Many people believe that you need a college degree to be a successful entrepreneur. However, this simply is not true. While a degree may give you some business knowledge, it is not essential for starting your own business. What matters most is having a great idea and the drive to see it through. If you have these qualities, you can be a successful entrepreneur even without a college degree. The Brookline Chamber of Commerce provides the following tips. 

Ideal Business Types

One of the first things you need to do when starting your own business is choose the right type of business for you. One option is to start a service-based business. This could include anything from running a pet-sitting business to starting a home-cleaning service. The key is to find a niche that you're passionate about and that you can excel in. Another option is to start an e-commerce business. With technological advancements making it easier than ever to start an online store, this is a great option. And finally, another option is to start a franchise business. This can be a great way to get started in business without having to build everything from scratch.

The Business Plan

Once you've decided on the type of business you want to start, it's time to write a business plan. This document will outline your business goals, objectives, and executive summary. Don't worry if you've never written a business plan before — there are plenty of resources available to help you get started, including templates, software programs, and books on the subject.

Business Structure

Choosing the right business structure for your small business is an important decision. For entrepreneurs who are interested in having personal liability protection and more formal management structures, forming a limited liability company (LLC) can be a great choice. Not only does this type of structure offer personal asset protection from any debts or legal action that may be taken against the business, but it also simplifies taxes, since LLCs don't pay taxes at the corporate level. Before starting a Massachusetts LLC, learn more about the five steps involved. 

Money

One of the biggest challenges facing entrepreneurs without degrees is access to funding. Thankfully, there are plenty of options available for funding your new business venture. You can apply for loans from banks or credit unions, seek out investors or venture capitalists, or even crowdfund your start-up costs online. Whichever route you choose, be sure to do your research and put together a solid plan for how you'll use the funds.

File Organization

As an entrepreneur, it's especially important to keep your files carefully organized. After all, you'll likely be covering a lot of duties and won't have the luxury of delegating tasks to employees. Invest in a good filing system — physical or digital — and get into the habit of regularly backing up your files (both at work and at home). This will save you stress down the road when it comes time to do taxes or apply for loans.

Technology

It's important to choose the right technology for your business needs. After all, you likely won't have the budget to hire an IT staff member, so it's up to you to make sure everything runs smoothly. You can learn a lot about IT and web issues through online resources. When choosing technology for your business, look for products that are user-friendly and offer robust customer support in case you run into trouble down the road. 

Practical Experience

One of the best ways to learn how to be a great entrepreneur is by gaining practical experience in the field. If possible, try working for another entrepreneur in a similar field before starting your own business. This will give you insight into what it takes to run a successful operation — and may even give you some ideas for how to improve upon existing models.

Mentors

Another great way to learn about entrepreneurship is by working with mentors who have been there and done that. These individuals can offer invaluable advice and guidance as you navigate the early stages of starting your own business. Many cities have mentorship programs specifically designed for entrepreneurs, so be sure to check them out.

Becoming a successful entrepreneur doesn't require years of schooling and mountains of debt. With the right passion, dedication, business plan, structure, and knowing where to find information and resources when needed, you can find great entrepreneurial success.

The Brookline Chamber of Commerce has a wealth of resources available to make your business dreams come true. Join us today!