10 things to know before starting a biz

Glenn MuskeRural and Agribusiness Enterprise Development Specialist

[email protected], 2014

10 Things to Know Before Starting a Business

2014 FARRMS Fall Webinar Series

The Starting Point

• It is a business!!!!• There are no guarantees regarding success.• You can’t, and won’t, please everyone.• You may feel alone, but you’re not. • Running a business is largely a skill that can be

taught. • It is not a 9 to 5, 40-hour per week

undertaking.

#10

Can you say

NO!

#9Do you understand that:

Dreams ≠ Ideas

andIdeas ≠ Opportunities

#8

Do you have the skills?ProductionTechnicalMarketing

ManagementSales

Fiscal ManagementEtc.

#7Do you have resources?

And are you ready/able to risk them?

#6b

Do you know the competition?

What’s your advantage?Can you maintain it?

#6a

Do you know your market?

What’s your plan for letting them know you exist?

#5

Are you legal?

Business nameSales and Use Tax Permit

Health Dept.Dept. of Agriculture – State and Federal

FDAIntellectual Property

#4

Does your family support you?

#3

Are you a “people person?”

#2

Are you a bobo doll?

#1

Do you have PASSION?

Glenn MuskeRural and Agribusiness Enterprise Development Specialist

NDSU Extension Center for Community [email protected]

Questions??Resources:

http://www.ag.ndsu.edu/smallbusiness http://powerofbusiness.nethttp://www.extension.org/entrepreneurship http://www.farrms.org/