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What do I need to start a business?
I'm a strong motivated person, I love to express myself, and I'm very passionate about what I do. #business #entrepreneur #marketing
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5 answers
Updated
Nada’s Answer
Hello Sara,
It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
It's awesome that you're diving into the world of entrepreneurship right out of school! Starting a business requires a mix of passion, grit, and the right tools.
Here's a breakdown of the essentials to get you started:
1. The Idea Toolkit:
* Problem-solving lens: The best businesses solve problems. Look around – what frustrates people? What needs improvement? Your idea should offer a solution or fill a gap.
* Idea validation: Don't just assume your idea is great. Talk to potential customers. Get feedback. Would they actually pay for what you're offering?
* Niche focus: It's tempting to try to be everything to everyone, but starting with a specific niche helps you target your marketing and stand out.
2. Planning :
* Lean Business Plan: No need for a 100-page document, but outline your goals, target market, how you'll make money, and your marketing strategy.
* Market Research: Who are your competitors? What are their prices? How can you differentiate yourself? Knowledge is power!
* Legal and Financial Foundation: Choose a business structure (sole proprietorship, LLC, etc.), get necessary licenses, and understand basic accounting.
3. The Digital Toolbox:
* Website or Online Platform: This is your virtual storefront. Make it user-friendly, whether it's your own website or an Etsy shop.
* Social Media Presence: Where does your target audience hang out online? Focus your efforts on those platforms.
* Content Creation Tools: You'll need ways to create engaging content – Canva for visuals, video editing software, or even just a good phone camera.
4. Customer Connection:
* Email Marketing: Build an email list and use it to connect with potential and current customers (Mailchimp, ConvertKit are popular options).
* Customer Relationship Management (CRM): A system to keep track of customer interactions and build relationships (HubSpot, Zoho are examples).
* Excellent Communication: Respond to inquiries promptly, be helpful, and build trust with your audience.
5. The Growth Accelerator:
* Analytics and Tracking: Use tools like Google Analytics to understand how people find your business and what they do on your website.
* Networking and Collaboration: Connect with other entrepreneurs, potential mentors, and industry professionals.
* Continuous Learning: The business world is always evolving. Stay updated on trends, learn new skills, and adapt.
Resources for Young Entrepreneurs:
* Small business development centers (SBDCs): Free or low-cost counseling and training.
* SCORE: Free mentoring and resources from experienced business professionals.
* Online business courses: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge.
Starting a business is a marathon, not a sprint. Be patient, persistent, and passionate about what you're doing. Good luck!
Updated
Neha’s Answer
Hi Sara,
Here are some steps you can take in order to start your own business -
- Have a vision, put it down in writing
- Conduct the market research to find out opportunities
- Based on your findings, make a business plan
- Gather funding for your business
- Register your business!
Here are some steps you can take in order to start your own business -
- Have a vision, put it down in writing
- Conduct the market research to find out opportunities
- Based on your findings, make a business plan
- Gather funding for your business
- Register your business!
Updated
Gonzalo’s Answer
Hi Sarah - I would recommend informing yourself via reading the following 5 highly recommended entrepreneurship books: https://www.entrepreneur.com/slideshow/299927.
Updated
Daniela’s Answer
Hi Sara,
You're starting off on a great note with having a strong passion for what you do. Being an entrepreneur/business owner is not without its challenges and knowing you are putting that time and effort into something you truly care about is important.
Here are a few recommendations to get started:
- Establish a knowledge of the market your product or service is in. This includes doing research on what competitors are in the same space and their price points. How is your product or service different/improved from competitors? Identify the value-add or solution your product or service is providing for your consumers.
- Identify your target audience: What type of people are going to be most interested and/or benefit from your product or service. This will greatly influence your approach to marketing, targeting, etc.
- With these fundamentals, put together a forward-looking business plan with a clear vision, defined goals and solid grasp of financials. This will be incredibly helpful including if you're looking to apply for grants, submit to pitch competitions, etc.
Here is a resource to explore focused on the early stage of starting a business : https://www.practicalbusinessskills.com/getting-started
You're starting off on a great note with having a strong passion for what you do. Being an entrepreneur/business owner is not without its challenges and knowing you are putting that time and effort into something you truly care about is important.
Here are a few recommendations to get started:
- Establish a knowledge of the market your product or service is in. This includes doing research on what competitors are in the same space and their price points. How is your product or service different/improved from competitors? Identify the value-add or solution your product or service is providing for your consumers.
- Identify your target audience: What type of people are going to be most interested and/or benefit from your product or service. This will greatly influence your approach to marketing, targeting, etc.
- With these fundamentals, put together a forward-looking business plan with a clear vision, defined goals and solid grasp of financials. This will be incredibly helpful including if you're looking to apply for grants, submit to pitch competitions, etc.
Here is a resource to explore focused on the early stage of starting a business : https://www.practicalbusinessskills.com/getting-started
Updated
Lucie’s Answer
Hello Sara,
Starting a business asks for a lot of determination! And each business has a different path to completion.
A few steps i would take:
#1 Planning
My advise would be to start by planning. Put your thoughts into paper, spreadsheet, etc. Laying your ideas would help you for the next phase.
#2 Research
Once you know what you want your business to be, have a concept of your business, research the market, numbers, competition, etc.
#3 Business Plan
The very crucial step of starting a business is to make an objective business plan. Be realistic, and do not leave out details. The better prepared you are the most your project will be. Think about the 4 Ps: Pricing, Position, Product, Placement; it helps to situate your product and business.
Many other steps to follow depending on the scale of the business you want to create but this would be my recommendations to help you start.
Hope this helps,
Cheers
Starting a business asks for a lot of determination! And each business has a different path to completion.
A few steps i would take:
#1 Planning
My advise would be to start by planning. Put your thoughts into paper, spreadsheet, etc. Laying your ideas would help you for the next phase.
#2 Research
Once you know what you want your business to be, have a concept of your business, research the market, numbers, competition, etc.
#3 Business Plan
The very crucial step of starting a business is to make an objective business plan. Be realistic, and do not leave out details. The better prepared you are the most your project will be. Think about the 4 Ps: Pricing, Position, Product, Placement; it helps to situate your product and business.
Many other steps to follow depending on the scale of the business you want to create but this would be my recommendations to help you start.
Hope this helps,
Cheers