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How can I start my own business and become a entrepreneur

I am 6'2. I am a junior. I have 2 siblings 1 girl 1 boy. I would like to start my own business one day. #entrepreneurship #entrepreneur #startups

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Tom’s Answer

Hi Montreal, welcome to the club of future entrepreneurs! Here's a couple occasionally successful routes to that end, one you can start immediately.

1. Look at the products and services around you. What DON'T you see? What's MISSING? What's missing that could be a red hot product. Be thinking all the time...what's missing. Someone used that approach and invented the skate board, the tooth brush, the electric fan, Twinkies!!

2. Can you deliver a product or service that already exists but yours is one that is BETTER or FASTER or CHEAPER. That's how you muscle ahead in most businesses.

3. Join a larger company and look around, see what you could invent or suggest that would improve their business. If that idea works and could also be used by many other businesses then quit your job and start a company delivering that new idea. I've seen this happen a lot.

There are a lot of land mines between where you are today and becoming a gazillionaire, but drive and dedication are important. And so is one more thing. This is important and it happened to me.

If you are the owner of a start-up business and it is not going well, it is important to know when to quit. I pushed that decision out too far and when I did it was costly. There isn't a formula to know when to bail, just common sense. That's the tough part. Applying common sense when your heart is screaming stay! and your brain says, 'dude, eject!'

But I have a hunch you'll do well. Good luck Montreal.

PS. I'm 6'3" Ha! :)

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Matthew’s Answer

Hi Montreal,

First, ask yourself what you want to do. What business could you start, that if you didn't get paid to do it, you'd still be happy doing it?

Second, does this provide some value to humanity? Does this allow you the opportunity to help others or just make money. While you need money to survive, money alone will not make you happy.

Third, Have a plan and execute it. Think through all the possibilities, Be open to other possibilities, Value valuable input from people you trust. Don't be a know it all. Learning and growing is a lifelong journey.

Fourth, Don't be afraid to fail. Failure are the bricks that pave the way to success. Some plans fail and need to be changed or a product needs a redesign. You might even have to part ways with business partners. This is all part of the process.

Fifth, Work on yourself. Be the best version of yourself. Do personal development. Listen to motivational speakers. Surround yourself with people and friends that provide value, support and uplift you and your ideas.

Sixth - have fun. Don't take life to serious. It will be a lot of hard work but know what is important to you in life and embrace that during the difficult times. Share your knowledge with others.

And most important to remember - Successful people have balance in their life in 4 main areas. Mental, spiritual, financial and physical. Feed your mind with knowledge and protect what you think, take care of your body and stay healthy, believe in something higher than yourself to explore the possibilities of your purpose and lastly, have a healthy relationship with money (read books on this topic) and what it is really meant to do for you.

I would say good luck but there is no such thing. Just work hard for what you want my friend!

Oh yeah, be nice to your siblings and teach them everything you learn so they can spread knowledge to the next person as well.
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Nicole’s Answer

Find a mentor! Find someone who has already walked this path that you can pick up the phone at any point and ask questions along the way. It will save you time and energy to have a go-to that has already walked your path.
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Ryan’s Answer

You have a great attitude for becoming an entrepreneur. Try hard in school, learn as much as you can in a field that interests you. Look for opportunities in your area that you can fill the need for, learn new skills and gain valuable work experience. Have conversations with people that are in the career you want to be in to learn how they got to where they are. Many professionals are very willing to make the time for an informational interview.
Thank you comment icon Excellent advice Ryan! Amy Keefner
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Eliot’s Answer

Hi,
I would focus on your grades and schoolwork. It is very important to master your math and financial skills. Also, go to college and graduate with a Bachelor's and possibly Master's Degree. Always focus on how you can be better and never lose your determination. We live in an amazing world and you can achieve anything when you are focused.
Sincerely,
Eliot
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Simeon’s Answer

You'll want to develop a detailed business plan. Understand your costs including insurance, leasing, taxes, employees costs, advertising, etc. There are business plan softwares that you can purchase that will guide you through this process. Do a market analysis to see what the demand is for the industry you're looking to get into and if you have a unique way of breaking into the market. Talk to people from the industry to see what challenges are unique to that industry.
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