Entrepreneurs have countless ideas, yet cultivating the best one is the most challenging bit in a startup. The idea phase is important, but shouldn’t cause bottlenecks in setting up shop. With a clear business idea and an established plan, an entrepreneur must take action to see results.
Before anything else, one must make sure that entrepreneurship is what they really want to do. Otherwise, precious time will be wasted in wandering. Find the motivation and the determination to pursue this career, and stay disciplined throughout the journey. Decide which kind of business to tackle among the dozens of business types. One’s strengths and weaknesses would be a good basis on the kind of business to start and manage.
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With a clear idea of type of business to engage in, diligently research the idea. Setting up a business isn’t a race. Spend time to learn and understand the ins and outs of the trade before moving any further. Proceed only when the idea is established and all matters have been considered. Write a business plan before launching any business. This would force an entrepreneur to answer critical questions for long-term success.
Choose a business structure as this would determine its tax planning, benefits, and tradeoffs. Assemble a core team, with each member having complementary strengths. An attorney, tax accountant, insurance adviser, and a virtual assistant would make for a good core team in the start of the business. Be sure to handle the paperwork to have an idea of what goes into the process.
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Jonah Engler Silberman subscribes to mindfulness, applied to all areas of his life. He is a husband and father from Brooklyn, New York. Follow John Engler Silberman on Twitter for quick updates.
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