Business startup: Becoming an entreprenuer

• Definition, Explanation
• Tips, Checklist

Starting one's own business is becoming an independent employer. Other ways are founding a new company or taking over an existing one as regulated by the succession plan, or starting a franchisee business, or taking over by management buy-out, or partnership in a company. Founding a company abroad sometimes is a reasonable alternative.

German government supports becoming independent financially after unemployment with the starting subvention (“Gründungszuschuss”) and the beginning-money (“Einstiegsgeld”). There are also various programs supporting independence-efforts of which some are made especially for academics, craftsmen, students, women: There are business plan contests, advice centres and educational programs.

• Before you take first steps, you should check if you are suited as an independent employer and fouder of a company. There are several tests offered
• Make up an elevator pitch and pitch your plan to people for practising and thus test how well you can depict your vision
• Work out your business idea in a business plan as concrete as possible and have a trying phase in which you test your chances of your idea on the market with minimum expenses
• If possible make yourself up a financial buffer freeing you from the pressure of having to earn right from the start and also gives you time to turn your ideas into good strategies, work it out well and prepare the market launch
• Do use the good free offers of education and advice
• Have yourself coached and supported by economist seniors networks
• Talk to people about your plans from the beginning. This way you will build the necessary networks in time and get feedback, suggestions and more contacts. Have a record list of talks you had from the beginning, and note contact data and address data
• Be very careful with handing out written material related to your plans. When making first contact, never hand people the complete business plan, but only the executive summary
• Make up a presentation on your idea that you are always ready to give and that you change along with your plans developing and being realized
• Inform yourself about your business partners. What have they done, what are their interests in your plans, what experiences and references do they have? And, most of notably, how will they help you realizing your idea?
• For the designing and the making of agreements and contracts, you should by all means have a specialist jurist advise and support you. Never make oral agreements!