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Commonly Asked Questions about Beginning Your Own Business By Jessica Schell |
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Is a good idea enough incentive to begin a business? |
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You must have more than simply a good idea to start up a business. You need to take your idea and back it up with experience; technical knowledge of the industry in which you are getting involved; establish, maintain and network contact resources; and take some courses in marketing and management. One of the main issues to consider is whether you have the money to invest in such a business at this time in your life. |
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What information will be essential to the success of my business? |
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Being prepared is one of the keys to success in the business world. Therefore, your first step is to begin researching your business environment before you invest your money into building a new business. Gathering information about the technological, political, geographical, economical, sociological, etc. trends over the past 10-20 years will allow you to predict the trends of future with some degree of accuracy. This research will prepare you (and your business) for the future and it will enable you to clarify your goals and your strategies for meeting those goals. |
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What growth potential does a woman-owned business have? |
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The answer to this question depends on the type of business that you are involved in. While some businesses remain small but prosperous, others take their firms to the international level. In fact, women entrepreneurs are bringing their businesses into the global marketplace at the same rate as all United States business owners. In 1992, 13% of the women-owned businesses were involved in international trade. |
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Can a woman-owned business last long in our seemingly male-dominated society? |
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Women-owned businesses are more likely to remain in business than the average United States firm. Nearly three quarters of women-owned firms in business in 1991 were still in business three years later, compared to the two-thirds of all United States firms. The top growth industries for women-owned businesses between 1987 and 1996 were construction, wholesale trade, transportation, communications, agribusiness and manufacturing. All of these businesses have stereotypically been left to the male population to run until now. The women entrepreneurs in these fields are proving to be extremely successful! |
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A woman-owned business is considered high risk. So, will it be impossible to get a loan or a grant to start my business if I am a woman? |
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Nothing is impossible! First, woman-owned businesses are becoming very competitive and successful. Therefore, your business should not be considered high-risk simply based on your gender, but it may be considered high-risk due to other factors (location, demand for product, etc.). There are many resources that you can turn to for financial assistance. While the federal government will not give grants, state and local agencies and banks may be able to help. Through personal loans, business loans, and home equity loans, you may be able to start your business with the help of your local bank. If, however, you are turned down, ask the bank to submit your application to the SBA (Small Business Administration). The Small Business Administration has increasingly given a great deal of financial support to small business entrepreneurs. Other options for financing can be found at: Business Support and Services |
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What do I do if I am faced with issues of gender discrimination and it is negatively affecting my business' success? |
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Unfortunately, there still exist gender gaps in the modern working world. The best thing that you can do for yourself (and for your fellow women) is to take action against such unjust treatment and do not give up in defeat. For ways of decreasing such gaps,visit: Strategies for Change |
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