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How will I start and manage my own business

#entrepreneur #business #design #management #money

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Michael’s Answer

That is a great question! Congratulations for wanting to start and manage your own business. My advice would be to gain experience in the business you want to operate and seek out a trusted mentor who can help you as you enter on your own. Starting a business is no easy task - in addition to being the expert in what you do, there are also multiple functions within a business that you'll need to gain experience (hiring employees, developing your business, marketing, finance, etc.). I have found a mentor can help and be a good resource to go to with questions as you are getting started.

I wish you the best.
Mike
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Rebecca’s Answer

I am delighted to hear that you would like to start your own business and become an entrepreneur. Have you thought about what industry you would like to start on? Do you have the knowledge in the industry?
I would suggest you may identify the industry you would like to start your business. You can then attend the relevant courses in college . You can acquire better knowledge and understand how the industry works. You can also establish a good network with your classmates who will work in the industry in the future.
At the same time, you can analyze the status of industry works, e.g. any entry barrier, how's the competition, any substitute of the product, etc.
On the other hand, I would suggest you can seek opportunities to work in the industry. This can give you more visibility on the business process.
When you are ready to start, I would suggest you can consider to start it online (if it is feasible) given the startup cost is much lower.
Hope this helps! Good Luck!
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Sam’s Answer

Excellent question. When a new business to be started or considered, I would recommend to ask the following questions: 1) What type of business? 2) How much money you are planning to invest? 3) How many employees will you like to start with? 4) What is your mission statement? Logo? website? 5) What is the marketing strategy? 6) Who are working with you on this? Depending on these questions, you may typically set up a company as a LLC (limited liability corporation). You would also need to file for the state and tax preparation annually. You can do these by yourself or if resources/funds are available, you can hire consultant to help you. I hope these questions will be a great guide for you. Please drop additional questions if need help.
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Nada’s Answer

Hi Asia,

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!
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