Living Entrepreneurship Blog / Babson Entrepreneurs

Learn The Startup Basics

You need motivation, talent and patience when it comes to starting your very own business. You will need research of your own as well as planning. You need to expect to make a mistake, more often than not the mistake won’t kill your business, but sometimes it may take a little time to get back to where you were. This is why it is important to always take time out to explore and research your business as well as what you want from it, or personal goals.

By developing your own business you will need to think about important details that you wouldn’t have thought about before. Here are a few things to follow before getting started:

1: Why do you want to start your own business? List it. Here are some of the more common of all reasons:

– Financial Independence

– Self-management

– Being able to be as creative as you please without needing to worry

– Being able to put yourself into a situation where you will be able to use ALL your skills

2: What business should you even get in to? Ask yourself the following to figure that out:

– What do you do with your free time that you enjoy doing?

– What skills do you have to offer, technical and not?

– Will you be able to get support and approval from your family and friend?

– What do others tell you that you are good at?

– How much time will yo have?

3: What business niche are you shooting for? Do some research before answering these:

– What are you interested in starting?

– What will you be selling?

– Will people need what you are selling? Is it a practical idea?

– What competition will you have?

4: You should be able to check these off before you actually start your business:

– What skills do you bring to the table?

– Which legal structure will you be using?

– How will you keep records neatly?

– Insurance is needed, so which will you be getting?

– What supplies will you need?

– Can you compensate yourself?

– What are your resources?

– What financing will you be needing?

– What will you name it?

– Where will you have it located?

Danny Wong manages a custom men’s shirts startup, that provides the best tailored dress shirts and men’s dress shirts online for the new male. Danny is also about to launch a second custom dress shirts startup, so sign up to get more info on the launch.