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HOW TO START A BUSINESS : What it Takes to Start a BusinessWhen you were young you went out to start a business lawn-mowing on the weekends and hired friends to work for you. Or you franchised your lawn-mowing business idea to other kids in the neighborhood. Start a business with family support Prepare for crazy-long hours, including weekends when you start a business a work load that's also taxing for an entrepreneur's family. And vacations? What are those? About two-thirds of small business owners said they plan to take a vacation of a week or more this summer, but more than half plan to check in with their companies at least once daily. Money doesn't motivate when you start a business Two American entrepreneurs Bill Gates at Microsoft and Warren Buffett at Berkshire Hathaway are also the two richest Americans. But they were driven to create sucessful businesses, not just huge fortunes. Indeed, Gates and Buffett are combining their riches to create a $60 billion philanthropic powerhouse in the Bill & Melinda Gates Foundation. Passion You don't just think you've built a better mousetrap you feel it in your gut, and know the world will be much better if only you can get your idea to market. The flip side of passion is impatience with other people's business ideas. The would-be entrepreneur's attitude, I know what I want to do, and I know how to do it. Conventional wisdom 20 years ago said a black woman from rural Mississippi would have a tough time launching a career as a TV host on even the lowest-rated show. But one such woman went to launch her own company, Harpo Productions. And now, Oprah Winfrey is one of TV's biggest stars, ruling over an estimated $1.4 billion fortune. Pragmatism As passionate as entrepreneurs must be to drive start-ups forward, they also know when to cut losses. Know when to give up on an idea. Not every business idea an entrepreneur has is going to work. Giving up doesn't necessarily mean the business idea was bad. Instead, it might be the right idea at the wrong time as was the case with thousands of dot-coms launched in the late 1990s before household high-speed Internet access became widespread. Risk-taking When you start a business, you know success isn't guaranteed. Still, you don't flinch at the thought of betting your severance pay or retirement savings on self-employment. Would-be entrepreneurs are calculated risk-takers. True entrepreneurs strive to control risk while still thriving on it. Martha Stewart risked leaving the safety net of publishing giant Time in 1996 to launch her Martha Stewart Living Omnimedia. She took that successful business public, becoming one of the world's most famous entrepreneurs. Strong ethics Start-ups depend heavily on good first impressions when entrepreneurs hire employees, court investors and line up customers. In a hyper-competitive economy, any whiff of dishonesty can deep-six a new enterprise. Penn State University's Anthony Warren, who advises venture capitalists, says honesty and trustworthiness are high on the list of attributes he looks for when he considers recommending a venture to potential investors. "Who wants to be in business with someone you cannot fully trust, especially in the start-up phase where the stress levels are high?" says Warren, director of the school's Farrell Center for Corporate Innovation and Entrepreneurship. The founders of Google, Sergey Brin and Larry Page, famously created a "don't be evil" mantra when they took their online search giant public. Tech ease Feeling comfortable with technology is crucial, because computers, software and other gadgets are key to launching a business in the fastest-growing economy, the service sector. Start-up costs there have plummeted as prices fell for powerful computers and software. Those lower prices came as the Internet let entrepreneurs tap global markets for engineering, accounting and other services. Setting up a small office with a laptop, fax machine, cellphone and other gizmos costs as little as $5,000. Add a professional-looking website for $500 or so, and you can compete with bigger, more established companies. But you can't take advantage of those lower costs if you aren't comfortable using popular word-processing, database, spreadsheet and presentation programs. Tenacity Sometimes the best business ideas fail to take hold not because there isn't demand, but because the start-up was undercapitalized, or the entrepreneur lacked management know-how or simply gave up too soon. "If you really believe in it, you keep fighting for it," says Earl "Butch" Graves, president and CEO of Black Enterprise, the magazine founded by his father, Earl Sr. One-third of new small employers fail within two years; and 56% are toast after four years, says the Small Business Administration. About 672,000 small employers launched last year but 545,000 others closed, the SBA says. A nobody entrepreneur who started a variety store in Arkansas in 1945 eventually lost the business when his landlord wouldn't renew his lease. But he didn't give up. "I've never been one to dwell on reverses," Sam Walton recalled in his autobiography, "and I didn't do so then." The company he fought to start, Wal-Mart, is now the USA's biggest private employer, with more than 1.3 million workers. Jim Hopkins 10/25/2006 - USAToday.com How to Start a Small BusinessHow DO you start a small business? Let's take into consideration you have thought out an angle to start a business that is going to revolutionize the industry. Now it's decision time. Are you willing to take a financial risk on the strength of your business idea?...Why Start a Business?Though to start your own business does mean that you'll be stepping away from the relative security of a regular paycheck, having the desire to own and start a new business...Starting a Home-Based BusinessStarting a home-based business can be a little complicated. The checklist below covers the most important sujects that you will need to consider starting your own business...Partnership for Business a Good Idea?Business partnerships have been an important part of entrepreneurship and startup success. The reasons are simple: complementary skill sets, shared equipment ...What it Takes to Start a BusinessWhat attributes suggest someone's a good candidate to start their own business? ...To Start a New Business, Appearance is EverythingThe success of starting a new business depends largely on the owner's ability to convince potential employees or customers that the business is operational,...Before You Start a BusinessIt's a terrific idea for aspiring entrepreneurs to work in the industry they want to start a business, whether they are college business majors...Choosing Your Business NameKeep in mind the availability of a domain name when choosing your business name. Also ask a friend or relative with a knack for words to help you brainstorm....Business Start-up ChecklistUse this small business start-up checklist make sure you don't miss any important steps. Taking a college business course would help you considerabley also....Other related Articles: Business Furniture SolutionsThere is a whole list of business furniture that must be kept in mind before buying what you need. Choose solutions that are best for your working environment and select every item carefully keeping in mind its purpose and usage....Best Businesses to Start in a Recession August 11, 2010Choosing to start a business in a recession can be risky if you don't know what you are doing. Do your research, information and do some planning. Some small businesses thrive during a difficult economy. These businesses are called counter-cyclical businesses...Getting Money to Start a Business July 1, 2010Getting money to start a business will be tough in a down economy, but not impossible. Depending on the type of business and the amount needed, you may need to acquire...What Home Business Should I Start - Service, Retail, or Product Based Feb 3, 2010Any good home business begins with a good idea. As you brainstorm, plan and prepare to start your new home-based business, you must first understand what kind of business...How to Run a Business from Home Jan 13, 2010Below are 9 helpful suggestions from other business savy entrepreneurs on how to run a business from home ...Start-Up a New Business Jan 7, 2010Over the past 15 years, small business has generated 64% of America's net new jobs, and more than half of American nonfarm GDP is created by small business. Why not start up a new business?...How to Fund a Start-Up Business Oct 13, 2009Here are some sources for funding a small-business for start-up business owners ...The Basics of Starting a Business Sept 3, 2009Youve made the huge decision to start a business. Most efforts to start a business end in failure, but with the right business idea you can become successful. ...How to Start a Profitable Home Based Business August 17, 2009More and more people are investigating the possibilities of starting their own extra-income profitable home based business. Most of these part-time endeavors...5 Steps to Building a Successful Niche Business August 10, 2009Building a successful niche business with products and services can have the potential to generate big bucks if they capture the hearts, minds and wallets of a...10 Worst Business Partners For Your Start-Up July 3, 2009Business Partnerships can turn out to be a blessing or a curse. For every thriving partnership featured in Entrepreneur, ...How to Build a Family Business May 25, 2009More than 80% of businesses in America are considered family businesses, according to the Cox Family Enterprise Center. But as Professor ...Selecting Your Type of Business May 20, 2009Indeed starting a business and what type of business is one of the most challenging tasks anyone can undertake. One must balance ...Right time to start a business? March 29, 2009I am in my 20s and recently laid off. I have always been interested in starting a business, but with the state of the economy, I am a little unsure ...Start a Business in a Recession March 24, 2009Believe it or not but some entrepreneurs are actually looking to start a business in these economic times. ...How to Start a Start-upAndy McLoughlin spoke a little while ago about how he started a business, Huddle.net, from a simple business idea in a pub to a fully working new business... |
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