Becoming an entrepreneur can be one of the most rewarding careers available, but it can also be one of the most challenging. You will want to know as much as possible about the type of business you are considering, as well as understand the rewards and challenges of an entrepreneurial career. This Biz Centre On-Line site has been designed to provide you with a wide range of self-help resources, as well as a link to a virtual business advisor to answer your questions.
The process of starting a business consists of gathering data from many different sources, and usually involves most of the following steps.
Should You Become an Entrepreneur? - Self-Assessment
The single most important element to the success of any venture is the entrepreneur. It is the entrepreneur that conceives the idea, chooses the markets, designs the strategies and is responsible for whether the venture even exists and in what form. Being an entrepreneur requires a combination of knowledge and skills to effectively start and manage a business. Assess your potential for an entrepreneurial career by taking an entrepreneurial potential self-assessment quiz …
Is Your Business Idea Feasible?
There is a difference between a good idea and a good business idea. In addition to assessing your personal compatibility with the business concept you will want to conduct a business feasibility study. The objective of the study would be to assess the potential market and revenues for the business as well as the estimated expenses of start-up and operation to arrive at any indication of profitability. You will want to develop a Business Plan to assess the feasibility of the business concept.
Planning Your Business Start-up
You will want to investigate the legal requirements of starting a small business at all levels of government. Federal, Provincial and Municipal governments all have laws and legislation that will impact the start-up and marketing activities of your business. To determine what some of the requirements are to start your business, investigate resources including Canada Business.
How to Obtain Business Financing
There are many sources of financing available to assist potential entrepreneurs with the start-up of their ventures. In addition to the owner’s own equity there are several other sources of financing necessary to start the venture. There are special programs for Young Entrepreneurs, Aboriginal Entrepreneurs and Female Entrepreneurs
Credits: This resource was created and then updated in May, 2013 by now retired business professor Bryan MacKay.