With spring on the way (finally!) things are starting to grow and change and we thought it would be the perfect opportunity to talk about ENTREPRENEURSHIP. Lets start with the basics. First of all, we know you can do it. Secondly, we're here to help. Third, lets dive into some tips. (A mix from a few entrepreneurs themselves... we'll learn more about that tomorrow...and a few tips from us at ECHO!)
1. Put your strengths to work
Remember a few weeks ago we talked about how to identify your strengths? Look back at the post if you need a reminder! What are you good at? What do people ask you for help with? What do you LOVE to do? How can you transfer your answers into a potential business idea?
2. How do I determine whether I'm willing to start a business?
Ask yourself, these things: What will I be sacrificing in order to start a business? Am I willing to sacrifice those things? Do I have interpersonal skills? Do I have leadership ability? What is my outlook? Am I optimistic? (We believe this is 100& necessary for entrepreneurs!)
3. Dream big, but start small
Every entrepreneur hopes to see their idea prosper into a successful venture, but patience is a virtue. A new business needs time and space to evolve and grow. The key is to start by building a solid foundation through developing smaller, more manageable partnerships and then learn what works or doesn't. In other words, partner with organizations that match your scale. Nobody is too small at the start.
Every entrepreneur hopes to see their idea prosper into a successful venture, but patience is a virtue. A new business needs time and space to evolve and grow. The key is to start by building a solid foundation through developing smaller, more manageable partnerships and then learn what works or doesn't. In other words, partner with organizations that match your scale. Nobody is too small at the start.
4. Build Street Cred
Get in the neighborhood and get to know people. Make relationships. Form bonds. They will be more likely to support your business if they have a personal connection with you. (and they'll bring in more people!)
5. Choose Your Industry Wisely
Where is there a direct need that your business can address? Perhaps starting a business for cleaning and maintaining swimming pools would not be the wisest industry considering we live in Detroit...follow my drift?
6. Understand the role of benefit corporations and business incubators
In the past few years, numerous organizations have developed to help make social entrepreneurship more accessible and successful. They can be a source of financial support as well as provide mentorship and guidance. Incubators such as The Unreasonable Institute, Civic Ventures, Conscious Labs and hundreds of others are springing up. Remember how we mentioned TechTown?! CHECK IT OUT. (here's the link: http://techtowndetroit.org)
In the past few years, numerous organizations have developed to help make social entrepreneurship more accessible and successful. They can be a source of financial support as well as provide mentorship and guidance. Incubators such as The Unreasonable Institute, Civic Ventures, Conscious Labs and hundreds of others are springing up. Remember how we mentioned TechTown?! CHECK IT OUT. (here's the link: http://techtowndetroit.org)
7. Don't lose sight of your mission
Merge passion with business. If your business has a strong central meaning and wider goal tahn just making money, it will be more likely to attract partners and customers who are interested in supporting a cause and a story.
Merge passion with business. If your business has a strong central meaning and wider goal tahn just making money, it will be more likely to attract partners and customers who are interested in supporting a cause and a story.
8. Don't be deterred by constant change
It is rare to find your unique selling proposition right away. It takes time for your business ideas and goals to evolve and for things to fall into place. Clarity takes time but it's worth the wait.
It is rare to find your unique selling proposition right away. It takes time for your business ideas and goals to evolve and for things to fall into place. Clarity takes time but it's worth the wait.
9. Use Free Resources
10. Know When to Ask for Help
Other Questions to Keep in Mind!
How do I determine my start up costs and other expenses?
How can I obtain the needed materials to start and maintain my business?
Where am I located and how is that important?
Why is competition important?
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