How to Start a Small Business

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Starting a business can be an exciting time for entrepreneurs – one full of big dreams for the future. But starting a business also carries significant risk and requires a big commitment (of both money and time) to succeed.

While starting a business can feel overwhelming, following these steps can put you on the path to success.

Even if you think you’ve got the next billion-dollar idea, it’s important to think carefully about whether the concept is truly a viable business.

“To really understanding the market and the needs in the marketplace, you need to ask yourself a set of ‘Why’ and ‘What’ questions,” says Karen Kerrigan, CEO of the Small Business & Entrepreneurship Council. “Why are you launching the business? What is the problem you are going to serve in the marketplace?”

Run your idea past trusted people in your network and ask for honest feedback. Think carefully about criticism you receive and see if it can help you hone your idea. If possible, find a way to test out your idea, whether that’s running a pop-up shop or offering a free service to a few potential clients to see whether the demand meets your expectations.

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