General
Cybersecurity best practices
If you think cybersecurity is a concern for other people, think again. The FBI’s Internet Crime Report estimated the total cost of cyberattacks at $2.7 billion in 2018, the most recent year for which data is available. That represents a lot of damage to a lot of bottom lines. Meanwhile, a recent Small Business Administration…
Read MoreControlling for risk of failure
If you’re uncomfortable with risk, entrepreneurship might not be for you. Building a business from scratch based on nothing but a good idea is inherently risky. Despite extensive planning, there’s so much that can go wrong. You can minimize risks but cannot eliminate them. Whether you’re investing in a brand-name franchise or developing a unique…
Read MoreQualities you’ll need to succeed as an entrepreneur
If you’re looking to do well in a small business venture, three types of qualities can help you. One type is beyond your control, including your age and level of experience in the relevant fields. Another type takes years, maybe decades, to acquire. An education or a support network would fall into this category. But…
Read MoreHow conscientious are you?
Of all the values entrepreneurs like to project, conscientiousness might not top everyone’s list. Sure it’s a nice trait to have, but maybe you’d rather be known for your laser-like focus, your never-ending enthusiasm, your can-do spirit or creative problem-solving skills. There’s nothing wrong with those descriptors. But to be perceived as conscientious is to…
Read MoreLearn to delegate effectively
As a small business owner, you can’t do it all yourself. There are times when you need to delegate to someone who has more knowledge about a complex task or process, or someone who has more bandwidth to get the job done. But assigning separate tasks—or bundles of them—can impede your progress if you do…
Read MoreAssessing your profitability
If you were starting an accounting or finance business, you could assess your company’s profitability on your own. But others might need a little help. Most entrepreneurs have significantly more practical knowledge about their own field than about number-crunching. That’s not usually a problem: you can retain subject matter experts to advise you on mission-critical…
Read MoreHow should you structure your business?
It’s the same question faced by all entrepreneurs when they first start out: How should the business be structured? And if you’re thinking about forming a business entity, it’s one of the first decisions you’ll face too.At the state and federal levels, businesses are subject to regulations that affect how they are formed, how they…
Read MoreSettle basic issues before starting a business
How much money will you need to go into business for yourself? That depends on a whole decision-tree full of variables about your plans. There’s no magic number, of course, and initial startup costs for some businesses are vastly steeper than for others. All budding businesses have one spending goal in common: to minimize startup…
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