What comes first the chicken or the egg?

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In the last lesson, we began our discussion about entrepreneurship as a path to wealth.  However, in my experience as a small business tax advisor, many people incorporate or organize a business prematurely, which can costs money, time or both.  In the last lesson, I asked you to determine if entrepreneurship is for you.  Well, what did you decide?

Education:

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I saw this picture on a friend’s Facebook post and I thought that it would be perfect for today’s lesson because people tend to romanticize entrepreneurship and end up circumventing many vital steps in an effort to achieve quick success.  While I agree that a business can be a great path to wealth, it has caused many others to literally lose the shirts off their backs.  According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months.  Ignore those staggering statistics at your peril.  The good news is that you can succeed.

One of the primary factors that separate a successful business from a failing business is INFORMATION.  There are so many valuable resources on the web and in your community.  Before you start a business, it is imperative that you educate yourself before jumping into the deep end.  This may mean taking a college course or seminar.  It may mean reading books on business start-ups.  It may mean finding and spending time with an experienced mentor.  It may mean seeking out a great advisor.  Do whatever is required for your particular situation, but educate yourself before attempting to start a business.  I have compiled a list of sources that provide valuable information for aspiring business owners.

SBA Development Centers

Women’s Business Centers

Score Mentors – SCORE members are trained to serve as counselors, advisors and mentors to aspiring entrepreneurs and business owners

  • Chambers of Commerce
  • Trade and Professional Organizations
  • Khan Academy
  • Community College
  • National Federation of Independent Businesses (NFIB) – nfib.org
  • Apple iTunesU – view college lectures from great B School programs like the Duke University Center for Entrepreneurship
  • YouTube
  • American Express Open Forum (Your Business)  – https://www.americanexpress.com/us/small-business/openforum/yourbusinesstv/

Most of the organizations listed above offer free services, including seminars, training videos, financing assistance, materials and counseling.

To recap, in the last lesson we decided if entrepreneurship was right for you.  In this lesson, we identified resources to help aspiring business owners.  In the next lesson, we will discuss some of the ways to start a business.

Do not forget that INFORMATION is power!

Resources:

SBA Local Assistance (http://www.sba.gov/tools/local-assistance) – Locate resources in your home state or the states that you wish to conduct business.

Important terms from this lesson:

Term

Definition
None  

 

Action Step:  Click the Start a Business Wizard

Are you thinking about starting a business of your own? This wizard will guide you through aspects of starting a business and finding information you need to succeed.