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6 Steps To Take Before Starting A Business

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amy wilson

on 18 September 2012

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Transcript of 6 Steps To Take Before Starting A Business

6 Steps To Take
Before Starting
A Bus ness What is an Entrepreneur? An entrepreneur is defined as one who
organizes, manages, and assumes
the risks of a business or enterprise. Today 10.4 million firms are owned by female entrepreneurs, employing more than 12.8 million people. Women are expected to create over half of the 9.72 million new small business jobs by 2018 Believe they are capable of starting and running a business
but this number is growing at a fast rate! VS. 47.7 % 62.1% is calling it the new wave of the women's movement In the 70's many women left
the home to join the workforce Today women are beginning to leave
the workforce in favor of starting
their own entrepreneurial ventures. Women have been starting businesses at a higher rate than men for the last 20 years and tend to create home-based micro businesses. But how do you know if this is the right path for you? Don't get nervous if you weren't monopolizing all of the yard work or babysitting jobs in your neighborhood by the age of 10 Remember the main characteristic
that connects all entrepreneurs is INNATE DRIVE If you I If you've got drive then you're half way there! There are 6 steps that you can take to really make sure that a entrepreneurial career is really right for you #1 Know Your Motives Are you bored, burned out?
Don’t want a boss? Are you interested in solving a problem?
Can you juggle responsibilities?
Is there something you’re passionate about that you’d rather be doing with your time? It lays the foundation that you will begin to build your entrepreneurial ventures on. Figuring out what your motives are is perhaps the most important step! #2 MEET THE PEOPLE If you want to be in business because you
want to work alone BIG SURPRISE! As a business owner you serve in every role from scrubbing toilets to HR professional and strategist. Know Thyself ! Self-education is key Find out what you need to know to be successful
Find out what you don't know
Find out how to learn it ! Mentors can offer you a different perspective.

Sometimes when you are so focused you cannot see the forest for the trees. Find a Mentor #3 Find TWO if you can! Prepare Yourself Do you know your industry inside and out? Research your industry norms and trends Shadow similar businesses Take some people to lunch and pick their brain
Know your local resources and what they offer #4 Check Your Wallet Be honest about your relationship with money Do you have money to invest?
Are you able to lose it all?
Will you rely on others?
Do you avoid financial risk at all costs? Are you “good” with money? As a business owner you'll need to have your finger on
the pulse of your bottom line at all times.

You'll need to know the capacity of your business. What's your overhead and cash flow, what can you make if you’re operating at 100% #5 Know Your Competition • Is your market saturated with successful businesses?
• Is your industry littered with bad businesses?
• Is anyone doing what you want to do? If not, why not? Competition isn’t always direct. #6 Test Your Scalability Successful businesses rely on automation and delegation • Will you be able to teach others to do your work?

• What happens if you open a second location or if you open
several locations?
If the business relies on your brain and skills alone, you are just creating a successful job for yourself, not a successful business. Are you ready to take the leap ? A little bit about me • Grad from Fresno State • Over 16 years working in
eship education • Was partner in an after school
program for elementary and
middle school kids which
dissolved and folded it into the Genelle Taylor, Associate Director
genellet@csufresno.edu FOR MORE INFORMATION www.lylescenter.com Follow the Lyles Center Prepare to be....Blown Away! Prepare to be....Blown Away!
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