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Dec
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Y ou have decided that entrepreneurship is for you and are ready to start a business. The next decision you will have to make is what kind of a business you will start. There are many routes that can be taken toward owning a business. For instance, you can:
Start Your Own Business
Having decided to become a business owner, you now need to determine what business you will start. To help you in your decision making, ask yourself these questions. What kind of things do I like to do? Can my hobby or interests be turned into a commercially viable venture? Is there a need in the marketplace that I can fill? The last question will also help you determine if there is a niche in the marketplace that your new business will fit into.
Buy an Existing Business
If you decide to buy an existing business, the first thing you will want to do is determine the type of business you want to own. This decision will be based on your skills, qualifications, interests, and overall abilities. In making this decision, find a business that will give you the opportunity to use your skills effectively.
Buy a Franchise
Buying a franchise is one of the most popular ways to start a business. By acquiring a franchise, you open yourself up to the possibility of selling products and/or services that have instant name recognition. You will also benefit from the training you will receive at the beginning as well as the ongoing support to help you become successful. Like any business venture, there are costs associated with purchasing a franchise. You may pay some or all of the following fees to the franchise: initial franchise fee, ongoing royalty payments, and advertising fees. Other start up costs will include rent, build-out, equipment, inventory, licenses, and insurance.
Invent a Product
Many great businesses have been developed from new product ideas. You may have a new business concept or a new product you feel would be viable in the marketplace. Be aware that the process of taking a new idea product onto the marketplace can be lengthy and in some cases difficult.
Become a Social Entrepreneur (Commonly a Non-Profit)
You can start a business by becoming a social entrepreneur. A social entrepreneur recognizes a social problem and uses entrepreneurial skills and traits to start a business that will address the social problem and make a significant change. Success for the social entrepreneur is measured by the impact they have on society as opposed to financial measures.