Entrepreneurship is a term that is frequently thrown around as the path to financial independence. The reality is that most of the successful entrepreneurs were not formally educated at a university. There are many different routes to entrepreneurship, but all require resources, determination and vision. Here are seven tips for those looking to get started in the entrepreneurial world.
Entrepreneurship is often associated with college graduates with expert level degrees in economics, business administration or computer science. To actually start a small business, entrepreneurs usually require access to capital, expertise and money flow. Typically, a college degree is required. In addition, a high school degree or the equivalent is generally required for most entry level jobs, although some employers will require only a high school degree or the equivalent in order to open a store. If you are looking to invest in the startup of a small business, you may want to consider starting as an entrepreneur with an online business. Online businesses usually cost much less to start and have much lower barriers to entry than most traditional brick-and-mortar businesses.
The global economic downturn has had a profound impact on the entrepreneurial landscape. Many small businesses have been forced to downsize or close because they were not able to meet financial obligations. There are several programs available for startups and existing businesses that are designed to provide support during times of economic difficulty. The Small Business Administration’s Office of Technology supports a variety of technologies and solutions to help small businesses stay viable during times of economic turmoil. The U.S. Conference of Mayors and The United States Chamber of Commerce both provide funding and counseling programs specifically for startups and existing businesses in distress.
In terms of training, there are several programs available through the Small Business Administration that offer basic level training and mentor training programs. Training for entrepreneurs can range from learning web site design and management to creating viral videos and blogging. There is also a very strong network of experts in the online media industry that can help small businesses get the ball rolling if they so choose. The White House Office of Digital Initiatives is another important resource for online entrepreneurs.
Another useful source of knowledge for small businesses is the Small Business Administration’s Office of Technology. OTE offers internship programs, classes and training seminars that are tailored to each individual business’ needs. The Office of Technology has several programs established to address the current crisis. One such program is The New Economy Project, which is providing training and advice on how small businesses can remain viable during the economic downturn. The economic news and research can be overwhelming, but entrepreneurs can find helpful information at OTE’s website.
A growing source of information for entrepreneurs is the Internet. Millions of people log onto their computers daily to conduct research on virtually every topic under the sun. Millions more visit blogs and social media sites to share their opinions. Because of this, many entrepreneurs find themselves becoming overly knowledgeable about many different topics that they used to know very little about. Starting out with a basic knowledge of a few key words, phrases or even keywords can help new small business owners make better decisions and better understand current trends.
Several nonprofit organizations offer free information that can benefit small businesses. The “Covid-19” is one such organization. The “Covid-19” provides basic knowledge on pandemic preparation that can help small businesses determine how to best address a new outbreak. Other organizations like the Partnership for Clean Energy encourage organizations to partner together to work towards a greener future. These organizations also provide valuable advice on the economics of green energy, alternative fuel vehicles, small business finance and the economics of smart grid technology.
As the economy continues to falter, entrepreneurs should not lose hope. Although the “invisible hand” of government regulation may temporarily help small businesses, the long-term outlook is not as bright as many entrepreneurs would like it to be. The recession has certainly dampened enthusiasm among small businesses, but there is definitely still hope. The most important thing to do for small businesses is to stay informed about both current trends and the upswing ideas available to them. Following the “Covid-19” and other successful small business initiatives may help steer small businesses in the right direction.