small business of your own.
One of the first steps in starting a business is to develop a business plan of goals and objectives. The soundness of your business plan will depend a great deal on your personal knowledge, experience, and ideas. Developing a good, flexible business plan will often determine whether your business will succeed or fail.
In addition, there are several key factors to consider when starting a small business.
- Is there a market for my product or service?
- Where is the best location for my business?
- What are the expenses involved in starting and operating a business: licenses, taxes, equipment, inventory, rent, advertising, utilities, etc.?
- How will I advertise my business: newspaper, posters, handbills, radio, mail? Where are suppliers of inventory located?
- What types of records will I need to keep: payroll, income, expenses?
- Who are my competitors, and what are their prices?
- What type of insurance coverage will I need: liability, theft, life, health, etc.?
- What types of transportation will I need for the business?
- Do I know where I can get legal and/or accounting assistance?
Imagination plays a big role in business success. Turn something you really love doing into something more. Is your favorite activity Nintendo? Turn it into a video game review service. If you base your business on something you already like to do, you'll enjoy your "work" and probably be successful, too.
The teenage years may afford the best chance to gain entrepreneurial experience. Young people are willing to risk, to create, and to remain optimistic in spite of hurdles. Entrepreneurship is a natural channel for teenage curiosity, innovation, and energy. Teens can learn from operating a business with low startup costs and without running a high financial risk.
Consider the following as you decide whether entrepreneurship is for you:
- Always put schoolwork first. Young entrepreneurs need a solid education.
- To help you with your success, check out legal and tax requirements before starting a business venture. Experienced entrepreneurs can help you.
- Running a profitable business can take a lot of time. Analyze your time priorities.
- Making a profit is very rewarding, but never guaranteed.
- Being an entrepreneur allows you to "be in charge," use your creativity, and do work that you truly enjoy while earning money.
- It can teach you essential work skills, enhance your résumé, and let you explore career options.
- It can prepare you for an entrepreneurial career.
- It can provide freedom and choices which allow you to set your own goals and limits.
More links to information about Self Employment can be found in Step 4.