Are You Ready to Start Your Own Small Business?

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Questions and Answers

What are the three essential elements required to start a small business?

  • Equipment, supplies, and legal structure
  • Money, research, and planning
  • Discipline, hard work, and financing
  • Motivation, research, and planning (correct)

Why is a well-thought-out business plan crucial for the success of a small business?

  • It provides milestones to measure success only
  • It helps you reach your business and personal goals (correct)
  • It helps you reach your personal goals only
  • It serves as a blueprint for how the business will be capitalized only

What should be included in a pre-business checklist?

  • Personal goals, business goals, and milestones
  • Research, motivation, and planning
  • Skill, discipline, and hard work
  • Legal structure, equipment/supplies, insurance, financing, and compensation (correct)

What is the first step to take before starting a small business?

<p>List your reasons for going into business (A)</p> Signup and view all the answers

What does success in small business take?

<p>Skill, discipline, and hard work (A)</p> Signup and view all the answers

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Study Notes

  • Starting a small business requires motivation, research, and planning.
  • A well-thought-out business plan is crucial for success.
  • The plan should help you reach your business and personal goals.
  • The plan should also provide milestones to measure success.
  • Before starting, list your reasons for going into business and determine what business is right for you.
  • Identify the niche your business will fill and conduct necessary research.
  • Create a pre-business checklist to answer important questions.
  • The checklist should include legal structure, equipment/supplies, insurance, financing, and compensation.
  • The business plan should serve as a blueprint for how the business will be operated, managed, and capitalized.
  • Success in small business takes skill, discipline, and hard work.

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