Small companies help our economy. In a recent study, there were 28.2 million small American businesses. They have accounted for 63 percent (or 14.3 million) of new jobs created during 1993- 2013. But, as tempting as entrepreneurship is, how do you know if it’s right for you? And what do you need to start your own business? Here are some ideas that can help.
Entrepreneurship is appealing for many reasons. With your own business, you’ll have control over your career, be able to challenge yourself and create your own work-life balance. Starting your own business comes with risks as well. Only 69 percent of small businesses survive the first two years and only 31 percent survive seven years.
What Do You Need to Start Your Own Business
If you’re interested in entrepreneurship listed below are some Mindful Work® tips for you to consider.
- The right spirit. In order to be a successful entrepreneur, you’ll need the right spirit. Your passion is crucial for your product or service to thrive. You’ll have to be comfortable with taking numerous risks and making quick and sound decisions.
- Self-evaluation. You’ll need to reflect on your skills and weaknesses. When you start a business you’ll be taking on a lot of tasks yourself like “selling, bookkeeping, marketing, and bill collecting.” Use your strengths and improve on your weaknesses by taking training courses to improve or getting help from a mentor.
- Resources. Evaluate your resources before starting a business. Do you have enough time to start? Will you be splitting the time between your current job and your business? Have you saved up enough seed money?
- Research. Conducting market research is a must. Through this process, you’ll learn if there’s room in the market for your product or service. Consider studying likely competitors, talking to people in the field, and going to conferences.
- Business plans. With the right background material, you’ll then be ready to create a thorough business plan. You’ll need to define the business concept, create projected marketing and operating procedures as well as offer in-depth financial data.
- Money, money, money. Success can depend on your finances too. If you don’t have enough money to start-up on your own there are other money avenues to consider. There are special grants, government-backed loans, loans from community banks or credit unions, crowdfunding or even family and friends to consider.