America is the Land of Entrepreneurs. Pegged to having the largest economy and the melting pot of the world, all possible breaks are found just around the corner. Did you know that 543,000 new businesses are created every month?(Source: www.Kauffman.org). It wouldn’t be what it is today if not for the brave starters who dared to chase after their big dreams.
We can all agree that starting a business is no piece of cake. With the growing rate of unemployment and restlessness of the fresh graduates, one can only be hopeful to succeed in their chosen field of endeavor. So many things to consider, not to mention the money it takes to realize your business.
But what does it really mean to become an entrepreneur?
Entrepreneurs are game-changers. They are people who have “ideas worth sharing”
They don’t keep silent and they have an unquenchable thirst to make a difference. If you think, “Oh, that could be me!” then congratulations! You are on the right page!Now is the time to pursue your own business. Mark Zuckerberg, Elon Musk, Steve Jobs and many countless individuals started with their own small dream. They all started with an ingenious idea and endured the ridicule of unbelief among the crowd. Needless to say, their astounding success not only yielded monetary profit but moreover, they changed how the world works and earned a mark in world history. Given that you are convinced in starting up your entrepreneurial career,what should you do next? Now let’s get down to business and dig more into the technicalities shall we? Promising starters must jot down this
7 IMPORTANT STEPS when considering business ventures:
1.Personal Assessment
– any self-help book, organization, speaker or web medias will tell you the same thing. First and foremost, ask yourself if you’re ready to risk your life in the wild, wild sea of uncertainty. Assess all areas of your life and think about the critical aspects and address them as you see fit. Don’t be afraid to ask the hard questions. This may include your strength and weaknesses, resources, connections, skills etc. and most importantly, define the GOAL you hope to accomplish in your business.
2. Ask for Directions
– your evaluation from the first step would eventually take you to the next probable step, which is to seek professional counsel. This indicates your profile of readiness on how serious you are in marketing your ideas. There must be a logical sequence of actions combined with the courage to take the risk simultaneously. This is where accounting, lawyers, registrations, seminars would take place. Take as many advices and equip yourself as much as you can.
3. Determine the Legal Structure
– Flowcharting your business step by step will give off a confident release. Aside from the legal presentation, this serves as the outcome of your research and planning. Define your target users, clients or customers; the 3W’s (what, where, when and the HOW!) even up to the tiniest details must be thoroughly planned out. Forget it not to comply to federal, state and local regulations. You could use the help of professional advisors (lawyers, cpa etc.) in relation to these matters.
4. Get Listed
– Always make your business legal. Obtain the necessary licenses, permit, TIN # and other legal documentations before you proceed. It wouldn’t hurt anyone to be detailed about these things. According to research, entrepreneurs usually start around the age of 20-34. You’d be surprised to know just how bold starters are getting these days.
5. Funding
– I don’t have to imply, how money is needed to earn money. There are traditional and non-traditional methods you can choose from. “Crowd Funding” is becoming more popular at the moment. Then of course there’s a cumulative lightbulb-idea of retirement fallback for the older generation. Whatever means you choose, you have to decide sensibly. Be realistic about your resources.
6. Location, Location, Location
– The place to bring in the most traffic is one
of the greatest deciding factor of your success. Same applies on the virtual world. Knowing how and especially where to market your products or ideas could make or break the deal. Attracting customers means you have to be in the right place at the right time.
7. Manpower
– Hiring the right people for the job is equally important in the process. Your people must have the same level of audacity, vision and most importantly the passion like you do.
All these steps would be deem worthless if you don’t focus on your own creative idea to begin with. The point is to start somewhere. Understand why you should start in the first place and go from there. We may take it for granted but we do have the tools we need in order to reach out anywhere we want to. Digital Technology could not be more powerful today. With a processing power unimaginable just a few years back. We can only hope to use it for the good of everyone around us. I would never get tired of saying this: “Be a catalyst for change.” Wouldn’t you want to tell your own success story and pass it on as a legacy?
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