Beginning an entrepreneurship or start-up business requires time, due diligence, advice, patience and practice.
There are resources available that will help you with written plans, loans, presentations and even valuation to determine if your business ideas are viable.
Before starting out on an entrepreneur venture, you need to research and study.
Discover if your innovative idea is one that will "fly.
" Begin by reading about those who have successfully started businesses and become millionaires.
Business graduates overwhelmingly desire to start their own companies and at least fifteen out of one hundred graduates will be successful.
Success, however, needs help.
What to do: · Due diligence or investigate a possibility before signing up is the process used to evaluate a target.
Before entering into any business endeavor, research and do your "due diligence".
Never enter a situation without knowing what is involved.
· Sound business plans are the vehicles for raising capital.
These plans are the road map of your entrepreneurship.
They provide a procedure manual that is crucial for the startup procedures, who the "head" of the company is or will be, and consists of goals and measures.
· Develop a presentation using your business plan.
Tell our story to your investors and potential employees.
PowerPoint is the traditional presentation tool used by most entrepreneurs.
· Write an effective and complete executive summary.
List the what, why, who and wherefore of your dream.
Include market opportunity, competition, business model, your management team and a realistic financial plan.
Executive summaries are only one page.
· Understand and determine your market.
Use a marketing panel to determine what problems are you solving, who is your target client or customers and how your company will benefit them.
Most of these questions can be answered in a simple statement.
Considering a market requires defining the target customer, who needs your product or service, what is the name or category of your product, why should they purchase what you are offering, and a statement of differences between you and your competition.
· When seeking financial backing, determine a value for your business.
Investors place a value on your business by determining financial projections.
Defend why your business will be successful.
Graphs and spreadsheets are perfect tools to help investors understand where you are coming from and what you can do.
Provide accurate detail on the price earnings ratio, your cash flow, or your book value.
The type of entrepreneurship you are establishing will determine the type of valuation your start-up requires.
Resources: Resources for any entrepreneur should include: · Small Business Administration.
Resources for starting and growing your business plus SBA loans can be accessed at this site.
· Small Business Development Centers.
Free mentoring and advice will give ideas.
· BizBuySell.
Wonderful resource if you are looking to buy a business · The U.
S Patent and Trademark Office is important if you have a product that is unique.
· PRLog is a major online site for press releases and marketing processes.
For a complete advisory staff and help when starting you small business try a resource like SCORE to receive free counseling.
Online or in-person help is offered.