Are you thinking about starting your own business, but don't know what to do?
For some people, they may have great ideas but without the knowledge or experience to run a business properly; and then there are people who are determined to start a business, but don't know what to get into!
If you can identify with either case, you should consider taking a self-assessment to see if you have what it takes to start a small business. There are many resources out there to help potential entrepreneurs, like you, find out if entrepreneurship should be pursued.
Quiz yourself with some online self-assessments and do some readings about what you may be getting into, such as the Points to Consider When Starting Your Own Business and the Feasibility Checklist from the Canada Ontario Business Service Centrewebsite.
You can learn more about the different aspects of starting a small business by attending various seminars provided by small enterprise centres. For example, Enterprise Toronto has a roster of upcoming seminars spanning from topics of self-assessment, market research, business plan writing and much more!
Starting a business based on personal interest, passion and/or expertise will definitely help you along the way. It is not advisable to get into an unfamiliar business just because it is the latest trend or it appears to be an easy business to get into.
Market research is a must, when thinking of starting your own business! You should find out the size of the potential market and the demand they have for your product/service. For those who are new to the idea of researching the market and don't know where or how to get the information, this process may seem intimidating. There are publications in the Enterprise Toronto Resource Library and there are seminars available to assist and guide entrepreneurs to the proper sources for marketing research. You can always attend tradeshows (The Tradeshow News Network) or contact someone who has a lot of experience in the specific field.
Check out the following links for some useful statistics on the demographics and trends of potential markets. As well, search through the Key Topics Section of this site for links to useful research data. The City of Toronto site also provides current demographic profiles at your convenience. Business Information By Sector: A good source for finding industry sector information from Industry Canada's Strategis website.
Stats Canada: a Federal Government statistics web site.
Market Reports by Industry Sector: From the Canadian Trade Commissioner Service, provides brief overviews of specific market sectors, by country.
Canadian Company Capabilities: A searchable database of 50,000 Canadian businesses
If you find that there is someone else with the skills that complement yours in starting a business, and you work compatibly, there's an opportunity for partnership (i.e. one with an idea & one with entrepreneurial acumens).
Starting a small business is a great idea, but it is important for the entrepreneurs to assess their own potential to take on a business venture. It is a major challenge to rush right into a business before researching on the market or business. You can access valuable information by reading trade magazines, or attending forums and tradeshows. Finally, being passionate about the product/service you are selling is the ultimate driving force. The more intense you feel about your business, the more likely you'll be dedicated in running the business.
Last revision on March 09, 2009