Who do you have to be to own/start your own business?

Question

Who has the opportunities, (in the U.S.) to start/own your own business. I would like to start my own business. But in todays society I'm not sure that everyone has all the opportunities to do this. Do you need a degree, lots of money, good credit, and does ethncicity effect your chances, of getting the help and support that one needs from government programs, and other organizations? All help is appreciated.

Answer 1

You need to be a driven self starter that follows through tenaciously with your idea. You need to do homework on your product, who you will market it to, have a business plan, and startup cash. Many agencies will help with this if you have a business plan and market analysis.

Answer 2

You need a "dba" which is registering your business name and a tax permit number allowing you to collect taxes.

Good credit is essential. A lot of people start businesses on less than $500.00 out of their homes. It is necessary to present your business in a professional way. Therefore, an education is necessary and at least a High School diploma. If you are selling a product, you will be buying materials, producing, shipping and invoicing. You will offer your product prepaid or on credit. Credit references are needed from customers if you allow credit. If you sell out of state without representation in that state you collect your state taxes. If you accept credit cards you will need this service.

Do you know the hardest thing about owning a business? Determining what kind of business you want to own. Inventing products is not as easy as one may think. Merchandising the product is not as easy as one may think.
You need to treat your customers like kings. They are hard to get and hard to keep. You'll do great, but one day you'll say - "I've never worked so hard in my entire life." At this point hire employees fast.