Entrepreneurship -- 1.3 Identify Business Opportunities and Set Goals

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Goals : 

Goals Recognize different businesses you could start. Identify your own personal goals.

Investigating Opportunities : 

Investigating Opportunities The library has resources that can help you examine different opportunities. These include: Books Magazines Trade Magazines Government Publications

County Business Pattern : 

County Business Pattern County Business Pattern is an annual series of publications providing economic profiles f counties, states, and the United States as a whole. The (SBA) Small Business Association is an organization that exists to help small businesses and their owners. Talking to entrepreneurs and attending trade shows, which are special meetings where companies display their products, can be beneficial.

Compare Different Questions : 

Compare Different Questions Once you find some appealing businesses, you need to identify which have the best chance for success. Is there a market in my community for this kind of business? Will people buy my product or service? How much money would it take to start this business? Will I be able to borrow that much money? How many hours a week is it likely to take to run this business? Am I willing to commit that much time?

Compare Different Questions : 

Compare Different Questions 4. What are the particular risks associated with this business? What is the rate of business failure? 5. Does my background prepare me to run this kind of business? Do most people who own this kind of business have more experience than I do? 6. How much money could I make running this business?

Setting Goals : 

Setting Goals For everything you do in life, you set goals. As an entrepreneur, you will need to set financial and nonfinancial goals. Financial Goals Financial goals can include how much money you will earn and how quickly you will pay off debts. They should easily be attainable. Many businesses begin operations by borrowing money.

Financial Goals : 

Financial Goals At first, an entrepreneur may earn less than he or she would have if they were an employee. Setting specific financial goals before starting a business can ensure the business is able to earn the profits you want.

Non-Financial Goals : 

Non-Financial Goals Most people who own their own businesses do so for more than just monetary gains. They are looking for personal satisfaction. They may serve a community need, do something they like, or enjoy the personal independence of being an entrepreneur. Setting and meeting these types of non-financial goals can help an entrepreneur live a more satisfying, and fulfilling life.

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