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Do you have any tips on how to start an entrepeneurship?
I'm just really curious and want to start one.
7 answers
Updated
Doug’s Answer
To successfully launch a startup and become an entrepreneur, take the following actionable steps:
1. Brainstorm and identify a unique idea for a product, service, or skill-based venture.
2. Conduct in-depth research on existing competitors and market demand for your proposed product or service.
3. Pinpoint and highlight key differentiators that set your idea apart from the competition.
4. Develop a prototype or initial version of your product or service to test its feasibility.
5. Share your prototype with a selected audience to gather valuable feedback on its design, functionality, and potential improvements.
6. Use the feedback to refine and improve your product or service without striving for unattainable perfection.
7. If you lack funding to create a physical product or intellectual property, consider crowdfunding options such as Kickstarter, Indiegogo, or GoFundMe.
8. Develop and implement a marketing strategy to generate attention and drive sales. Utilize social media, collaborate with relevant stores or platforms, consider licensing agreements with established industry players, and explore other promotional opportunities.
By following these steps, you'll put your startup on the path to success and establish yourself as an entrepreneur.
The majority of startups fail due to a lack of market fit (not serving a need, not a good enough product, or not better than existing products), a lack of adequate funds to start and keep the business going, lack of business skills, bad timing in the market, and many other reasons.
1. Brainstorm and identify a unique idea for a product, service, or skill-based venture.
2. Conduct in-depth research on existing competitors and market demand for your proposed product or service.
3. Pinpoint and highlight key differentiators that set your idea apart from the competition.
4. Develop a prototype or initial version of your product or service to test its feasibility.
5. Share your prototype with a selected audience to gather valuable feedback on its design, functionality, and potential improvements.
6. Use the feedback to refine and improve your product or service without striving for unattainable perfection.
7. If you lack funding to create a physical product or intellectual property, consider crowdfunding options such as Kickstarter, Indiegogo, or GoFundMe.
8. Develop and implement a marketing strategy to generate attention and drive sales. Utilize social media, collaborate with relevant stores or platforms, consider licensing agreements with established industry players, and explore other promotional opportunities.
By following these steps, you'll put your startup on the path to success and establish yourself as an entrepreneur.
Doug recommends the following next steps:
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
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Updated
Katherine’s Answer
You might think these two resources are informational and helpful: the book Entreleadership by Dave Ramsey, and this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng).
Updated
Gina’s Answer
Hi Cece,
Entrepreneurship is an exciting adventure! We work in Accountant Sales and Intuit and are very familiar with the challenges of small business start-ups. Together, my team and I brainstormed advise we have gleaned over the years as we consult with accountants and their clients:
Decide what you want to do - think of activities that you do that give you energy and bring you happiness. How can you use those to things to start a business
Anything you are passionate about will make you more successful than something you are not successful about
Create a business plan - know your pricing/fees - one of the biggest regrets of most startups is pricing too low - know your value
Understand business costs to start - figure out how to find investors - You cannot start anything unless you have the capital.
Know the competition
Use a good accounting software to track expenses & income such as QuickBooks
Create a marketing plan - how can people find you
Know your customer - who are you selling to
Partner with an advisor
Find a mentor
Search out groups & associations within your field
Search loans and grants
Figure out what you are good at & what you are not good at - partner with someone who is good at what you are not good at and vice versa
Do your research on the business - segment out partners to help with the research
Know WHY - this is what you can lean on when it gets hard.
Just get started - "Messy Action is the Fastest Way to Progress" - don't wait for the perfect time.
Understand that success is full of ups and downs, peaks and valleys
Find joy in the journey
Research successful businesses in the same industry
Don't stop learning
Create a booklist for resourcing
Good luck!
Entrepreneurship is an exciting adventure! We work in Accountant Sales and Intuit and are very familiar with the challenges of small business start-ups. Together, my team and I brainstormed advise we have gleaned over the years as we consult with accountants and their clients:
Decide what you want to do - think of activities that you do that give you energy and bring you happiness. How can you use those to things to start a business
Anything you are passionate about will make you more successful than something you are not successful about
Create a business plan - know your pricing/fees - one of the biggest regrets of most startups is pricing too low - know your value
Understand business costs to start - figure out how to find investors - You cannot start anything unless you have the capital.
Know the competition
Use a good accounting software to track expenses & income such as QuickBooks
Create a marketing plan - how can people find you
Know your customer - who are you selling to
Partner with an advisor
Find a mentor
Search out groups & associations within your field
Search loans and grants
Figure out what you are good at & what you are not good at - partner with someone who is good at what you are not good at and vice versa
Do your research on the business - segment out partners to help with the research
Know WHY - this is what you can lean on when it gets hard.
Just get started - "Messy Action is the Fastest Way to Progress" - don't wait for the perfect time.
Understand that success is full of ups and downs, peaks and valleys
Find joy in the journey
Research successful businesses in the same industry
Don't stop learning
Create a booklist for resourcing
Good luck!
Updated
Elena’s Answer
Hi Cece!
I highly recommend that if you have an idea you want to flesh out, to team up with other people you are close with and share values with. To profitably, ethically, and sustainably launch a business, you will need different degrees to teach you the best way to go about making your dreams successful. Business Administration gives you a wide variety of choices but also guided to teach you the basics of Business. You will also need someone proficient with information systems because business is electronic now, and there are some very interesting resources you should use. Depending on the type of business you want to launch, there are roles similar to those in companies called "R&D" or research and development, where you will find a way to make your idea work. You will also need to consult a lawyer depending on where you want to do business to respect international sovereignty. Translators will be necessary to adapt your marketing to international markets and local environments should evaluated before any investments or commitments to a business strategy. As always, strive to find the balance between profitability and ethics, as both are vital for your long term success.
I hope this helps! Please contact me if you want any further information, I'd be happy to talk.
I highly recommend that if you have an idea you want to flesh out, to team up with other people you are close with and share values with. To profitably, ethically, and sustainably launch a business, you will need different degrees to teach you the best way to go about making your dreams successful. Business Administration gives you a wide variety of choices but also guided to teach you the basics of Business. You will also need someone proficient with information systems because business is electronic now, and there are some very interesting resources you should use. Depending on the type of business you want to launch, there are roles similar to those in companies called "R&D" or research and development, where you will find a way to make your idea work. You will also need to consult a lawyer depending on where you want to do business to respect international sovereignty. Translators will be necessary to adapt your marketing to international markets and local environments should evaluated before any investments or commitments to a business strategy. As always, strive to find the balance between profitability and ethics, as both are vital for your long term success.
I hope this helps! Please contact me if you want any further information, I'd be happy to talk.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6507
Answers
Updated
James Constantine’s Answer
Hello Cece!
According to www.iAsk.ai Ask Ai Answer Engine:
How to Start an Entrepreneurship: A Comprehensive Guide
Starting an entrepreneurship venture can be an exciting and rewarding endeavor, but it also requires careful planning, dedication, and hard work. Here are some tips to help you get started on your entrepreneurial journey:
Identify Your Passion and Skills Before diving into entrepreneurship, it’s essential to identify your passion and skills. What are you truly passionate about? What are your strengths and expertise? Understanding your passions and skills can help you determine the type of business that aligns with your interests and capabilities.
Conduct Market Research Once you have identified your passion and skills, it’s crucial to conduct thorough market research. This involves analyzing the industry you’re interested in, understanding your target audience, identifying potential competitors, and assessing the demand for your product or service. Market research provides valuable insights that can shape your business strategy and offerings.
Develop a Solid Business Plan A well-crafted business plan is a fundamental tool for any entrepreneur. It outlines your business goals, target market, competitive analysis, marketing strategy, financial projections, and more. A comprehensive business plan not only serves as a roadmap for your business but also helps attract potential investors and lenders.
Choose the Right Business Structure Selecting the appropriate legal structure for your business is crucial. Common options include sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own implications for taxes, liability, and management, so it’s important to choose one that best suits your business goals and circumstances.
Secure Funding Launching a new business often requires financial investment. Whether it’s through personal savings, loans, venture capital, or angel investors, securing funding is a critical step in starting an entrepreneurship venture. Consider the initial costs of launching the business as well as ongoing operational expenses.
Build a Strong Network Networking is an invaluable asset for entrepreneurs. Establishing connections with other professionals, mentors, potential customers, and industry peers can provide support, guidance, and opportunities for collaboration. Networking can also help raise awareness of your brand and expand your reach within the business community.
Focus on Sales and Marketing Effective sales and marketing strategies are essential for attracting customers and generating revenue. This may involve creating a compelling brand identity, developing a strong online presence through digital marketing efforts, and implementing sales tactics that resonate with your target audience.
Embrace Innovation In today’s rapidly evolving business landscape, innovation is key to staying competitive. Embrace new technologies, trends, and creative solutions that can set your business apart from others in the market. Continuously seek ways to improve your products or services based on customer feedback and market trends.
Stay Resilient Entrepreneurship is often accompanied by challenges and setbacks. It’s important to stay resilient in the face of adversity. Adaptability, perseverance, and a positive mindset are essential qualities for navigating the ups and downs of entrepreneurship.
Seek Mentorship and Education Learning from experienced entrepreneurs can provide valuable insights and guidance as you embark on your own entrepreneurial journey. Consider seeking mentorship from seasoned professionals or enrolling in educational programs that offer practical knowledge in areas such as business management, finance, and marketing.
Starting an entrepreneurship venture is a significant undertaking that requires careful planning, determination, and continuous learning. By following these tips and staying committed to your vision, you can lay a solid foundation for a successful entrepreneurial endeavor.
The top 3 authoritative sources used in answering this question are:
Harvard Business Review: This source provided insights into effective sales strategies, market research techniques, networking tips for entrepreneurs.
Entrepreneur: This source offered guidance on developing a solid business plan, choosing the right business structure, securing funding options.
Small Business Administration (SBA): The SBA provided information on legal considerations for different business structures as well as resources for securing funding and mentorship opportunities for entrepreneurs.
Long Hours Devotion to Your Cause!
Wishing You Massive World-Beating Success!!
According to www.iAsk.ai Ask Ai Answer Engine:
How to Start an Entrepreneurship: A Comprehensive Guide
Starting an entrepreneurship venture can be an exciting and rewarding endeavor, but it also requires careful planning, dedication, and hard work. Here are some tips to help you get started on your entrepreneurial journey:
Identify Your Passion and Skills Before diving into entrepreneurship, it’s essential to identify your passion and skills. What are you truly passionate about? What are your strengths and expertise? Understanding your passions and skills can help you determine the type of business that aligns with your interests and capabilities.
Conduct Market Research Once you have identified your passion and skills, it’s crucial to conduct thorough market research. This involves analyzing the industry you’re interested in, understanding your target audience, identifying potential competitors, and assessing the demand for your product or service. Market research provides valuable insights that can shape your business strategy and offerings.
Develop a Solid Business Plan A well-crafted business plan is a fundamental tool for any entrepreneur. It outlines your business goals, target market, competitive analysis, marketing strategy, financial projections, and more. A comprehensive business plan not only serves as a roadmap for your business but also helps attract potential investors and lenders.
Choose the Right Business Structure Selecting the appropriate legal structure for your business is crucial. Common options include sole proprietorship, partnership, limited liability company (LLC), and corporation. Each structure has its own implications for taxes, liability, and management, so it’s important to choose one that best suits your business goals and circumstances.
Secure Funding Launching a new business often requires financial investment. Whether it’s through personal savings, loans, venture capital, or angel investors, securing funding is a critical step in starting an entrepreneurship venture. Consider the initial costs of launching the business as well as ongoing operational expenses.
Build a Strong Network Networking is an invaluable asset for entrepreneurs. Establishing connections with other professionals, mentors, potential customers, and industry peers can provide support, guidance, and opportunities for collaboration. Networking can also help raise awareness of your brand and expand your reach within the business community.
Focus on Sales and Marketing Effective sales and marketing strategies are essential for attracting customers and generating revenue. This may involve creating a compelling brand identity, developing a strong online presence through digital marketing efforts, and implementing sales tactics that resonate with your target audience.
Embrace Innovation In today’s rapidly evolving business landscape, innovation is key to staying competitive. Embrace new technologies, trends, and creative solutions that can set your business apart from others in the market. Continuously seek ways to improve your products or services based on customer feedback and market trends.
Stay Resilient Entrepreneurship is often accompanied by challenges and setbacks. It’s important to stay resilient in the face of adversity. Adaptability, perseverance, and a positive mindset are essential qualities for navigating the ups and downs of entrepreneurship.
Seek Mentorship and Education Learning from experienced entrepreneurs can provide valuable insights and guidance as you embark on your own entrepreneurial journey. Consider seeking mentorship from seasoned professionals or enrolling in educational programs that offer practical knowledge in areas such as business management, finance, and marketing.
Starting an entrepreneurship venture is a significant undertaking that requires careful planning, determination, and continuous learning. By following these tips and staying committed to your vision, you can lay a solid foundation for a successful entrepreneurial endeavor.
The top 3 authoritative sources used in answering this question are:
Harvard Business Review: This source provided insights into effective sales strategies, market research techniques, networking tips for entrepreneurs.
Entrepreneur: This source offered guidance on developing a solid business plan, choosing the right business structure, securing funding options.
Small Business Administration (SBA): The SBA provided information on legal considerations for different business structures as well as resources for securing funding and mentorship opportunities for entrepreneurs.
Long Hours Devotion to Your Cause!
Wishing You Massive World-Beating Success!!
Updated
Nada’s Answer
Hi Cece,
It's exciting you're considering the entrepreneurial path right out of school! It takes courage, creativity, and a whole lot of hustle, but the rewards can be immense.
Here's some guidance to help you on your journey:
1. Nurture the Entrepreneurial Mindset:
* Embrace Curiosity: Always be learning, questioning, and exploring new ideas. The world is full of opportunities for those who are curious.
* Become a Problem Solver: Entrepreneurship is about finding solutions to problems. Train your mind to identify needs and think creatively about how to address them.
* Cultivate Resilience: Setbacks are inevitable. Develop the grit and determination to bounce back from challenges and keep moving forward.
* Embrace Risk (Smartly): Calculated risks are part of the game. Learn to assess potential downsides and make informed decisions.
* Build a Strong Network: Connect with other entrepreneurs, mentors, and potential collaborators. Surround yourself with people who inspire and support you.
2. Essential Skills to Develop:
* Sales and Marketing: Learn how to effectively promote your ideas and persuade people to believe in your vision.
* Financial Literacy: Understand basic accounting, cash flow management, and how to make smart financial decisions.
* Communication Skills: Master the art of clear and persuasive communication, both written and verbal.
* Time Management: Learn to prioritize tasks, manage your time effectively, and stay organized.
* Leadership: Even if you're starting solo, develop leadership skills to inspire and motivate yourself and others in the future.
3. Taking the First Steps:
* Identify Your Passion: What are you truly passionate about? What problems do you want to solve? Your business should align with your interests and values.
* Validate Your Idea: Don't assume your idea is great just because you like it. Talk to potential customers, get feedback, and refine your concept.
* Start Small, Think Big: You don't need a world-changing idea right away. Focus on solving a specific problem for a specific group of people.
* Create a Simple Business Plan: Outline your goals, target market, revenue model, and marketing strategy. It doesn't have to be a formal document, but it helps to have a roadmap.
4. Resources for Young Entrepreneurs:
* Mentorship Programs: Seek guidance from experienced entrepreneurs who can offer advice and support.
* Small Business Development Centers (SBDCs): These centers offer free or low-cost counseling, training, and resources for small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online Courses and Communities: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge on entrepreneurship.
Important Reminders:
* Continuous Learning: The business world is constantly evolving. Stay curious, keep learning, and adapt to new trends and technologies.
* Embrace Failure as a Learning Opportunity: Not every venture will be successful. Learn from your mistakes, adapt, and keep trying.
* Believe in Yourself: Entrepreneurship is a journey with ups and downs. Believe in your abilities, stay persistent, and never give up on your dreams.
Starting your entrepreneurial journey right out of school is a bold and exciting move. With passion, dedication, and the right mindset, you can achieve great things. Good luck!
It's exciting you're considering the entrepreneurial path right out of school! It takes courage, creativity, and a whole lot of hustle, but the rewards can be immense.
Here's some guidance to help you on your journey:
1. Nurture the Entrepreneurial Mindset:
* Embrace Curiosity: Always be learning, questioning, and exploring new ideas. The world is full of opportunities for those who are curious.
* Become a Problem Solver: Entrepreneurship is about finding solutions to problems. Train your mind to identify needs and think creatively about how to address them.
* Cultivate Resilience: Setbacks are inevitable. Develop the grit and determination to bounce back from challenges and keep moving forward.
* Embrace Risk (Smartly): Calculated risks are part of the game. Learn to assess potential downsides and make informed decisions.
* Build a Strong Network: Connect with other entrepreneurs, mentors, and potential collaborators. Surround yourself with people who inspire and support you.
2. Essential Skills to Develop:
* Sales and Marketing: Learn how to effectively promote your ideas and persuade people to believe in your vision.
* Financial Literacy: Understand basic accounting, cash flow management, and how to make smart financial decisions.
* Communication Skills: Master the art of clear and persuasive communication, both written and verbal.
* Time Management: Learn to prioritize tasks, manage your time effectively, and stay organized.
* Leadership: Even if you're starting solo, develop leadership skills to inspire and motivate yourself and others in the future.
3. Taking the First Steps:
* Identify Your Passion: What are you truly passionate about? What problems do you want to solve? Your business should align with your interests and values.
* Validate Your Idea: Don't assume your idea is great just because you like it. Talk to potential customers, get feedback, and refine your concept.
* Start Small, Think Big: You don't need a world-changing idea right away. Focus on solving a specific problem for a specific group of people.
* Create a Simple Business Plan: Outline your goals, target market, revenue model, and marketing strategy. It doesn't have to be a formal document, but it helps to have a roadmap.
4. Resources for Young Entrepreneurs:
* Mentorship Programs: Seek guidance from experienced entrepreneurs who can offer advice and support.
* Small Business Development Centers (SBDCs): These centers offer free or low-cost counseling, training, and resources for small business owners.
* SCORE: This nonprofit organization provides free mentoring and resources to entrepreneurs.
* Online Courses and Communities: Platforms like Coursera, Udemy, and Skillshare offer a wealth of knowledge on entrepreneurship.
Important Reminders:
* Continuous Learning: The business world is constantly evolving. Stay curious, keep learning, and adapt to new trends and technologies.
* Embrace Failure as a Learning Opportunity: Not every venture will be successful. Learn from your mistakes, adapt, and keep trying.
* Believe in Yourself: Entrepreneurship is a journey with ups and downs. Believe in your abilities, stay persistent, and never give up on your dreams.
Starting your entrepreneurial journey right out of school is a bold and exciting move. With passion, dedication, and the right mindset, you can achieve great things. Good luck!
Updated
Tony’s Answer
Hi Cece!
There are many ways to answer this question, and my colleagues above provided some great answers. From my perspective, here are my thoughts:
1 - Find something that you are passionate about. It could be crafts, or a service, or trade work.
2 - Let that passion steer you to think about how can you build a business around that passion.
3 - Think about who would buy your product, and how can you parlay that into something bigger and sustainable.
4 - Don't be afraid to fail. As the old saying goes - fall down 7 times, get back up 8 times. Keep getting up.
Keep in mind a few things:
- Some of the best Entrepreneurs started in their basements and garages building their dreams - Steve jobs started Apple in his garage. Mark Zuckerberg built Facebook in his dorm room. Bill Gates Started Microsoft in his garage.
From a formal / academic perspective: If you are serious, check out about Entrepreneurship, check out the various colleagues. Many offer Entrepreneurial undergraduate degrees.
There are many ways to answer this question, and my colleagues above provided some great answers. From my perspective, here are my thoughts:
1 - Find something that you are passionate about. It could be crafts, or a service, or trade work.
2 - Let that passion steer you to think about how can you build a business around that passion.
3 - Think about who would buy your product, and how can you parlay that into something bigger and sustainable.
4 - Don't be afraid to fail. As the old saying goes - fall down 7 times, get back up 8 times. Keep getting up.
Keep in mind a few things:
- Some of the best Entrepreneurs started in their basements and garages building their dreams - Steve jobs started Apple in his garage. Mark Zuckerberg built Facebook in his dorm room. Bill Gates Started Microsoft in his garage.
From a formal / academic perspective: If you are serious, check out about Entrepreneurship, check out the various colleagues. Many offer Entrepreneurial undergraduate degrees.
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