Starting a Small Business

Starting a Small Business

Entrepreneurship is the basis of the American dream. It can be one of the most rewarding occupations. Owning a business, making key decisions, and becoming financially independent are very rewarding benefits. Many people see starting a business as something that they will never be able to do, be it because of finances, interest, or knowledge. If people follow certain steps, entrepreneurship may not be as difficult as originally thought. Starting a small business requires skills, planning, and devotion.

Certain skills are beneficial in starting a business. Being able to interact with a variety of people such as customers, vendors, employees, bankers, and lawyers is a must (Starting Your Business). Another trait required to run a business is being organized. An organized business runs smoothly and is not overrun with paperwork. Stamina is also a must. Business owners can spend twelve to fifteen hours a day working (Starting Your Business). Training for starting a business can be as simple as reading books and internet business guides. Having a college education in business management is not a must, but it can be very beneficial.

Planning for a business is one of the most important steps in entrepreneurship. "A business plan is a formal document explaining in detail plans for a financially successful business" (Starting Your Business). Any lender will ask to review the business plan before any money is loaned (Business Week Editors 49). A plan will also benefit the business by keeping track of details, and making sure the business is progressing as intended.

Another step in the planning process is demand and marketing. Competition will directly influence any business's outcome. "Lower prices, superior quality, and a wider variety, will make the business have a strong foothold in the market" (Martin 127). In marketing to customers, geography is very important. A closer location and greater accessibility will greatly improve a business's advantage over competition (124). Additionally, a better location can serve as terrific advertising, as the business will be better noticed.

Devotion is another key to starting a small business. Time spent keeping records and day to day activities can be strenuous. Dealing with customers, vendors, and many others can cripple owners' personal lives. Business owners should plan to balance their time