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If I want to be an entrepreneur what is my first step to accomplishing this goal?

I want to invest in businesses and create my own but don't know how to start.

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Dirk’s Answer

There are a few types of Entrepreneurs. Some just have a great idea, and bring their idea to market. I would assume that patents are very important. On the other hand, there are people who understand demand and supply, and do their research to see where supply does not meet demand.

If you have a specific kind of product in mind, check if there are regulations around the product or the production thereof.
Conduct a business plan. This is tricky. You have to find out how much money is needed now, and in the future to cover your cost. Then, you have to estimate how many units you have to sell at what price to cover all future cost and making a profit. Basically, what are the expected revenues and cost in any year for usually 5 years out.
Check how much money is needed to start, and see if you can secure financing, including costs of setting up your shop.
Start a business (incorporate to protect you from liabilities)
Open bank account and start your shop.
You probably need some professional liability insurance.

Good luck.
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Olga’s Answer

To invest in businesses, you need to know how to analyze them, among other things. College courses on business and finance lay a good foundation, especially MBA ones. There are excellent books written on the subject, many available through your library, especially through an inter-library loan program. And of course you need capital.
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