Ownership

Ownership

Do I have what it takes to own and operate a small business?

Many people say they were born with the “entrepreneurial spirit.” Whether people are born with it or not, there are certainly personality traits that are commonly found in entrepreneurs. Small business owners are generally risk takers, self-starters, reliable, innovative, competitive and passionate about their product or service.

I want to start a small business – what are my first steps? What do I need to do to start my business?

The first thing you need to do is assess your personality and professional and personal lives to decide if you can take the risks associated with small business ownership. The next step is to start planning and researching to determine the business’s feasibility and to ensure it has the greatest opportunity for success. This includes examining the marketplace, consumer spending habits and competitors. Then, we recommend attending a course on starting a business at your local SBDC or taking one of our on-line courses.

What type of business should I chose?

Choosing a business is a personal decision, but you should take into consideration your skills, experience and your interests. Additionally, once you decide on the type of business to open, you should research the marketplace, the competitors and potential customers to determine if the business idea is feasible.
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