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You being here means that you are an aspiring entrepreneur. Being an entrepreneur means that
you have a vision that can potentially change your life. The only problem is, you do not know where to
start. You do not know how you are going to run your business and what kind of business will run. You
also aren’t sure where exactly you’re going to be spending your money to start up your business. In
conclusion, you do not know how to make a proper business plan for it to be as successful as possible.
This is why you are here, to be taught how to take the smartest steps you can take as an entrepreneur.
(http://www.davidcraigutts.com/2019/01/10/visionary-leaders-engage-now/)
Before you even get started on your business, you need to have a motive about what exactly you
want to get out of this business. Whether it is a restaurant, clothing company, furniture store or
anything else, as an entrepreneur it is crucial to start researching and brainstorming ideas. Researching
is “also a road map that provides directions to a business can plan its future and helps it avoid bumps in
the road” (Parsons, n.d.). You will also be going to be doing research on the competition. Other
companies that are similar to yours can be your biggest nightmare, especially if your business is not as
successful as theirs. You need to find new ways to make your business stand out, do something that the
other companies are not doing. This represents a comparative advantage because your business will
The second step in starting off a business is what kind of business do you want? There are three
kinds of businesses you will need to learn before going into the business world. The three kinds of
Sole Proprietorship- You are the only owner and you are fully responsible for everything positive or
negative that happens in the business. Everything is yours and you have full responsibility.
Partnership- This is a kind of ownership that will involve two or more people who contribute to the
business. They share the ownership, liabilities, as well as profits of their business.
Corporation- Corporation is a business that involves multiple owners. These owners do not have all
the say in business, but they have limited liability. This is owned by different shareholders. “If the
business is for profit, the profits are reinvested in the business and then divided among shareholders as
dividends” (Mollaei.)
Side note:
Entrepreneurs tend to start with a sole proprietorship or partnership when starting on a business.
Business owners then switch to corporations once their business becomes extremely successful and the
business expands.
This is one of the most important steps an entrepreneur needs to get for the business to run successfully.
Although you do not need to spend every penny you have in this business, it is important to understand
Once you have this setup, you can find the different ways to fund the small business.
1. Small business loans- Specifically for business when you are given a certain amount of money
2. Angel investors- Finding an individual who provides capital for a business start-up.
3. Crowdfunding- Having a large number of people funding small amounts of money. This
(https://www.usatoday.com/story/money/nation-now/2018/02/26/does-money-
equal-happiness-does-until-you-earn-much/374119002/)
Step Four: Hiring Process and Promotion
Now that your business is almost ready to go, if necessary, hire a team. Go through your
business and see what roles you still need to fulfill in the company people. Based on those roles, make
a very clear and specific job description; make people who are looking for jobs want to work for your
company. Show the benefits of working and make sure YOU, as an entrepreneur act more like a leader
than just a manager. Once you have your required employees, have your team ready with the same
goal.
After everyone is on the same page, brainstorm marketing strategies and plans that you will
need to follow. Nowadays, small businesses use social media such as Instagram, facebook, twitter, etc.
You are all set! Wish you the best of luck and to never give up.
Caution:
Although these business tips and steps are very helpful and beneficial, that does not necessarily
mean your business will be successful. Some of these strategies may not be exactly for you. There is no
guarantee these steps will help, it is all about the decisions you choose to make and an entrepreneur.
Citations
Parsons, James, and Aytekin Tank. "Business Plan Definition - Entrepreneur Small Business
Encyclopedia." Entrepreneur. Accessed March 05, 2019.
https://www.entrepreneur.com/encyclopedia/business-plan.
“Visionary Leaders Dispel The Myth of Future.” David Utts - Leadership Development Consultant,
www.oldanilaw.com/c-corporation.
Hafner, Josh. “Does Money Equal Happiness? It Does, but Only until You Earn This Much.” USA
www.usatoday.com/story/money/nation-now/2018/02/26/does-money-equal-happiness-does-until-
you-earn-much/374119002/.
https://mollaeilaw.com/blog/difference-between-partnership-and-corporation/