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Business Startup Section1

Business Startup Section1

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Published by Arindam Mullick
Business Step1
Business Step1

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Published by: Arindam Mullick on Oct 15, 2008
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Guide 1:
So You Want To Be
An Entrepreneur?
Guide 1: So You Want To Be An Entrepreneur?
page \ue000

It\u2019s important to
have clear, concise
in\ue001ormation to
make smart
business decisions.

Guide 1: So You Want to Be an Entrepreneur?

Welcome to the Citibank Small Business in\ue003ormation guide series. Tis is one o\ue003 ten
guides that have been developed just \ue003or you, a person who is thinking about starting
a small business or who has made the commitment to start one. It is targeted to
people who are considering starting a small business as well as small business owners
who want to learn more about success\ue003ul strategies and skills. Citibank worked with
a team o\ue003 small business owners like you to develop, write, and produce this series.
All o\ue003 us know how important it is to have clear, concise in\ue003ormation to make smart
business decisions. Our goal is to share experiences about the dynamic, exciting small
business community.


Tis \ue001rst guide in the series provides an overview o\ue003 the \ue001eld o\ue003 entrepreneurship
and how you potentially \ue001t into this \ue001eld. You will quickly \ue001nd that becoming an
entrepreneur is all about decisions. As you look at yoursel\ue003 in the business mirror,
have you care\ue003ully considered the practical realities and responsibilities o\ue003 having your
own business?

Entrepreneurship is open to all individuals without pre\ue003erence to class, sex, race, creed or nationality. Men and women \ue003rom all walks o\ue003 li\ue003e, all ages, and all countries have created innovative, success\ue003ul businesses! Where do you \ue001t into this picture? Tere are no barriers \u2013 care\ue003ul thought and planning is required no matter who you are or what you want to start.

How do you decide i\ue003 an entrepreneurial experience is best \ue003or you? You\u2019ve probably
begun to explore and learn more about the personal, economic, and legal parameters o\ue003
starting a new business. Along with that research, you should care\ue003ully review the pros
and cons o\ue003 having a career as an employee in a corporation as opposed to a career as
the owner/manager o\ue003 a new, small, and perhaps, struggling business. In today\u2019s job
market, is there any such thing as a stable career?

Guide 1: So You Want To Be An Entrepreneur?
page \ue001
Te U.S. entrepreneurial landscape exhibits some very strong positive characteristics:
\u2022 The culture o\ue005 the United States is one o\ue005 seeking opportunities and taking

\u2022 The age group most active in entrepreneurial activity in the United States
includes people between \ue0005 and \ue0014 years o\ue005 age with a broad variety o\ue005 ethnic
backgrounds. The U.S. diversity contributes positively and signifcantly to
continuing and expanding the country\u2019s entrepreneurial tradition. (\ue00000\ue001 Global
Entrepreneurial Monitor Report)

\u2022 One out o\ue005 every nine people (about 11% o\ue005 the U.S. population) is involved
in entrepreneurship - either currently involved in the start-up o\ue005 such an
enterprise or has been within the preceding 47 months. (\ue00000\ue001 Global
Entrepreneurial Monitor Report)

Te U.S. Small Business Administration looks at \u201csmall business as the engine o\ue003
economic growth.\u201d Consider these recent statistics.
\u2022 There are approximately \ue0005 million small businesses in the country. More than
10.5 million Americans are sel\ue005-employed.
\u2022 Small businesses currently employ more than hal\ue005 o\ue005 the country\u2019s work\ue005orce
and account \ue005or more than hal\ue005 o\ue005 the private sector economic output.
\u2022 Small businesses provide approximately 75 percent o\ue005 the new jobs added to
the economy.

Nevertheless, small businesses are not guaranteed to survive. Tis Guide is designed to
help you do the \u201chomework\u201d that is essential to increase the odds that your business
will survive \u2014 and thrive!

So You Want to be an Entrepreneur? will guide you through many questions and
many ways to assess whether or not entrepreneurship is right \ue003or you. You will be
encouraged to weigh your motives, your talents, and your skills.

There are about
25 million small
businesses across
the United States.

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