Two questions to ask before starting your own business

September 11, 2014

Building a small business from the ground up takes a lot of hard work, dedication and perseverance. The more you know about what others have done to achieve success, the better equipped you’ll be.

In a recent Forbes article, contributor Michael Glauser explains what he learned when My New Enterprise, the company he co-founded to help aspiring entrepreneurs, interviewed 100 successful entrepreneurs over the summer.

Although the individuals that were interviewed did not have any business training, they had their own secrets to success. If you are thinking of starting a business you might want to ask yourself the following questions:

Where do I begin? It’s advisable to generate an idea based on what you know. Many of the entrepreneurs interviewed by Glauser’s team based their ventures on previous experiences that they knew well.

What’s my purpose? Having a purpose will be a key motivator for building your business. All of the entrepreneurs that were interviewed by My New Enterprise had strong reason for starting their companies. Some include “to do what they love, solve a problem, provide awesome service, live in a more desirable location, create jobs and give back to their community.”

Once you’ve established where to start and what drives you, you’ll be on your way to building the business of your dreams. However, another essential part of your success will be the decision to incorporate your business.

Choosing the appropriate business entity for your company will provide the foundation and structure as your company grows and expands. Each type of business structure carries its own benefits, so contact an online incorporation services company to learn more about how to incorporate.