What are the steps to becoming an entrepreneur? Find out what it takes to be a successful entrepreneur. People are doing it every day. Could you be one of them?
Latest figures show that more and more people are becoming entrepreneurs. Some do it out of choice, others are forced into it through downsizing and a tough job market. Whatever the circumstances, these are the common steps facing all entrepreneurs.
Plan
Innovation is the process of bringing your creative ideas to life and creating true business value from your idea. Turn your vision into reality through research and planning. You will need to draw up a business plan. There are a number of online templates you can use to guide you on structuring your business plan. Search on the internet for small business sites that can help you with this. Seek professional advice and help. Find a mentor or contact your local business owner's association or business bureau to get assistance. The U.S. Small Business Administration is a governmental body dedicated to helping entrepreneurs with starting a business. Contact them for a wide range of help with planning your business venture.
Prepare Your Finances
Depending on how much money you need to get your business going and the resources you have at your disposal your next step will be getting financing for your venture. Draw up a budget. How much will it cost to start up your business? When estimating your start-up costs consider expenses like equipment, supplies, advertising and marketing, legal and regulatory costs. There are various options for financing but the most likely is obtaining a bank loan. Research terms and interest rates. Prepare funding proposals and loan applications.
Implement your Business Plan
This is the tough part - implementing your business plan. This will include activities such as setting up an office or workplace, dealing with legal issues, meeting regulatory requirements, equipment purchase and maintenance, sourcing and buying supplies and advertising and marketing your product or service. Establish a time frame for each activity. Monitoring and controlling implementation of the business plan is key. Setting targets and deadlines is a good way to do this.
One in ten adults in the United States today is an entrepreneur. Research now shows that more and more over-50s are setting up their own business ventures. People who have taken the plunge will tell you it is hard work but very rewarding.
If you want to find out more about taking the steps to becoming an entrepreneur and starting a small or home-based business go to Home Business Ideas .
Julia Derby's website My Home Business Ideas offers a free and practical guide to starting a home based business from finding the right home business idea to planning, setting up and marketing your own home based business.
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