Below is a guest post by freelance writer Aimee Claire.
Entrepreneurs are often described as the ‘lifeblood’ of the US, the early pioneers had a spirit of individualism, the ability to take risks and an ambition for success and today’s entrepreneurs should have all of these skills and many more.
Those who wish to set up in business on their own may relish the freedom, but they’ll also have to take into account that this freedom often comes at a price. The most successful entrepreneurs are those who work non-stop to carry out extensive research into the product or service they intend to provide and the potential markets. All this is before they begin to investigate issues of logistics, investment in adaptable computer systems and evaluate the cost of office space. Many entrepreneurs do not have enough capital to survive for their first year and an undercapitalized business can be doomed to fail. Marketing and PR costs can be kept down with the advent of cheap business cards, low printing costs and also the development of social media. Advances in the internet mean that the price of building a website has fallen dramatically and most entrepreneurs are able to learn how to acquire this skill in order to promote their dream.
Anyone who is considering setting up their own business should take the time to enroll on a course in IT, marketing and accounting, before proceeding any further. A course at Bryant & Stratton College Online will teach any would-be entrepreneur these necessary skills. One of the major benefits of online schools is that they can be accessed at any time of the day or night over the internet. Often, people who are setting up on their own have a huge passion for their idea, but forget about all the essential elements that are so important for developing their project. Keeping accurate accounts is important, but so is a basic understanding of company law and a little knowledge of human resources, should the fledgling company need to employ even one or two workers.
Some states are more attractive than others for new start-ups. A recent CNN Money article stated that Louisiana is one of the ten most entrepreneurial states in the US. Figures provided by the Kauffman Index for Entrepreneurial Activity for 2012 show that the business start-up rate is an impressive ‘400 for every 100,000 adults.’ Most of these new businesses are in the fields of the arts, film technology and life sciences. The state’s low taxes and living costs are a major attraction for individuals who wish to nurture their entrepreneurial zeal. Online learning means that daytime hours can be devoted to setting up the business and the evenings can be spent learning how to deal with the trials and tribulations of commercial daily life. A degree in Business Administration will equip any entrepreneur with the confidence to deal with most problems. Louisiana has recently set up its first Entrepreneurship Festival for younger members of the community and anyone who would like to learn more about turning an idea into a successful business should check out the life of Madame CJ Walker, who came from Louisiana and went on to became the country’s first African American female millionaire.