By: Jerry J. Bobb

The What

So, you want to be an entrepreneur and have no clue what to do or how to start? Ideally, it’s important to begin by identifying your personal skill set to see what type of industry or business you would like to get into and whether it will be a solo venture or a partnership.

For the Love or for the Money

There is a misconception among entrepreneurs that becoming a business owner is a fast track to riches and “generational wealth.” To put it bluntly, entrepreneurship can be a great investment in oneself (emotional and spiritual investments count, too) with the potential to pay off financially in the long term. What entrepreneurship is not is an instant lottery ticket that will pay you big bucks quickly. To even get to the point of writing yourself a paycheck, you may have to work hard to make your operation consistently profitable first.

Putting in the Work

Entrepreneurship may require you to spend long hours building up your operation, so it’s important to be realistic when determining what industry or business you intend to get into. Ask yourself: Is this idea something you kind of love, something you love a lot, just a viable avenue to make a living, or is it merely a potential investment opportunity? The answer you choose may play a critical role in your commitment to making your idea succeed. How much work, and how many hours, are you willing to put into achieving your desired level of success?

Paying the Cost to Be the Boss

It may be a good idea to consider how you will fund the startup costs—what it will take to get the business you envision off the ground. Next, start brainstorming a good location from which to set up shop. While you’re at it, take a few minutes to look into all the details, like what paperwork and legal documents you will need to gather depending on your geographic location (i.e., what city, state, or local area you set up shop in).

Wait, What?

At this point, we don’t even have an actual operating business yet, but hopefully, we are realizing that setting up for entrepreneurship is actually a step-by-step process—a science, if you will. Going forward, it may be easier to refer to this process as the “science” of entrepreneurship.

Eleven Important Questions Every Entrepreneur Should Ask Themselves (Over and Over Again) in the Planning Stages

• What good and/or service do you intend to provide?
• What makes what you intend to provide different or unique from what is already in existence?
• Do you have a new product/service or a new spin on an old product/service?
• Who are your customers?
• Where will you find those customers?
• How will those customers find you?
• Why should those customers buy from you?

How do you find out what the customers you anticipate having want? (Evaluate the specific needs of the customers you feel want to buy from you.)

How will you give those customers exactly what they want? (Fulfilling the needs of the customers you want.)

How will you give those customers what they desire every single time they shop with you? (Consistently fulfilling the needs of customers so they continue to buy from you.)

After you’ve assessed needs and evaluated how to fulfill those needs, how will you figure out how to withstand changes in tastes and desires? Change will happen whether we like it or not. Being able to adapt and embrace change is key (i.e., long-term plans to keep business coming in).

Are You Ready to Go Out and Be Great?

Starting a business is one thing, running a business is another, and finally, being successful long-term at that business is a completely different challenge. A good start (i.e., a good foundation) is critical to long-term success!

The opportunity to be an entrepreneur can be exciting and wonderful, but it can also be challenging and often presents a legitimate fear of the unknown. Asking yourself (and your business partners, if necessary) these questions can help determine if you are ready to go out and be potentially great as an entrepreneur!

Good luck!

Jerry J. Bobb is the Founder/Owner/Operator of Super Taters and More, a subsidiary of J-Bobbcatt Enterprises. Jerry J. Bobb is also the Founder of “The Biz Bobbcatt,” a business consulting firm specializing in using hands-on business expertise to offer practical advice and guidance to assist new, struggling, or evolving businesses in finding (or rediscovering) their footing in the ever-changing business landscape.

Published by: Holy Minoza