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What do you have to do to create your own business?
#career #college #smallbusiness
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3 answers
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Simeon’s Answer
If you are just starting out on entrepreneurship, I would recommend considering getting into franchise work. That way, you can get some real experience learning various business skills and building up capital to invest in your own business venture. It'll be hard to strike it out on your own to begin with unless you are able to get an investor. To do so, you will need a business plan and the other items mentioned in Brianna's answer.
Thank you!
Mia
Updated
Brianna’s Answer
Start with researching what you want to do. Come up with a business plan (internet cam guide you on this). Get your financials in order. File appropriate paperwork with the government. Those are basic steps. Internet has lots of business start up informational help. States and cities have resources that are dedicated to helping people open a business properly too.
Thank you
Mia
Updated
Rebecca’s Answer
Firstly, you may need to identify the industry you are interested and have the knowledge to run that business. You can shortlist a number of industries.
Then, you can analyze the industries like :
1. How the competition with Rivalries? Is it vigorous?
2. Any close substitute in the market?
3. Is it easy for new entrant to enter the market? - If it is easy for new entrant to enter a profitable market, profitability to decline.
4. Supplier Power - How easy it is for suppliers to drive prices up.?
5. Buyer Power - How easy it is for buyers to drive prices down?
You will then able to cut your list down to 1-2 industries. I would suggest you can then work in the industry some time to understand the operating model and supply chain. Also, it is a good opportunity to safe the monies for the initial investment of the startup.
Hope this helps! Good Luck!
Then, you can analyze the industries like :
1. How the competition with Rivalries? Is it vigorous?
2. Any close substitute in the market?
3. Is it easy for new entrant to enter the market? - If it is easy for new entrant to enter a profitable market, profitability to decline.
4. Supplier Power - How easy it is for suppliers to drive prices up.?
5. Buyer Power - How easy it is for buyers to drive prices down?
You will then able to cut your list down to 1-2 industries. I would suggest you can then work in the industry some time to understand the operating model and supply chain. Also, it is a good opportunity to safe the monies for the initial investment of the startup.
Hope this helps! Good Luck!
Thank you
Mia