Entrepreneurship alternatives

Control one advantage of starting your own business is that you are more in control of your work and career. You are the one who must hire and fire the employees. control will come increased responsibility and a new set of demands. You are the one who has to meet payroll. You are the one who has to make sure that clients and customers are happy

Money Limited money if you are employee. People start their own business because they want the chance to provide a better life for their family. you may make a fortune, or you may go bust.

Creativity and independence you won’t feel stagnant for long if you start a business. Running your own business may require you to be the marketing wizard, salesman, bookkeeper, secretary, and president all rolled into one.

Freedom. Working at your own business gives you the flexibility to decide when and where you will work. You decide your hours and place of business. being your own boss, where no one can tell you what to do or how to do it.

Uncertainty its challenging, exciting, and spontaneous. but there is no steady source of income; a paycheck does not come every month.

Risk. The willingness to take a smart, calculated risk is the hallmark of a smart entrepreneur. But even calculated risks are still risks. Make a millions or you could go bankrupt Lack of structure. Many people like the structure of working for someone else. They know what is expected of them and what they need to accomplish each day. This is not true when you work for yourself. The work is very unpredictable.

Getting Started Personal Evaluation Analyze the Industry Draft a Business Plan Make It Legal Get Financed Set Up Shop Trial and Error

Step 1: Personal Evaluation Why do you want to start a business? Is it money, freedom, creativity, or some other reason? What skills do you have? What industries do you know best? Would you want to provide a service or a product? What do you like to do? How much capital do you have to risk? Will it be a full-time or a part-time venture? Will you have employees?

Step 2: Analyze the Industry Who will buy your product or service? Who will be your competitors?

Step 3: Draft a Business Plan a business plan will help you figure out how much money you w ill need to get started, what tasks need to be done when, and where you are headed.

Step 4: Make It Legal Once you form your business, you also need to get the proper business licenses and permits. Depending on the business, you may have to deal with city, county, or state regulations, permits, and licenses. any insurance you may need for the business find a good accountant.

Step 5: Get Financed Most small businesses begin with private financing from credit cards, personal loans, help from the family, second mortgages, savings, etc. As a rule of thumb, in addition to your start-up costs, you should have at least six months’ worth of your family’s budget in the bank.

Step 6: Set Up Shop Find a location. Negotiate leases. Buy inventory. Get the phones installed. Have stationery printed. Hire staff. Set your prices. Throw a grand opening party.

Step 7: Trial and Error It will take a while to figure out what works and what does not. Follow your business plan, but be open and creative. Advertise! Don’t be afraid to make a mistake.

What Type of Business Should You Start? Completing the following statements should help guide you to choosing an appropriate business. I am happiest when I …… I feel excited when I ….. If money were not an issue, I would …. The best advice I ever received was …. The best thing I ever did was …….. Work is best when ……. Life is best when ……… My hidden talent is …… My purpose is ………… I have the most fun at work when I …… The skills I most like using at work are ……. What people admire about me is …… I am best at …… The training I had that can help me is …..