Are You Fit for Entrepreneurial Endeavors?
Are you fit for entrepreneurial endeavors? 2 Small Biz Guys explore the path to profitable returns. We explore considerations and questions regarding small business start ups. Some folks want to start their own business but may not be a good fit for becoming an entrepreneur. What percentage of new business start ups are there? 14% of Americans recorded by Global Entrepreneurship Monitor.
You can take a brief quiz and see where you stand on the scale before launching into something you may regret. On the other hand, you may be a perfect match for taking the leap. Find out here.
If you are a self-starter, can create good relationships and lead others you are on the right track. There are some recommended steps, though. We often leap without looking, especially when we accept and engage risk. When we plan strategically, looking for and filling the holes in the plan effectively, we have a much greater chance for success. Here’s the steps:
- Write a Business Plan
- Get Business Assistance and Training
- Choose a Business Location
- Finance Your Business
- Determine the Legal Structure of Your Business
- Register a Business Name
- Get a Tax Identification Number
- Register for State and Local Taxes
- Obtain a Business License and Permits
- Understand Employer Responsibilities
Often the latter is not fully appreciated until the business owner is taken off track because there are now employees to manage. Competitors, rather than wish you ill, may wish you more employees. Human resources are often the most important aspect of a business that is growing, maintaining good employee relations being imperative.
Cash flow is most important, though, and without it your business will suffer greatly and potentially fall without great fanfare. There are some key considerations in this article. There are also some excellent resources for short-term on-demand small business education at Practical Business University. We also discussed sales strategies briefly and these made the top ten, from the author of How to Say It: Business to Business Selling.