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You've
reached the point where
you would like to stop
working for someone else
and want to start working
for yourself.
Wanting may be more
attractive than having so
before you burn that
unrebuildable bridge
behind you, the Federal
Citizen's Information
Center asks "Are you
ready to be an
entrepreneur?
 Although
most people head off to
work for someone else
every day of their
careers, some find
tremendous satisfaction
and success by owning and
operating their own
business. Running a small
business involves a wide
range of activities,
including developing a
business plan, overseeing
sales and marketing,
dealing with personnel,
and innumerable
administrative
responsibilities. If you
think you're up to the
challenge, owning your
own business can be
tremendously rewarding,
both personally and
professionally.
Are You Ready to Be
an Entrepreneur?
Getting a new venture
up and running takes
particular business
skills and personality
traits. If you are
considering starting your
own business, the
following questions may
help you decide if you're
up to the challenge.
Do You Have the
Mindset?
The right mindset is
only the beginning.
You'll need important
business skills as well.
Do you know how
to find your
particular niche in
the market and how
to identify your
customers?
Do you know how
to sell enough of
what you have, at a
price that will
return an adequate
profit for you?
Although there are no
guarantees, if you
answered yes to most of
these questions, you may
have what it takes to be
successful in starting
your own business. Just
remember, every new
business faces
difficulties.
Getting Started
 Running
a company takes sharp
business sense and
tenacity. Knowing how to
take advantage of market
conditions and develop
strategies to get through
the tough times will help
turn your great idea into
a successful business.
First, you'll need to
develop a business plan,
the road map you'll use
to establish and guide
your business. Consider
all aspects of the
business, ask every
question you can think
of, and be sure you come
up with satisfactory
answers.
What type of
business do you want
to own? Will it be
retail, service or
manufacturing? What
service or product
does your business
provide and what
needs does it fill?
Who are the
potential customers
for your product or
service and why will
they purchase it
from you?
What about the
competition? Is the
community large
enough to support
another similar
business? Head to
the local chamber of
commerce and the
yellow pages for
details.
Where will you
locate your
business? Is there a
similar business
nearby? Get
information on the
community's plans
for business growth,
such as shopping
malls and business
park expansion.
Will you be able
to find enough
qualified people to
employ?
How will you
sell to potential
customers or
clients?
Where will you
get the financial
resources to start
your business?
Formulate the most
likely picture of your
company's future using
all available data
(financial records,
media, government
reports, surveys, your
own observations and
those of your
colleagues). These data
will be the basis for
your business forecast.
Try to identify trends
that may affect demand
for your product or
service or point to
product improvements or
even new areas of
business. You will
incorporate these
anticipated changes into
your business plan.
Get the whole
information packet from
the
Federal Citizen's
Information Center
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