Up next in How to Start a Business (39 videos)
Do you have what it takes to be an entrepreneur? These videos can help you get your business off the ground.
You Will Need
- Capacity for stress
- Organizational skills
- Mission statement
- Business plan
- Market research
Interview other entrepreneurs and honestly assess whether you have the drive, vision, and emotional strength to run a small business. If you are a motivated, resourceful, and flexible, you might be going in the right direction.
Consider your ability to deal with adversity and work with antagonistic people under stressful circumstances that could result in litigation and worker conflicts.
Ask if you're organized
Ask yourself if you're organized enough to run a business, control stock, pay taxes, and keep a lot of balls in the air at once.
Define the business
Define the purpose of your business and create a mission statement as an exercise, before using the statement in your business plan to get a loan. Explain the purpose, function, and goals of the enterprise.
Investigate whether there is a need for the business through market research, focusing on whether your product will fill a void or niche.
Develop the plan
Develop plans for employee compensation, personnel policies, business insurance, accounting services, and management strategies. If the detail and work load is too daunting, you won't be ready to handle similar drudgery in a business.
Plan for your work and life balance, limiting stress and managing time. This takes discipline, vision, sacrifice, and stamina.
Make a decision
If you've determined you can persevere and jump through hoops under pressure, possibly forgoing a paycheck, you're ready!