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Starting a Business

Before making the leap into entrepreneurship, perform a self-evaluation to determine if owning a business is right for you. Questions you may want to consider before embarking on a business venture:

Am I prepared to undertake the risks associated with entrepreneurship?

There are inherent risks and uncertainty associated with starting your own business. If you’re uncomfortable with uncertainty, starting a business may not be right for you. Read Start Here: Outline of Steps to Starting a Business for important items to consider.

Am I comfortable with making tough decisions independently?

As the owner of a business, big decisions often fall upon your shoulders. Successful business owners must follow their instincts and be confident in their decision-making abilities. Preparing a business plan will assist you in making decisions with confidence. Check out the Small Business Administration's business planning tools for advice on developing your business plan.

Do I have the necessary people skills?

Starting a business requires negotiation skills and powers of persuasion in order to sell your idea to prospective customers, clients, business partners and investors. If your plan is to hire employees, the Department of Labor website can guide you through the hiring process and provide the necessary information for all employers.

Can I think outside the box?

Innovative products and service offerings are the backbone of any successful business. Before moving forward with a business plan, ask yourself what you can do to differentiate your business to appeal to your client market. The Expansion and Growth section will give you direction for marketing and advertising to expand your sales goals.

If you are ready to get started, get all the details on how Innovate ND can help you jumpstart your business idea.