5 Steps To Entrepreneurship
There is a difficult balance between overcomplicating and oversimplifying the process of starting a business. And it can vary widely by type of business. Overall, however, these 5 steps encompass the entirety of it.
- Research – Before starting your venture, you should spend some time researching the industry, the market, your expertise, and how to start a business (which is probably how you ended up here.)
- Plan – The planning phase can take some time. Not only do you need to think through the opportunities and the obstacles, but you need to consider various scenarios and their solutions. Keep in mind that the planning process is fluid. As you learn more and plan more, you will find that you are repeatedly revising your plan. That’s totally normal. Especially if you are seeking any funding (but even if you are not), I highly recommend going through the process of writing a business plan. Not only will it help you organize your own thoughts, but it will almost certainly bring up topics you otherwise would never have considered. The SBA has great business planning resources and a template. https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan
- Decide – There comes a point at which you need to make a decision. You are either going to do this or you are not. Maybe you decided before research and planning… If so, take a moment to pause and reconsider. Now that you have more information and can make a more educated decision, be objective (take the emotion out of it) and choose your adventure.
- Build Your Team – While this might be potential employees, what I’m really referring to is an attorney, accountant, bookkeeper, marketing expert, a mentor/coach (like Greenfire Innovations, SCORE, or the SBDC), investors, bankers, and supporters (friends and family who will be encouragers).
- Take Action – After seeking advice from others, begin taking the necessary steps to execute your plan. Initially, this will involve some paperwork and online work (registering your business, opening bank accounts, EIN, software setup, etc.). Set goals and take small actions every day that move you towards those goals.
While there are many other action items within each of those steps, that is essentially everything you need to do to start your own business on the right foot. Happy entrepreneur-ing!