Small Business Guide - Welcome to Alabama A&M University

S m a l l B u s i n e s s H a n d b o o k f o r N o r t h A l a b a m aI) Starting a BusinessThere are several incentives to starting your own business. For instance,to pursue a higher income, to avoid unemployment, to be independent,or to control your own professional advancement . Theestablishment of your own business can be a long and winding road.This brochure should provide an aspiring entrepreneur with basic informationduring the inception phase of the business.Am I Ready to Run a BusinessTo become an entrepreneur you must answer yes to the followingthree basic questions:Q1. Do you have the ability to operate independently?Q2. Are you willing to work hard and make the sacrifices that startinga small business entails?Q3. Do you have the Self Confidence and Self Discipline that will enableyou to persevere and build your new business into a success?As an Entrepreneur you have to act autonomously. Whether yourbusiness will run smoothly or not is in your hands. You have to face acompetitive environment, where you have to deal with all kinds ofpersonalities, emotional pressures, making decisions under difficultcircumstances, and to accepting a six or seven 12-hour workdays. Youhave to be aware that your life may change tremendously , and thatyou will have less spare time and fewer moments with your family.Business Owner AttributesPersonnel attributes and know-how are the key factors to survive in abusiness. Profound knowledge in business management and legalregulations are important as much as the ability to build a social network.As a business owner you will deal daily with your customers,suppliers, employees and competitors. A lack of social skills, managementand legal know-how may be a reason for a business failing inthe start-up phase.Business owners must posses knowledge in the business they want toengage in. If such knowledge is missing the business owner shouldgain expertise by attending workshops or seminars. The SBA, theAAMU PRIME Project, and various centers funded by the SBA providebesides workshops and technical assistance, publications and onlineresources to give basic information and provide assistance to aspiringentrepreneurs and small business owners.http://sba.gov/tools/resourcelibrary/publications/index.html5