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Americans are interested in owning small businesses, according to two surveys done by the University of Phoenix and Infusionsoft in Chandler.
More than half of working Americans own a business or want to be a business owner, according to a survey done by the University of Phoenix. Reasons why include limited opportunities at their current job and a desire to be more entrepreneurial in their career.
In a separate study, Chandler-based Infusionsoft, which provides marketing software solutions to businesses, surveyed more than 800 small businesses about what motivated them to become business owners. The study found that some are passionate creators who always knew they wanted to run their own business, while others were motivated by a desire to have a flexible schedule to spend time with family or travel. Still others wanted to start a family business to pass on to their children.
Have an innovative idea for a business? You may want to run it through this checklist. At this week’s Innovation Arizona Summit more than 1,000 entrepreneurs, business leaders, and science and technology educators gathered to share best practices in entrepreneurship, education and innovation.
“In general there is a culture that it developing around innovation. There’s a lot of energy and excitement and a sense of possibility and there’s a lot of resources to help make a business successful,” said Miguel Jardine, manager of technology commercialization with the Arizona Commerce Authority.
Here are five tips he shared for entrepreneurs:
1. Do market research. Make sure there is a market for your idea. You don’t want to spend a lot of time developing something and then try to find a market for it.
2. Build a team. You can’t just have techies. You have to have a marketing person, a sales person and a finance person, because here in Arizona the capital community is very rigorous in its evaluation of what they give money to and a team is important. They want to know they are giving you money so that you can execute on a business, not to do R&D.
3. Research and choose an incubator. They are really good at helping entrepreneurs think through the different aspects of commercializing their innovation.
4. Build a business plan. It’s one thing to have an idea in your head and tinker around with it in your garage or lab. You need to formalize your business idea into a plan that has all of those classic fundamentals like market strategy, research and pay. Those are really important to give legitimacy to the technology and or the idea.
5. Market traction. You have to get creative in getting revenue as soon as possible, because it is all assumptions until somebody gives you money because they liked your product. There is a tremendous amount of validation that the capital folks want to see and that’s a great way of getting it.
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