//Starting a Business
Question:
Answer: They were started by people under 25 years old
Anyone can start a business. All it takes is a good idea, discipline and hard work. Every great business starts with a great idea. Where do great ideas come from? Here are a few places you can look for inspiration:
- Personal experiences
- Work-related experiences
- Friends, family, teachers, coaches
- The Internet
- Library research
As you think about your idea consider these questions:
- What do I like to do with my time?
- What technical skills have I learned or developed?
- What do others say I am good at?
- How much time do I have to run a successful business?
- Do I have any hobbies or interests that are marketable?
When you get a great idea, test your idea against these questions:
- Is my idea practical, and will it fill a need?
- What is my competition?
- What is my business advantage over existing companies?
- Can I deliver a better quality service?
- Can I create a demand for my business?
- Do I really want to give up being on a sports team, dance, piano and voice, or hanging out with or going to the mall with my friends to run this business?
- Will I have to run my business every day or just sometimes?
- Will running my business have an effect on school?
- Will my family help me out?
The final step before developing a business plan should include these questions:
- What services or products will I sell? Where will I be located?
- What skills and experience do I bring to the business?
- What will I name my business?
- What equipment or supplies will I need?
- What insurance coverage will be needed?
- How much money, if any, will it cost to start my business? Will I need financing?
- What are my resources?
- How will I compensate myself?
Your answers will help you create a focused, well-researched business plan that will serve as a blueprint. The plan will detail how your business will be operated, managed and financed.
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