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how can I my own business as beginner?

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Bella’s Answer

Hi Akua! Starting your own business can seem intimidating and overwhelming but there are so many resources out there to help support you in getting started. Some questions to ask yourself:

1. Why do I want to start a business? Why now?
2. Am I motivated and discipline?
3. Can this business make me money now and in the future?
4. What problem does my business solve?
5. Who is my target audience?
6. Identify competitors and determine what will make my business stand out from theirs
7. How will I price my product/service?
8. How will I market my product/service?
9. What resources will I need?
10. Am I ready to start to the process?

Additional resources linked below:

Start Your Own Business from Small Business Administration (SBA): https://www.usa.gov/start-business

Local SBA partner organizations offering free access to mentors and trainers: https://www.sba.gov/local-assistance/find
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Nada’s Answer

HI Akua,

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. 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. 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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Mike’s Answer

Building on Bella's answer, building your own business can be an incredible learning experience, but it will also come with a lot of bumps in the road. It's a hard grind to build up a successful business, but the sense of accomplishment and ownership is exceptionally rewarding.

One thing that can really help is building up a network of people who can help give you advice, point you in the right direction, and support you on your entrepreneurial journey. A couple of places to start building your network:

- Family friends
- Your local Chamber of Commerce
- Local businesses that are similar to what you want to build

Finally, prioritise reading widely about business, especially where it relates directly to your stage of company. Whilst there might be some good insights from reading about how Google works, it's not going to be particularly applicable early on. Listen to podcasts like "How I Built This" to understand what the journey may look like for you.
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Rebecca’s Answer

Firstly, you may need to think about what industry you are interested on. It would be something you have interest on. You also have to do some analysis on the industry, e.g. you may consider the entry barrier, competition status, any substitutes, etc. You can shortlist a few industries.
Then, you may choose the relevant subjects in the college as your major and management/finance/accounting courses as your minor. Alternatively, you can consider to take a MBA course after your bachelor course.
I also suggest you could explore any opportunities to work as an intern or some time in industry after the graduation. It helps you to under the the business model of the industry.
If feasible, you can start your business online since it could lower your startup cost.
Hope this helps! Good Luck!
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