own company-One of the most enterprising generations in history is Generation Z. In a recent EY poll, more than half of Gen Zers said they wanted to start their own business in the next ten years. However, as every seasoned entrepreneur knows, beginning a business is fraught with danger, particularly for those who invest their own money, take on debt, or raise funds by selling stock.
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Javier Saade, a former Small Business Administration official; Beatriz Acevedo, the CEO and co-founder of Suma Wealth, a wealth-building digital platform for the Latinx Community; and Jenny Poon, the founder of co-working space CO+HOOTS and entrepreneur resource platform HUUB — I spoke with three experienced entrepreneurs. Their counsel to new entrepreneurs who want to be their own boss is as follows:
HOW TO START A BLOGGING BUSINESS
1. Make the most of the time you have.
Spend your spare time wisely since you are young, free, and unburdened. Invest in yourself by taking on a second job, exploring chances, and saying “yes” to difficult tasks so that you may experience the world in new ways and apply what you’ve learned.
2. Keep an idea notebook.
Make a list of any issues that irritate you. Make a list of why it bothers you and what you would do to resolve the issue. What is the solution if it is inconvenient to move wet clothing to the dryer? Is it possible to get a washer/dryer combo? What is the reason for this if not? Why isn’t it in every home if it really exist?
3. Network.
Speak with those who have already completed the task at hand (but mostly listen to them).
4. Learn something new.
Learn, research, and then some more research. If you are not a well-known name, a proven founder, or someone who comes with a referral, you must be too prepared.
5. Come up with a business plan.
Put your idea on paper and keep refining it.
6. Discuss your concept.
Don’t be concerned about being judged. Feedback is both required and valuable. Before your idea sticks, it will go through several iterations. Before you get too immersed in your initial idea, talk about it and gather feedback from possible clients.
7. Be self-assured in who you are.
Lean hard into your differences, since that’s what will set you apart from the crowd. You should be aware of your superpower.
8. Be tenacious.
Every day will take you down a different path than you anticipated. Be comfortable with changing, pivoting, and falling down and getting back up swiftly.
And keep in mind that it won’t be easy.
“It takes a lot of guts to keep going on a trip, and entrepreneurship is no exception. It’s highly romanticised, and you must be willing to invest time, energy, and effort to pursue an idea and test your assumptions,” Poon added. “When things get tough, don’t give up too easily.”
“College Voices” is a CNBC intern series about receiving a college education, managing money, and establishing a career during these extraordinary times, written by CNBC interns from campuses across the country. Ryan Waterman Aldana is a CNBC talent development intern for the summer of 2021. He recently received his bachelor’s degree from James Madison University, summa cum laude. Cindy Perman is the series’ editor.
Step 9: Select the Best Business Concept
Choosing what type of business to start is the first step toward becoming a business owner. Look for a small company idea that aligns with your passions, personal objectives, and natural abilities. This will keep you motivated when things become tough and increase your chances of success significantly.
Our free Business Ideas Generator can assist you in locating firms that are a good fit for your hobbies and lifestyle.
Do you require additional motivation? Take a look at the most recent small business trends.
Step 10: Make a Business Plan
Successful enterprises are the result of meticulous preparation. Before investing a large amount of money or other resources in your firm, conduct a thorough analysis and develop a game plan. At the very least, you should do the following:
Pick a Name for Your Company
What will you call your company? When creating a company, you’ll want to pick a name that’s available, fits your state’s naming requirements, and is memorable to your consumers. Find the right brand name and website with our Business Name Generator.
You can also look for available domain names on Godaddy.
To improve your customer service after you’ve registered a domain name, we recommend investing in a business phone system. Nextiva offers a high-quality phone service that works across all platforms. Nextiva is a good option.
Search for a Business Location
Do you have a plan for where your company will be located? Whether you’re beginning a business from home or building a brick-and-mortar site, your business location influences the kind of licences and permissions you’ll need, as well as the potential growth of your company.
Conduct a Market Analysis
Have you studied your target market? Conducting detailed market research is essential before writing your company plan. Conducting surveys, conducting SEO research, or holding focus groups are all examples of this. Market research is used to gain a better understanding of your target market and rivals so that you can create an effective business plan.
Make a business strategy.
Have you thought about writing a business plan? Our Business Plan Generator makes it easier than ever to write a business plan; simply enter your company’s details and you’re done!
A well-crafted business plan does more than just keep you organised when you launch your small firm. Business plans are used to get finance for your company and to assist you attain key milestones.
Some of the most important elements of a well-written business strategy are as follows:
Product Development: What is the problem that your company solves? What will make your product or service stand out from the crowd?
Who are your potential customers in terms of sales and marketing? How are you going to catch their attention and turn them into customers?
People and Partnerships: In order to thrive, what positions will you need to hire and what professional ties will you need to form?
Financial Planning: To break even, how many clients or sales would you need? How much money will you need to get there, and how will you obtain it?
