Entrepreneurship: How to Start Your Own Business

Entrepreneurship: How to Start Your Own BusinessIf you have been thinking of starting your ownbusiness but with a little information on how tomake the first step, then, you have to take thefollowing into great consideration.1. Decide what type of business you want to putup. You may ask to some of your successful friendswhat is a good type of business. Well, they mightsuggest some, but the right answer is in you.Deciding what type of business you would put upmeans reflecting deeply the things you want to do

and things you are good at. Look ahead and askyourself these questions: Am I willing to do thisbusiness everyday for years? What do I love to do?What are the things that are both profitable, atthe same time, things that I find enjoyable? Thesequestions will lead you to specific type ofbusiness you want to put up. Take your time.2. Do research. Once you have determined aparticular type of business you want to put up,study its profitability. You simply don 抰 put upa business you love, don 抰 you? You still haveto think if the business will click. Feasibilitystudy would do the job. In other words, study ifthe business you are trying to put up will returnto you the investment you have given. In here, youhave to decide where to put up your business.Remember that a certain type of business would hitbig time in one place but not on the other, so makesure that the place you will choose will give yougood sales once you have opened.

3.Decide on the name. Create a name that is snappy;the name that will put every element of yourbusiness in a nutshell. A name may or may not beshort as long as it distinguishable.4. Decide on the form of business. Form ofbusiness means that you will have to choosebetween, incorporation, partnership, and soleproprietorship. Know the difference between the3 and what are their advantages and disadvantagesto you.5. The registration. Most businesses must beregistered and there are processes to follow. Youneed to reserve for the business name andregistering your business. One state might havedifferent business registration procedure fromanother. Check the information on the website ofyour state.6. Get the license and business number. Registerfor the PST and the GST/HST. All these must be

accomplished before you can operate your business.Again, you may want to check on the wholeprocedure of starting a business on your state.7. Get you employees ready. Having an employeehelping you will certainly give additional booston your business. It may be the last thing youwould think on the early stage of business but itis nice to know that when you have an employee,you know there is someone who can assist you asyou go along the way.8. Get business insurance. A support net wouldcome in handy once you fall from the sky. Researchon the types of business insurances that you canget.9. Get started. Give a good start and keep yourname clean. You may want to study more on theprinciples of entrepreneurship as you go along.Although all these may sound easy or awfully hard

task, you still need to understand how thebusiness world works. Yes, having read this wouldnot mean that you would instantly become a tycoon.These are only your initial steps; somewhat thebasic information you need to know when you decideto start a business of your own. To become asuccessful entrepreneur, you need to dedicate youwhole heart and soul to the business you love.Before you know it, you are a growing businessman.Once you have started, never disregard the chanceof failure. And this should not demoralize you.It is just the part of the game. Learn how to adaptto the business and charge all your failures toexperience. You will learn as you go along.Successful people never give up. Remember, alwayshead forward but have time to look back and learnfrom the past. Good luck.