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Should I make my own business?
Should I self-employment?
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10 answers
Gilbert Betancourt
I support agencies in the sales process
7
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Gilbert’s Answer
The most important question is whether you like what you would do and if it is your passion. If so, go for it with everything you've got. It doesn't matter if you don't have the capital; what you need is motivation, attitude, and interest. If you fail, don't give up—keep trying and learn from your mistakes. Great companies take time, but if you look closely, many of them started in a garage. So, go for it with all your heart.
Seek advice and take all these tips into account as you start, and let the sky be the limit.
Seek advice and take all these tips into account as you start, and let the sky be the limit.
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Jessie’s Answer
Absolutely! I would first suggest doing your research and working at businesses similar to your dream business model!
My sister had a dream to start a small coffee shop/bakery. She expressed her goals to a shop owner she respected and they worked out a deal that she would work for her in exchange for learning the roped of how to financially plan, order inventory, and create a successful business plan! She is in the process of buying her own small shop now!
My sister had a dream to start a small coffee shop/bakery. She expressed her goals to a shop owner she respected and they worked out a deal that she would work for her in exchange for learning the roped of how to financially plan, order inventory, and create a successful business plan! She is in the process of buying her own small shop now!
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Jaimie’s Answer
I'll advocate for entrepreneurship all day, every day. If you have the desire to run your own business, then create a plan to do that. Define what success looks like for you. Some say it takes money to make money. I'd suggest that it takes discipline, focus, planning and dedication. Lots of it. Work with your local university extensions to find classes on small business management and planning. You don't need the full degree. Take a few classes to get started. Prepare yourself for ebbs and flows in motivation to see your plan through. Develop contingency plans for when things go awry.
Here's an example at San Jose State: https://www.sjsu.edu/sbdc/index.php
Jaimie recommends the following next steps:
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Ramesis’s Answer
First of all ask yourself. Where do you like to see yourself 5 years from now doing small business or self-employment and choose a path where you can simply apply your passion without sacrificing your happiness and goals.
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JINJIAN’s Answer
Taking the leap to start your own business is a monumental decision, shaped by a myriad of factors. Here are some key points to ponder over:
Self-Reflection
Expertise and Background: Do you possess the required expertise and background in the field?
Enthusiasm and Interest: Is your heart truly invested in this business concept?
Risk Acceptance: Can you bear the financial and other potential risks associated with this venture?
Market Analysis
Consumer Need: Is there a need for your product or service? What's the market pulse?
Rivalry: Who stands as your competition and what unique value can you bring?
Target Market: Who are the people you aim to serve and how do you plan to connect with them?
Financial Considerations
Funding: Have you secured the necessary funds to kick-start and maintain the business? If not, what's your plan to overcome this hurdle?
Financial Security: Do you have a solid financial footing to weather possible initial losses?
Profit Strategy: Have you devised a strategy for your business to generate income?
May these insights guide you on your entrepreneurial journey!
Self-Reflection
Expertise and Background: Do you possess the required expertise and background in the field?
Enthusiasm and Interest: Is your heart truly invested in this business concept?
Risk Acceptance: Can you bear the financial and other potential risks associated with this venture?
Market Analysis
Consumer Need: Is there a need for your product or service? What's the market pulse?
Rivalry: Who stands as your competition and what unique value can you bring?
Target Market: Who are the people you aim to serve and how do you plan to connect with them?
Financial Considerations
Funding: Have you secured the necessary funds to kick-start and maintain the business? If not, what's your plan to overcome this hurdle?
Financial Security: Do you have a solid financial footing to weather possible initial losses?
Profit Strategy: Have you devised a strategy for your business to generate income?
May these insights guide you on your entrepreneurial journey!
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Lisa’s Answer
Absolutely, without taking up too much of your precious time, I'd like to share some insights. If you're considering launching your own business, my experience suggests that a bit of research and some well-thought-out risks are key. Embarking on the journey of entrepreneurship or self-employment can be an exciting venture, but it's crucial to reflect on your passions, skills, aspirations, comfort with risk, and financial standing before you leap. If you're ready to invest your energy and brave the risks, the rewards could be immense - independence, flexibility, and a sense of accomplishment. Remember, there's no need to rush. Careful planning and seeking advice when necessary can make all the difference!
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Joanna Rose’s Answer
Hi Thien,
If you already have the resources or capital, diving straight into starting your own business could be a viable option. It's a direct route to bringing your entrepreneurial vision to life. But if resources are a concern, consider starting with a full-time job first. This not only provides a steady income but also allows you to save and build capital for your business. Remember, there's no one-size-fits-all approach, and your path to entrepreneurship should align with your personal circumstances and goals.
If you already have the resources or capital, diving straight into starting your own business could be a viable option. It's a direct route to bringing your entrepreneurial vision to life. But if resources are a concern, consider starting with a full-time job first. This not only provides a steady income but also allows you to save and build capital for your business. Remember, there's no one-size-fits-all approach, and your path to entrepreneurship should align with your personal circumstances and goals.
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Ashton’s Answer
Once you've decided to start your own business, you will need to register your business with your state. I see that you're in CA, so you would need to go to https://bizfileonline.sos.ca.gov/. Register your business as an LLC or a Corporation. I recommend an LLC as this has gives you liability protection like a corporation does, but prevents being taxed twice as you would be in a 1-person corporation. In an LLC, all of your business tax liabilities flow through to your personal taxes.
Once you've registered your business, you will need to get an EIN from the IRS. Go to the IRS.gov website and sign up for a EIN with your business information. This action registers your business with the federal government. The EIN you receive is often a requirement from suppliers for them to business with you. The EIN allows those suppliers to sell you products wholesale without paying taxes, as you will be charging the tax when you sell the product to your customers. You can also open a business checking account with your EIN so you can separate your business and personal finances.
Once you've registered your business, you will need to get an EIN from the IRS. Go to the IRS.gov website and sign up for a EIN with your business information. This action registers your business with the federal government. The EIN you receive is often a requirement from suppliers for them to business with you. The EIN allows those suppliers to sell you products wholesale without paying taxes, as you will be charging the tax when you sell the product to your customers. You can also open a business checking account with your EIN so you can separate your business and personal finances.
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6183
Answers
Updated
James Constantine’s Answer
Hello Thien!
Should I Make My Own Business?
Starting your own business can be a rewarding but challenging endeavor. There are several factors to consider when deciding whether self-employment is the right path for you. Here are some key points to help you make an informed decision:
1. Passion and Interest: One of the most important factors in starting a business is passion. Do you have a strong interest in a particular industry or field? Building a business requires dedication and perseverance, so it’s essential to choose a venture that aligns with your interests and values.
2. Skills and Experience: Assess your skills and experience to determine if you have what it takes to run a successful business. Consider if you have the necessary expertise in areas such as marketing, finance, operations, and management. If there are gaps in your skill set, you may need to acquire additional training or seek mentorship.
3. Market Research: Conduct thorough market research to understand the demand for your product or service, identify your target audience, and assess the competitive landscape. A solid understanding of the market will help you position your business effectively and make informed decisions.
4. Financial Considerations: Starting a business requires financial investment. Evaluate your financial situation and determine if you have the resources to fund your venture. Consider creating a detailed business plan that outlines your startup costs, revenue projections, and funding sources.
5. Risk Tolerance: Entrepreneurship involves risk-taking, uncertainty, and potential setbacks. Assess your risk tolerance and willingness to navigate challenges along the way. It’s essential to be resilient and adaptable in the face of adversity.
6. Work-Life Balance: Running a business can be demanding and time-consuming. Consider how self-employment will impact your work-life balance and personal well-being. It’s crucial to establish boundaries and prioritize self-care while managing the demands of entrepreneurship.
7. Support System: Building a support network of mentors, advisors, peers, and friends can provide valuable guidance and encouragement as you embark on your entrepreneurial journey. Surround yourself with individuals who believe in your vision and can offer constructive feedback.
In conclusion, whether or not you should start your own business ultimately depends on various factors such as your passion, skills, market opportunity, financial readiness, risk tolerance, work-life balance considerations, and support system. It’s essential to carefully evaluate these aspects before making a decision.
Top 3 Authoritative Sources Used in Answering this Question:
Harvard Business Review: Known for its insightful articles on entrepreneurship and business management, Harvard Business Review provides valuable insights into starting and running a successful business.
Entrepreneur: A leading publication focused on entrepreneurship, small business management, and startup advice, Entrepreneur offers practical tips and strategies for aspiring entrepreneurs.
Small Business Administration (SBA): A government agency dedicated to supporting small businesses in the United States, the SBA provides resources, tools, and guidance for entrepreneurs looking to start or grow their businesses efficiently.
God Bless,
JC.
Should I Make My Own Business?
Starting your own business can be a rewarding but challenging endeavor. There are several factors to consider when deciding whether self-employment is the right path for you. Here are some key points to help you make an informed decision:
1. Passion and Interest: One of the most important factors in starting a business is passion. Do you have a strong interest in a particular industry or field? Building a business requires dedication and perseverance, so it’s essential to choose a venture that aligns with your interests and values.
2. Skills and Experience: Assess your skills and experience to determine if you have what it takes to run a successful business. Consider if you have the necessary expertise in areas such as marketing, finance, operations, and management. If there are gaps in your skill set, you may need to acquire additional training or seek mentorship.
3. Market Research: Conduct thorough market research to understand the demand for your product or service, identify your target audience, and assess the competitive landscape. A solid understanding of the market will help you position your business effectively and make informed decisions.
4. Financial Considerations: Starting a business requires financial investment. Evaluate your financial situation and determine if you have the resources to fund your venture. Consider creating a detailed business plan that outlines your startup costs, revenue projections, and funding sources.
5. Risk Tolerance: Entrepreneurship involves risk-taking, uncertainty, and potential setbacks. Assess your risk tolerance and willingness to navigate challenges along the way. It’s essential to be resilient and adaptable in the face of adversity.
6. Work-Life Balance: Running a business can be demanding and time-consuming. Consider how self-employment will impact your work-life balance and personal well-being. It’s crucial to establish boundaries and prioritize self-care while managing the demands of entrepreneurship.
7. Support System: Building a support network of mentors, advisors, peers, and friends can provide valuable guidance and encouragement as you embark on your entrepreneurial journey. Surround yourself with individuals who believe in your vision and can offer constructive feedback.
In conclusion, whether or not you should start your own business ultimately depends on various factors such as your passion, skills, market opportunity, financial readiness, risk tolerance, work-life balance considerations, and support system. It’s essential to carefully evaluate these aspects before making a decision.
Top 3 Authoritative Sources Used in Answering this Question:
Harvard Business Review: Known for its insightful articles on entrepreneurship and business management, Harvard Business Review provides valuable insights into starting and running a successful business.
Entrepreneur: A leading publication focused on entrepreneurship, small business management, and startup advice, Entrepreneur offers practical tips and strategies for aspiring entrepreneurs.
Small Business Administration (SBA): A government agency dedicated to supporting small businesses in the United States, the SBA provides resources, tools, and guidance for entrepreneurs looking to start or grow their businesses efficiently.
God Bless,
JC.
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Sachin’s Answer
You absolutely should consider it, whether it's for a short-term project or a long-term venture. There are numerous advantages available from the IRS, and if successful, it can be an excellent method to broaden your income sources. It could even serve as a valuable addition to your resume.