Startup How-Tos: How to prepare for my entrepreneurship?
Wondering how to implement your ideas and start your own business? Follow the five steps below and be prepared for your entrepreneurship journey now!
1. Set Products and Targets
Prospective entrepreneurs can try to observe and get information from daily life or the Internet to establish product/service and set their goals. Entrepreneurs also need to determine the business direction based on market conditions. Read the stories of our “Social Entrepreneur Series” and be inspired!
2. Assess economic and financial conditions
Before you start a business, you can assess your own financial ability and feasibility of the business by "Budget Analysis Worksheet for Starting up Business". In addition, various types of funding schemes are provided by the Government to support young entrepreneurs. Try to look up the funding scheme that suits you best with our Funding Schemes Finder!
3. Develop a business plan
A detailed business plan can provide clear information to form business concepts and operation plans. It can also be used to raise funds or apply for related venture funding. For more tips on writing a business plan, please refer to the Business Start-up Information Service provided by SUCCESS.
4. Conduct market research and investigation
Market research and investigation can be divided into product/service, sales, marketing, promotion and other parts. Entrepreneurs who are interested can define survey questions and objectives first, formulate research plans, collect information for analysis and finally summarize and write research reports to obtain more marketing information. Please refer to the article “Market Information” for further information.
5. Establish good psychological flexibility
In the process of starting a business, you may encounter different levels of psychological stress and difficulties, such as time and money constraints. Therefore, it is important to be highly flexible and develop a quality mindset. Entrepreneurs can accommodate themselves to situation changes by learning and experimenting new things, while learning to be patient and courageous to embrace challenges and to bear the pressure and risk.
“Startup How-tos” is an introductory guidebook written for entrepreneurship newbies, providing startup tips and related public services information.