Having your own business is a dream of many. It can mean freedom, a chance to be creative, control, and making money. To be successful, it helps to consider certain aspects of business ownership upfront. Take a look at what some of these issues.

1. Glenn Muske
Rural and Agribusiness Enterprise Development Specialist
Glenn.Muske@ndsu.edu
Sept, 2014
10 Things to Know
Before Starting a Business
Jan. 22, 2015 SCORE Workshop

2. Why are you here?

3. The Starting Point
• It is a business!!!! A PROFIT is required.
• There are no guarantees regarding success.
• You can’t, and won’t, please everyone.
• You may feel alone, but you’re not.
• Running a business is largely a skill that can be
taught.
• It is not a 9 to 5, 40-hour per week job.

4. #10
Can you say
NO!

5. #9
Do you understand that:
Dreams ≠ Ideas
and
Ideas ≠ Opportunities

6. #8
Do you have the skills?
Production
Technical
Marketing
Management
Sales
Fiscal Management
Etc.

7. #7
Do you have resources?
And are you ready/able to risk them?

8. #6b
Do you know the competition?
What’s your advantage?
Can you maintain it?

9. #6a
Do you know your market?
What’s your plan for letting them know you exist?

10. #5
Are you legal?
Business name
Sales and Use Tax Permit
Health Dept.
Dept. of Agriculture – State and Federal
FDA
Intellectual Property

11. #4
Does your family support you?

12. #3
Are you a “people person?”

13. #2
Are you a bobo doll?

14. #1
Do you have PASSION?

15. One More
Are you ready
to be online?

16. Glenn Muske
Rural and Agribusiness Enterprise Development Specialist
NDSU Extension Center for Community Vitality
Glenn.Muske@ndsu.edu
Questions??
Resources:
http://www.ag.ndsu.edu/smallbusiness http://powerofbusiness.net
https://www.facebook.com/NDSUextsmallbiz http://www.extension.org/entrepreneurship
https://twitter.com/gmuske
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