Step 1: Define Your Idea
The Concept:
Your dream is to start a business on your own. You must begin the
process by carefully defining your product or service as well as the
mission of your company.
What you need to know:
It may seem obvious but it’s worth emphasizing that every great business
concept needs to be defined as specifically as possible. This task
involves more than simply describing the product or service you intend
to deliver. Successful entrepreneurs and their companies follow a
carefully crafted mission statement as their guiding principle.
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Points to consider:
Why do you want to go into business for yourself?
What experience do you have in running the business you propose?
What relevant education do you have?
What do you know about the industry that you seek to enter?
Do you have the needed personal characteristics and skills?
What are your financial and non-financial goals of business ownership?
Given your personal strengths and weaknesses, should you proceed to go into business?
In what areas will you need to supplement your skills with internal staff or outside advisors?
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