Do you dream of being your own boss? Do you have a great idea for a product or service? Are you looking for a way to give back to your community and your country? If so, you might be making the right choice by starting your own business.
We offer resources to help you assess whether you have the personality of an entrepreneur, explore business ideas and get started.
Starting a business can be a rewarding and rewarding experience. However, this career choice may not be for you. Before you take the leap, take a few minutes to find out if the opportunities and challenges of entrepreneurship suit your personality.
Try the online entrepreneur self-assessment .
Explore ideas and ask questions
You may have talent to spare and can’t wait to start your business, but it’s important to take the time to think about how you can turn an idea into a successful business .
Is your project original?
If your idea is really innovative, you should check whether it needs intellectual property protection to prevent others from copying it.
If your product or service is not innovative, ask yourself how you will measure up to the competition. How will you differentiate your offer ?
How will you make money with your product or service?
Even if you believe that your product or service is exceptional, you must take the time to find your target customers and your sources of income.
Here are some of the questions you need to ask yourself:
Who is your target market?
Will you take care of all the steps required to bring your product or service to market (development, production, packaging, marketing and distribution) or will you choose to partner with other companies?
For a novice entrepreneur, the challenge of mastering all these steps is considerable. That’s why it might be best to focus on what sets you apart from the competition. Then, you can create partnerships with other companies to help you with non-essential activities.
For example, you might choose to focus on your product design and license production, marketing and distribution management to a well-established partner.
What resources do you need?
When you know when and how to take action, you will need to assess your costs.
You will need to establish the number of employees required , set a timeline until market launch and determine the recurring costs to be paid. Be sure to include expenses such as office space, supplies, miscellaneous insurance and benefits in your estimate.
When you have answered these questions, estimate your revenue forecast for the first year. Base this estimate on your market size, industry trends, and your projected market share.
Once you’ve done all of this, you’ll be ready to write your first business plan , which you can use to attract investors and leners.