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10 Insightful Tips to Starting Your First Business from PowerWallet’s Bob Sullivan

by on July 25, 2012

By: Bob Sullivan – Tech Entrepreneur and PowerWallet.com President

1. Secure funding – Finding the capitol to turn your dream business into reality is one of the hardest parts of becoming a successful business owner. Check out resources like BizSpark to nurture you in becoming a smart and savvy business owner. Also, by networking and joining certain organizations, you can meet and pitch to angel investors, venture capitalists and private investors. Many programs dedicated to helping new entrepreneurs are free — all you have to do is look for them.

2. Create a business plan – Many successful businessman and woman have gone on to receive their Master’s in Business Administration (MBA) where they learned all the steps to creating a business plan and managing the accounting that comes along with running any business. You can still learn how to create a business plan on your own. Whether you go to business school or not, do your research and start your venture with creating a physical plan of your business. There are many software programs available that can assist you in making your business plan which features many sample plans that have been used successfully to raise money.

3. Get an accountant and lawyer – Before you even get the ball rolling for a new business venture, you need to find a trustworthy accountant and a reputable lawyer. First look at your personal social network. Friends you went to college with or have known for years who are honorable and have a good track record.

4. Be prepared for roadblocks – Failure, problems and various forms of roadblocks are a part of every entrepreneur’s journey in creating a successful business. You have to be prepared for failure and learn from it. The difference between winners and losers is that winners continued to keep trying until they got it right. And of course, with proper planning and knowledge, you can avoid a lot of failure but you must accept it is part of the process and is inevitable.

Continue reading the rest of this post for more great tips by clicking here.

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