Entrepreneurs

Employers

Entrepreneurs are self-employed, although some continue to work in part- or full-time positions as they develop and build their businesses. According to Entrepreneur magazine, the best cities for entrepreneurs include Scottsdale, Arizona; Atlanta, Georgia; Austin, Texas; Denver, Colorado; as well as several cities in Florida, such as Miami, Orlando, Fort Lauderdale, Tampa, Cape Coral, Orlando, and Jacksonville.

Starting Out

When a person decides to become an entrepreneur, they often already have an idea for a product or service. If so, the next step is to assess market demand for their idea. They find answers to these and other questions by conducting online research, reading industry publications, joining groups on LinkedIn, and talking with industry experts, potential customers, and even family and friends.

• Who will purchase my product or service?
• What are the competitors, and how is my product or service different from them?
• How will I market and distribute my product or service?
• What will I charge?

After gathering information and feedback, many aspiring entrepreneurs realize that their product or service is not as promising as they thought. If they come to this realization, they either revise their idea or try to identify a new product or service that they can bring to market. An aspiring entrepreneur who receives the “green light” after their initial research gets to work on the next developmental stages of their business. They prepare business and marketing plans (if they haven’t already done so), begin to develop the actual product or service, raise funds to pay for its production or development, and try to create “buzz” about it via traditional media channels and social media.

Some aspiring entrepreneurs don’t develop new products or services, but launch their own businesses or purchase a franchise. In this instance, they try to identify investment ideas in their area or check out franchising opportunities at the Web sites of professional franchise associations such as the American Association of Franchisees & Dealers and the International Franchise Association.

The U.S. Small Business Administration offers comprehensive information about starting and funding a business at https://www.sba.gov/business-guide.