Considerations For Entrepreneurs
September 19, 2022The $1000 Start-Ups Program is strategically designed to guide and empower entrepreneurs who want to start or grow a business through the steps and processes to build a strong foundation for a successful business. Our focus is on lessening barriers to those in underserved communities. Early on in the program, Cohort Members are asked to make some very specific considerations. Giving preliminary thought to these ideas will provide a clear starting point for moving forward.
What role will your business endeavor play in your life?
Deciding if a business will start off as a side hustle or as a full time commitment is a critical first step. Examining potential advantages and disadvantages of each option provides understanding of how a business will impact income, home and family, lifestyle, rate of growth, and ultimately success?
Early on the program, the cohort is challenged to explore and understand both the advantages and disadvantages of how to start on this endeavor. Participants very often learn to consider ideas and instances they may not have thought to address on their own. This early investment of thought, time and effort sets a practice of consideration that will be used repeatedly.
What problem are you trying to solve with your product or service?
In order to build a target market for a business it is important to know who potential customers are. What is the problem to be solved or the gap to be filled? Within the Cohort, entrepreneurs are able to explore and identify the triggers that might prompt customers to take action in seeking product or services. This work up front can inform many current and future business decisions, including design, branding, marketing, and logistics.
What services or products are wanted and/or needed?
As a Cohort, participants are able to consider amongst themselves what others perceive as needed services or desired products. Narrowing a target market, they explore ideas, challenges and gauge their own interests and passions as a starting point for the research to determine if it aligns as a business opportunity.
From there, further market reasearch on perceived value can begin. With a clear understanding of a potential audience, entrepreneurs can proceed to set up a business to attract them.
Consider the logistics of running a business.
From workspace to storage to customer service and bookkeeping, a business will require space, as well as time.
Where will the business operate? In your home? In a purchased or rented space? Where will administrative work be accomplished? Products created? Services developed and delivered?
Making these considerations early on will enable business owners to effectively manage and balance work/family life.
$1000 Start-Ups Offers Critical Resources
With the support and guidance of the $1000 Start-Ups Leadership Team and fellow members, as well as benchmark funding over the course of the program, the Cohort is afforded rare opportunities to realize success. The model of collaboration provides a level of accountability, direct feedback and creative energy to empower entrepreneurs to make smart, effective decisions each step of the way.
For information on upcoming Programs or to join the Consortium, visit www.1000dollarstartups.org
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NEXT UP!
Celebrate Small Business Fair
November 5, 10am – 2pm
Our annual Celebrate Small Business Fair, supporting our 2022 Cohort and our small business community will be held on Saturday, November 5, from 10am to 2pm in the Peck Center Gymnasium.
Come out and support the entrepreneurial spirit of Nassau County and get a jump start on your holiday shopping with unique local items from our small business community!
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