Starting a business is a process. One of the first steps in this process is deciding which idea to run with. Entrepreneurs often have a number of business ideas in their head, but it is difficult for them to commit to one. There are, however, four questions that Louisiana entrepreneurs should ask that will help them hone in on a great business idea.
Before starting a business, an entrepreneur should ask himself whether the idea represents his morals and standards. Money can be a big motivator when determining which idea to run with. However, an entrepreneur should always pick an idea he believes in and not compromise his values for monetary gain. The second question an entrepreneur should ask is whether he is inspired by the idea. Great businesses are formed when a person is passionate about what he is doing.
Thirdly, an entrepreneur should ask whether his idea is novel. Businesses are competitive, where competitiveness requires originality and individuality. Finally, an entrepreneur should ask whether he can be objective about the business idea. It is important for an entrepreneur to know when to let go, as well as be able to look at an idea from a client or customer’s perspective. These four questions can help an entrepreneur cultivate a business idea.
In addition to cultivating an idea, there are legal issues all businesses will want to consider prior to starting a business. Prior to formation, an entrepreneur will have to determine the business’ legal structure as a first step. Baton Rouge businesses can range from partnerships to corporations and limited liability corporations. Depending on the legal structure chosen, a business could be a separate legal entity. Legal liability protection will also vary depending on the type of business formed.
Starting a business can be very rewarding, but it is a process. Two important steps of this process are cultivating the idea behind the business and legal planning.
Source: Forbes, “4 Questions You Must Ask Yourself Before Starting a Business – How to Hone in on a Winning Idea,” Shane Robinson, Dec. 11, 2012