10 Entrepreneur Resources for Starting Your Business

Written by: Wilson College • Nov 7, 2024

An Entrepreneur Holding a Tablet and Standing in an Office.

Small businesses drive the U.S. economy, making up 99.9% of all businesses and employing nearly half the workforce, according to the U.S. Small Business Administration (SBA). Entrepreneurship continues to fuel growth, with 5.5 million new business applications filed in 2023, according to the U.S. Census Bureau.

Aspiring business owners have access to numerous entrepreneur resources for guidance on starting and scaling their ventures. Education is a key tool for success, and programs like a bachelor’s degree in entrepreneurship offer valuable knowledge and skills to help individuals fast-track their entrepreneurial journeys.

What Do You Need to Start a Business?

Starting a business requires a mix of planning, research, and legal compliance. While each venture is different, the following are some key elements that can help a prospective entrepreneur get started. From defining a business concept to registering a company, here are some essential steps needed to launch a business.

Determine Your Business Concept

A business concept outlines what a company will do, who it will serve, and how it will meet market needs. It defines the problems the company aims to solve and its unique strengths to achieve its aims. Individuals determining a business concept go through exploratory processes, such as identifying their passions and finding market opportunities where they can make an impact.

Conduct Market Research

Market research is a valuable entrepreneur resource. It allows individuals to evaluate the viability of their idea by gathering insights into potential customers and competitors. Primary research, such as surveys and interviews, can provide direct feedback, while secondary research uses existing data, such as census reports. The elements of a SWOT analysis—strengths, weaknesses, opportunities, and threats— are all useful in business planning.

Create Your Business Plan

A business plan is essential whether a business is self-funded or investor backed. It helps outline goals and address challenges. Traditional plans are comprehensive, while lean startup plans focus only on key points. Both types of plans should include an executive summary, company description, market analysis, goals, products or services, marketing strategy, and financial plan.

Choose Your Business Structure

The structure of a business affects registration, taxes, and liability. A limited liability company (LLC) limits personal liability and can have multiple owners. Licensed professionals, such as lawyers, commonly use a limited liability partnership (LLP) structure. A sole proprietorship is a simple structure, but it places full liability on the owner. Corporations limit liability and can be taxed as C corporations or S corporations, with S corporations offering pass-through taxation for smaller businesses.

Register Your Business

Registering a business at the federal and sometimes state level, establishes its legal identity and protects the business’s brand. Upon registering, a business is issued an employer identification number (EIN) by the Internal Revenue Service; this unique identifier functions like a social security number and is required for opening a bank account and handling taxes. Some states may also require a separate tax ID for state tax purposes.

10 Entrepreneurial Resources

Here are some entrepreneur resources that can help individuals grow their entrepreneurial vision into a successful business.

1. U.S. Small Business Administration

The SBA provides loans, grants, and free mentorship to support businesses from launch to growth. It also offers industry guides and resources.

2. Small Business Development Centers

Personalized consulting and training are available through small business development centers (SBDCs). These centers are located throughout the U.S. and can help individuals with business plans, financial management, and more.

3. Grants.gov

Entrepreneurs can search and apply for federal grants on Grants.gov. Federal grants are funding options that don’t require business equity.

4. IRS Small Business and Self-Employed Tax Center

The IRS Tax Center serves as a hub for tax tools and expert advice for small business owners. Guidance on deductions and tax credits is also available to help maximize savings.

5. National Association for the Self-Employed

The National Association for the Self-Employed (NASE) supports self-employed individuals by offering benefits, expert advice, and educational tools. Discounts on key products and services are also available to members.

6. National Women’s Business Council

Female entrepreneurs can find support and guidance through the National Women’s Business Council (NWBC). Research and insights specific to women in business are regularly published to encourage growth.

7. U.S. Chamber of Commerce

The U.S. Chamber of Commerce works to promote business-friendly policies. Membership includes networking events and growth opportunities for small business owners.

8. Online Publications

Print and online publications, such as Entrepreneur, Inc., and Small Business Trends, deliver business news, expert advice, and inspiring success stories. These publications also include how-to guides and case studies that offer practical strategies for entrepreneurs.

9. Networking Tools

A business profile can enhance visibility and reach. Networking tools, such as LinkedIn, enable entrepreneurs to connect with mentors, peers, and potential partners.

10. Website Creation Resources

Website building platforms, such as Wix, Squarespace, and WordPress, provide easy solutions for creating professional websites. E-commerce features and templates are available to suit various business needs.

Benefits of Starting Your Own Business

Launching a new venture can begin with starting a side business . For some, the side business may grow, creating an opportunity to leave a full-time job to start a full-time business. However, it comes with risks. Financial loss is one of the biggest concerns, along with the uncertainty and stress of managing a new venture. Personal liability and the extensive time commitment required can also be overwhelming.

However, starting a business has many benefits. For example, being your own boss offers control over your destiny and an opportunity to create a work schedule that suits your lifestyle. Starting a business can also bring personal fulfillment. Entrepreneurs often pursue their passions, leading to increased motivation and happiness. The financial rewards can be substantial. For some businesses, more risk can translate into more money.

Prepare for a Career in Entrepreneurship

Entrepreneur resources, coupled with an understanding of business principles, help entrepreneurs make smarter financial decisions and gain a competitive business edge. Wilson College Online’s Bachelor of Science (B.S.) in Entrepreneurship program can help you create a brighter, more ethical future through sustainable business. In addition to skills such as accounting, budgeting, financing, marketing, and goal setting, the program offers key courses, such as:

Entrepreneurship/Small Business Management: This course covers challenges in starting, running, and growing a business, including business plans, finance, legal aspects, and marketing.
Entrepreneurial Business Plans: This course covers the development of practical business plans for operations, funding, and evaluating ideas.
Entrepreneurial Innovation Management: This course focuses on fostering innovation and developing strategies to bring new technologies to market.

Explore how the B.S. in Entrepreneurship can equip you with essential business skills and accelerate your entrepreneurial journey.

Recommended Readings

How to Start a Side Business

How to Get Funding for a Startup

Management vs. Leadership: Similarities and Differences

Sources:

Accion Opportunity Fund, Top 10 Reasons to Start Your Own Business

Forbes, “How to Start a Business in 11 Steps (2024 Guide)”

Indeed, 14 Entrepreneur Resources for Starting a Successful Business

U.S. Census Bureau, Business and Industry

U.S. Chamber of Commerce, “Map: New Business Applications Surge Across the Country”

U.S. Chamber of Commerce, “15 Free Resources for Small Businesses to Leverage Year-Round”