Have You Take the ‘Entrepreneur’s Pledge’?

If you’re like 84% of Americans, you believe that entrepreneurs are important for the health of the U.S. economy. In fact, in 2009, 558,000 new businesses were started per month,  representing the highest year on record  - marking a 4 percent increase over 2008.  By planning such a key role, entrepreneurs can not only help sustain our economic recovery, but make a critical impact in helping 15 million unemployed Americans find work. So how can you help?

Last month, the Ewing Marion Kauffman Foundation unveiled the "Entrepreneur's Pledge," a new component of the Entrepreneurs' Movement launched last fall at BuildAStrongerAmerica.com. By signing the Entrepreneur's Pledge you’ll join the “Build a Stronger America, the Entrepreneurs' Movement” and:

• Acknowledge the important role entrepreneurs play in society;
• Support and encourage your fellow entrepreneurs;
• Share your success story with others; and
• Strive to give back to your community.

So if you’re ready to do your part, view the video below and then visit BuildAStrongerAmerica.com to join the Entrepreneurs Movement and sign the Pledge.

How to Find Your Business Niche

So you've determined that you have what it takes to start your own business. The next critical step to making your dream a reality is to find your niche and determine the feasibility of your idea. For instance, will you be taking over an existing business or do you have a marketable skill/new product idea that satisfies a need?  Don't be fooled - many people have mistakingly launched a business because it sounded like a good idea. But getting into the right business at the right time is easier said than done.  So before you blindly plunge into a business venture, fully evaluate its potential before investing your time and money.

Take the time to identify and briefly describe the business you plan to start. Then ask yourself the following questions to help determine its feasibility and/or potential for failure:

• What products or services do you intend to offer?
• Does your product or service satisfy a need?
• Will your offering serve an existing market in which demand exceeds supply?
• Will it be competitively based on quality, price or location?

If you answered 'yes', you're probably on to something. If not, keep digging until you come up with a solid, viable idea.  Remember - your ultimate goal is the long-term, sustainable success in your business.

Are You an Entreprenuer? (Part 3)

As we wrap-up this three part self-analysis, remember that certain skills and experience are critical to the success of a business.  Fortunately, you can hire the necessary personnel to supplement any skills and experience you lack. But in some incidences you will need some basic and special skills for your particular business.  (For instance, you can't own a law firm without being a trained, licensed attorney.)  Answer the following questions to help you identify the skills you possess and those you need.

Personal Skills and Experience

• Do you know what basic skills you need to have a successful business?
• Do you possess those skills?
• When hiring personnel will you be able to determine if the applicants' skills meet the requirements for the positions you are filing?
• Have you ever worked as a manager or supervisor?
• Have you ever worked in a business like the one you're looking to start?
• Have you had any business training in school?

Your answers aren't necessarily deal breakers to making your dream of owning a business a reality.  If you discover you lack the basic skills to owning a hair salon, web design or accounting business, are you willing to delay your plans until you acquire the necessary skills?