What's the first thing a budding entrepreneur should do before opening up shop?
No, the answer isn't forget the whole idea. One can learn from them mistakes of others.
Young business owners Kathy Broglio, Pat Grant and Mary Sillers say they have learned from their mistakes and have provided a few tips for the would-be entrepreneur.
"Pricing is incredibly important," Sillers said. Don't forget that overhead, labor and other costs are included in the price of an item.
"Don't overinvest in" equipment and inventory, Sillers added. "If you need something, you can always go out and get it."
Broglio and Grant suggested gaining experience in the field before entering it. "A lot of people I know who have opened (hair styling) salons operated them cold turkey," Broglio said. "Getting the experience of working with someone is the best."
They also suggested considering the location of the business and making sure it is in an area benefiting from traffic. Have enough money to be able to pay rent and other expenses for the office space during the time refurbishing or renovating must be done.
William Jameson, president of the Greater Washington Business Center, said that beginning entrepreneurs should know their market, have adequate capital and know the business. "You may be the greatest auto machine in the world," Jameson said. "But it's different when it comes to handling employes."
Jameson also emphasized seeking help from a lawyer and accountant and also using sources of information such as the business center, college and university courses, the government, consultants and banks.