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  20 Questions Before Starting So you’ve got what it takes to be an entrepreneur? Now, ask yourself these 20 questions to make sure you’re thinking about the right key business decisions: Why am I starting a business? What kind of business do I want? Who is my ideal customer? What products or services will my business provide? Am I prepared to spend the time and money needed to get my business started? What differentiates my business idea and the products or services I will provide from others in the market? Where will my business be located? How many employees will I need? What types of suppliers do I need? How much money do I need to get started? Will I need to get a loan? How soon will it take before my products or services are available? How long do I have until I start making a profit? Who is my competition? How will I price my product compared to my competition? How will I set up the legal structure of my business? What taxes do I need to pay? What kind of insurance

10 Steps to Starting a Business Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business. Step 1: Write a Business Plan Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully. Step 2: Get Business Assistance and Training Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business. Step 3: Choose a Business Location Get advice on how to select a customer-friendly location and comply with zoning laws. Step 4: Finance Your Business Find government backed loans, venture capital and research grants to help you get started. Step 5: Determine the Legal Structure of Your Business Decide which form of ownership is best for you: sole proprietorship,

Entrepreneurs with a new product idea must decide whether to pitch the concept or provide an actual prototype. Which works best? In trying to secure financial backing for a new product, independent innovators generally face the question of how much to invest in development before showing it around. Should they create, say, a working prototype (and maybe even generate sales) or pitch the idea for the product and see if there is enough interest to go further? Which is the better strategy for young innovators? What are the pros and cons of each? Can the risks be measured and mitigated?     “The pitch or spec dilemma touches any independent inventor looking to sell a new product, technology, or concept” Harvard Business School’s Hong Luo, an assistant professor in the Strategy Unit, studies entrepreneurship in Hollywood. Like other entrepreneurs, screenwriters struggle with the decision of how to advance their product. Should they pitch just a story line for a film or wr

1.Sole Traders Sole proprietorship or sole trading is a business that is owned and usually operated by one person. Employees or member of his family sometimes assists him. This person bears the risks of a business in which he owns or borrows the capital, rent the land and employs the necessary labour.   He directs the business, makes decisions about the method and amount of trade and takes the profits and bears the losses. The business is usually fairly small. The law doesn’t recognize him as a separate entity from his business.The range of activities range from wholesaling and retailing. Some are in small scale farming, manufacturing, decorations, restaurants, guest houses etc.   also look on > Advantages of sole trading 2 . Partnerships The law defines partnership as “The relationship that subsists between persons carrying on a business in common with a view to making a profit. Each of these persons is called a partner. Features of a partnership The

  What does it take to be successful starting your own small business? Here are the 8 skills every successful entrepreneur has in common  : Resiliency . The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak. Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not easy to master. Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather than where the company needs to go. Overnight success may take 7 to 10 years. Entrepreneurs need to stop, pause and plan on a quarterly basis. Find and manage people . Only by learning to leverage employees, vendors and other resources will an entrepreneur build a scalable company.

      Grouper These prefer working in small groups with other partners who share the decision-making. E.g. Craftsmen working in their own firm as equal Professional These are self-employed experts. Some entrepreneurs work as lawyers experts, financial consultants or business consultants Inventor-researcher These consist of creative inventors who may or may not have the practical skills to turn creativity into innovation. High Tech New technological development has created opportunities for those with the technical expertise e.g. in electronics or computers. Workforce builder This constitutes the delegator who manages the labour and expertise of others in an effective way. Inveterate initiator The start up expert who only really enjoys the challenge of initiating new enterprises then loses interest, often selling the business in order to start another. Concept multiplier This includes someone who identifies a successful concept that can be duplicated by o