BUS101: Introduction to Business

If you're interested in starting a business, you need to make decisions even before you bring your talent, determination, hard work, and persistence to bear on your project. Here are the basic questions you'll need to address:

• What, exactly, is my business idea? Is it feasible?
• What type of business is right for me? What industry do I want to get into? Do I want to be a manufacturer, a retailer, or a wholesaler? Do I want to provide professional or personal services? Do I want to start a business that I can operate out of my home?
• Do I want to run a business that's similar to many existing businesses? Do I want to innovate - to create a new product or a new approach to doing business?
• Do I want to start a new business, buy an existing one, or buy a franchise?
• Do I want to start the business by myself or with others?
• What form of business organization do I want?

After making these decisions, you'll be ready to take the most important step in the entire process of starting a business: you must describe your future business in the form of a business plan - a document that identifies the goals of your proposed business and explains how these goals will be achieved. Think of a business plan as a blueprint for a proposed company: it shows how you intend to build the company and how you intend to make sure that it's sturdy. You must also take a second crucial step before you actually start up your business: You need to get financing - the money from individuals, banks, or both, that you'll need to get your business off the ground. (Obviously, if you already have the necessary funds, you're one of the fortunate few who can skip this step).