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How will I start and manage my own business

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Michael’s Answer

That is a great question! Congratulations for wanting to start and manage your own business. My advice would be to gain experience in the business you want to operate and seek out a trusted mentor who can help you as you enter on your own. Starting a business is no easy task - in addition to being the expert in what you do, there are also multiple functions within a business that you'll need to gain experience (hiring employees, developing your business, marketing, finance, etc.). I have found a mentor can help and be a good resource to go to with questions as you are getting started.

I wish you the best.
Mike
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Rebecca’s Answer

I am delighted to hear that you would like to start your own business and become an entrepreneur. Have you thought about what industry you would like to start on? Do you have the knowledge in the industry?
I would suggest you may identify the industry you would like to start your business. You can then attend the relevant courses in college . You can acquire better knowledge and understand how the industry works. You can also establish a good network with your classmates who will work in the industry in the future.
At the same time, you can analyze the status of industry works, e.g. any entry barrier, how's the competition, any substitute of the product, etc.
On the other hand, I would suggest you can seek opportunities to work in the industry. This can give you more visibility on the business process.
When you are ready to start, I would suggest you can consider to start it online (if it is feasible) given the startup cost is much lower.
Hope this helps! Good Luck!
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Sam’s Answer

Excellent question. When a new business to be started or considered, I would recommend to ask the following questions: 1) What type of business? 2) How much money you are planning to invest? 3) How many employees will you like to start with? 4) What is your mission statement? Logo? website? 5) What is the marketing strategy? 6) Who are working with you on this? Depending on these questions, you may typically set up a company as a LLC (limited liability corporation). You would also need to file for the state and tax preparation annually. You can do these by yourself or if resources/funds are available, you can hire consultant to help you. I hope these questions will be a great guide for you. Please drop additional questions if need help.
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