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Secrets to Starting Your Own Business

by Kaitlyn Wightman
Marketing Specialist

April 07, 2014

Small businesses make up 99.7 percent of businesses in the U.S.—and that number keeps rising. 

But starting your own business isn’t easy. Over half of small businesses close shop within the first five years. 

Unless you know what you’re doing. 

Meet Professor Dora Donovan. She started her own business from the ground-up and sold the company after 15 successful years. Now she teaches her tricks of the trade to the Personalized Learning students of the Small Business Administration degree program.  

So what are her secrets to starting your own business? 

Make A Strategic Plan

A strategic plan allows you to take a step back and see if there's a market for what you want to do. 

Create a business plan that outlines your strategy for at least five years. Your plan should focus on feasibility and operations as well as projected revenue, growth, profits and losses. Define the major goals of your company as well as policies, procedures and resource allocation processes to determine the best way to run your business and provide service to your clients. 

Consider taking classes in accounting, marketing research and logistics to sharpen your skills and your business plan. 

Know Your Business

What are your company strengths and skills? What are your flaws and weaknesses? How are you better or worse than your competition? Do you have the skills to run a business? Do you know your product or service skill? 

This is where a self-analysis comes in. 

Take a step back and analyze your strengths, weaknesses, opportunities and threats. How will your strengths further your business strategy? How will they weaken your business? How will you grow your business? When starting your business, be ready to take action today—before it’s too late. 

Evaluate Your Capital

You need money to make money—and also to start your business. 

But money doesn’t grow on trees. 

Where is your capital coming from? What resources and financial consideration are available to you? How far will your financial assistance take your company? What is the projected return on investment? 

Develop Your Business Philosophy

Craft a mission statement that reflects your company’s core values and brand. Ask yourself:

·       What does my company stand for?

·       How would I describe my company’s personality?

·       Who is my company’s target audience?

·       What does my company aim to accomplish? 

Management Isn’t Just A Word

Management means having a vision, making decisions, understanding risks, communicating effectively, resolving conflict and moving the company successfully forward. 

Just one of the many hats you’ll wear as an entrepreneur. 

Management is at the core of running your company. If your management skills are a bit rusty, consider earning the right business degree so that you understand the logistics and dynamics of starting your own business. 

There’s a difference between understanding how to start your own business and applying these strategies to your new company. Get in touch with the experts to see just how to make your company a success. 

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120 units
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