Q. Is it hard to start your own small business from scratch for a college student. Let's say he's got an idea.
What are all the steps [areas] involved along the way until you can finally launch your own small business?
Is my question the same as entrepreneurship?
Thankyou for your answers!
side question: Is it better to just start your own business or to work for a company for the rest of your life? is it risky to start your own business but more rewarding at the end?
What are all the steps [areas] involved along the way until you can finally launch your own small business?
Is my question the same as entrepreneurship?
Thankyou for your answers!
side question: Is it better to just start your own business or to work for a company for the rest of your life? is it risky to start your own business but more rewarding at the end?
A. First, you need to develop a business plan: what is your idea/product? How will you make your product? How will you distribute your product? How will you find your customers? How will you finance your business? and so on.......
The two hardest things for a new business are finding the financing and getting the word out to potential customers.
A bank won't give you a loan just because you have an idea. However, if you show them a solid business plan that includes research on why people need your product, the current competition, and the expected sales AND they see profit potential in the business, you may be able to get a small business loan for start up. Or you can try to find an investor who will give you start up cash in exchange for a portion of the ownership of the business.
There are a LOT of steps along the way but it really depends on where you want to go. As a sole proprietorship (just you own the company), there aren't as many legal hassles but the company's income goes on your personal income taxes.
I'd recommend taking a couple of business classes in college. And accounting. Every business owner needs to know the basics of accounting.
The two hardest things for a new business are finding the financing and getting the word out to potential customers.
A bank won't give you a loan just because you have an idea. However, if you show them a solid business plan that includes research on why people need your product, the current competition, and the expected sales AND they see profit potential in the business, you may be able to get a small business loan for start up. Or you can try to find an investor who will give you start up cash in exchange for a portion of the ownership of the business.
There are a LOT of steps along the way but it really depends on where you want to go. As a sole proprietorship (just you own the company), there aren't as many legal hassles but the company's income goes on your personal income taxes.
I'd recommend taking a couple of business classes in college. And accounting. Every business owner needs to know the basics of accounting.
Do Big Businesseses start out as Small Businesses the reason Im asking this question is because the Liberals a?
Q. Do Big Businesseses start out as Small Businesses the reason Im asking this question is because the Liberals and the Democrats seem to be Anti Big Business and anti Rich/Wealthy when the in fact many Rich/Wealthy people started out as poor or lower class lower income lower middle class and became Rich/Wealthy Rags to Riches and many Small Business Owners become Big Business Owners ?
A. Yes some do, unless you have a group of business people who group together to start a big one. Look at 3 the phone network, that came from nowhere.
Do Big Businesseses start out as Small Businesses the reason Im asking this question is because the Liberals a?
Q. Do Big Businesseses start out as Small Businesses the reason Im asking this question is because the Liberals and the Democrats seem to be Anti Big Business and anti Rich/Wealthy when the in fact many Rich/Wealthy people started out as poor or lower class lower income lower middle class and became Rich/Wealthy Rags to Riches and many Small Business Owners become Big Business Owners ?
A. Some do, some are started on a large scale by already-wealthy investors.
I can't speak for liberals, but I personally believe it is unethical to expand your business to the point where you no longer personally know your employees and customers. That is not a statement advocating regulations, but rather a personal ethical preference. Even the most ardent free market capitalist must admit that Mom & Pop's Corner Store is a better shopping experience than the fluorescent hell of Wal-Mart.
I can't speak for liberals, but I personally believe it is unethical to expand your business to the point where you no longer personally know your employees and customers. That is not a statement advocating regulations, but rather a personal ethical preference. Even the most ardent free market capitalist must admit that Mom & Pop's Corner Store is a better shopping experience than the fluorescent hell of Wal-Mart.
What people I need for a small business?
Q. I am a graduate of IT and I want to start a small internet business. My question is, what people I need to start? What knowledge I need to know first. I can do the technical but I don't know how to market internet business.
Any idea? Tips where I'm going to start? Forums? Links? Books? Thanks.
Any idea? Tips where I'm going to start? Forums? Links? Books? Thanks.
A. I own 2 companies now. My first one folded. It can be rough but I have learned a little bit about it now. First get incorporated or file the assumed name form at the court so your business name will exist and you can start opening a bank account and getting marketing materials together. One of the best things to do early on is join your local chamber of commerce. It costs about 200 dollars but you get free advertising, free referrals, and they put you into their directory of member companies so that other chamber members can do business with people in the organization. That will help you get a start. Email me if you want. I'll send you some more details.
Powered by Yahoo! Answers
No comments:
Post a Comment