As a business advisor for the Onondaga Small Business Development Center (SBDC), I frequently encounter entrepreneurs with great ideas for new businesses.
Most often, they are convinced that they have a business model that will be successful in the marketplace. Whether it is high-tech or low, product, service, or a combination of both, they are convinced that it is a winner.
The holidays are over, and as we reflect on the weight gain, credit card debt, and family get togethers, one thing may be sticking out in your head. At least everyone loved my recipe for “fill in the blank.”
Maybe you are thinking that you should take your recipe that your family and friends adored so much and do something with it, like turn it into a business or a side hustle right?
Well, let’s take a closer look at all that is involved to take your idea for a food business and make it a reality.
So much these days is written about entrepreneurship, but perhaps too little is written about the entrepreneur. What is an entrepreneur exactly?
In fact the word itself has seen dramatically increasing popularity in recent years, probably due, in large part, to colleges adopting entrepreneurship programs of study. But how do we define entrepreneur in dictionary terms?
Watch for the Five Ps in every small-business success story. This will not be the first time you have read about the importance of critical items to startup and early stage, small-business success.
After spending more than 10 years mentoring and coaching startups, I am equipped to opine on the most important Ps in early stage small businesses. These are things, in my opinion, that are essential to small-business success and I believe many of my associates would heartily agree.
There are so many things to consider when starting a business. What are the steps to become legal? What are the proper certificates to complete when the business is established? How will I ever leave my job to go off on my own? Do I have what it takes?
One thing that must be evaluated is whether your business idea will be apart of a fad or a trend. That is why market research is so important to making your business become a successful business operation.
A great way to begin building a business is to do it while you still have the security of a steady paycheck, benefits, and paid time off.
Before you take the plunge, quit your job, and dive into an entrepreneurial endeavor of any magnitude, take time to explore and reflect on key issues. Use these tips to minimize your risk, ensuring that your idea is feasible and needed in the marketplace.
For the average entrepreneur:
But can you commit all that to paper? And even if you could, why bother with a business plan at all?
The Onondaga Small Business Development Center (SBDC) will offer clients the option to meet in person BY APPOINTMENT ONLY, following CDC Guidelines. Click here to get COVID-19 Resources.
Read articles and advice written by our very own Onondaga SBDC Business Advisors!