|Business rules recap. Photoby: ed.ward|
1. I should start my own business because…
2. The reason I am starting a new business is…
3. The small business that I am going to start is…
4. My target market is …
5. My biggest competitor is…
6. I will supply by business needs and demands by…
7. My business entity is….
Starting your own business can be a tough decision but once you have figured that small business is the best direction for you, knowing where to start can be confusing. SBS business rules are designed to take away a lot of the stress of getting started. These simple rules will help you create a solid foundation for any new business.
What you learned
Business rules 1-3 had you examine your strengths and weakness in order to see if you were compatible with entrepreneurship and to define your business goal.
Business rules 4-6 had you examine your skills and experience to help you decide on a business idea that is congruent with your business goals.
Business rules 7-9 focused on research, so that you can define your target market, competitor and locate possible vendors for your business.
Business rule 10 defined different entities so that you can make an informed decision on which entity is best for you.
SBS Business Rules #1-10
1. Know Thy Self
2. Be Informed
3. Define Your Purpose
4. Value Your Skills & Experience
5. Business Idea vs. Business Goals
6. Lay the Right Foundation
7. Define Your Target Market
8. Identify & Analyze Your Competitors
9. Find a Vendor
10. Decide on a business entity