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Tips for the Young Entrepreneur

Question:

I have been in my field for some time now.  I feel that it is time to branch out on my own.  What tips can you give for a young entrepreneur?

Dr. Prakash:

Starting your own business can be complicated. Before you leave your current job, I suggest taking a few classes in Entrepreneurship. Such courses may extend a semester or two but be patient and get a good solid foundation in being a successful business entrepreneur. Before launching your business, make sure you have adequate funding through local financial institutions. The Small Business Administration has good information and tips on acquiring a loan. If there aren’t any non-compete issues create a small group of clients who may wish to follow you as you launch your business. Start small, keep you overhead as low as possible and provide excellent service at a reasonable price. Continue to network and grow your business. Good luck!