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Steps to become a buisness owner

Im a junior in highschool and i want to open my own store and i was wondering what higher education and or work experience is needed to complete my goal general colleges economics

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Josh’s Answer

Hi Jerry! Great question and excited to hear of your interest in owning your own business. I've also always had an entrepreneurial mindset. A few things to consider when opening your own store would include a strong understanding of management, operations, finance, marketing and sales.

If you are interested in this career path, I would strongly recommend getting a part time job working in a retail environment. The experience that you will gain through sales, marketing, customer service will be a great way to prepare you for running your own business.

Best of luck in your career path!
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Jorge’s Answer

Hi Jerry,
In order to manage a company, you will need different economical knowledge. You can acquire those skills working in different areas (Operations, Accounting, Accounts Payable, Accounts Receivable, Procurement, Finance, Controllership, and so on). To learn the theory, you need to study Management, Marketing, Finance, Accounting, Business, Administration and Economics.

At the moment you are planning to launch a store, you will need to read the market, study your direct and indirect competitors, see which are the entry barriers for the segment you are thinking. Then you need to create the procedures, stablish the adequate controls on the following processes and areas: Warehouse, Accounting Booking, Relationship with your Suppliers, Marketing Strategies, Finance and Operations.

Remember that becoming an entrepreneur is not an easy path, but being organized, committed, smart and giving all your effort will help you to achieve your goals. Wish you all the success on your career.