Do you know who your customers will be and what sets you apart from your competition? Are you prepared to work for over a year without getting a day off? What is your personal credit history?
These are some of the many questions entrepreneurs need to be prepared to answer when deciding whether to start a new business. The best way to increase your chance of success is to ﬁnd out as much as possible before you start your business. Investing the time to learn what is actually involved in running a business will increase your chances of success.
Talk to successful business owners and be sure to have a realistic understanding of the ﬁnancial, time management, and organizational resources needed to be a successful business owner. Rather than focusing on the daunting ﬁgures of business failures, understand the very real demands of operating a business.
In reviewing your motivation and readiness to start a business, evaluate issues including:
- What has motivated you to start your own business?
- What personal characteristics do you have that will help you as a business owner?
- What characteristics do you not possess that are important to the success of your business and how will you address this?
- Can you describe your product or service and why a customer would want it?
- What does the market look like for your product or service?
- Who will your customers be and how much information do you have about them?
- What competitors offer similar products or services?
- What experience do you have and what experience do you lack?
- What is your personal ﬁnancial position?
- What are the projected startup costs?
- What are the projected revenues and sales?
An honest examination of these questions will give you a sense of how prepared you are to start a business. Certain skills and experience are critical to the success of a business. Knowing which skills you possess and which you will need to hire others to provide will be helpful in structuring a successful company.
Explore Opportunities In Your Community
1 Million Cups Round Rock
Once a month, entrepreneurs present their startup companies and learn how the local community can help support their businesses to flourish. A program of the Kauffman Foundation, 1 Million Cups is “based on the notion that entrepreneurs discover solutions and network over a million cups of coffee, the Kauffman Foundation developed 1 Million Cups – a free program designed to educate, engage, and connect entrepreneurs with their communities.” To learn more about 1 Million Cups Round Rock and to RSVP for the next event, go here.
Entrepreneurship Round Rock
The mission of Entrepreneurship Round Rock (ERR) is to provide individuals who are just beginning or considering an entrepreneurial enterprise, a supportive and nurturing environment where they can thoroughly evaluate their respective business models. We base our curriculum on the Business Model Canvas, then we facilitate small group discussions that are focused on strengthening the business models on-hand. An added value to this program is that we couple the curriculum with local experts that enhance the material that is being taught. For more information, go here.
Spark is a free quarterly event that occurs in a small, extremely relaxed environment where a speaker(s) tells the audience about their entrepreneurial journey. The idea is that by having successful entrepreneurs share their stories—the good, the bad, and the ugly—that budding and/or struggling entrepreneurs will find the inspiration they need to continue on their journeys. For more information and to RSVP for the next event, go here.