Entrepreneurship Self Evaluation
Starting your own business can be an exciting and rewarding experience.
It can offer numerous advantages such as being your own boss, setting your own schedule + making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity + hard work.
Do you have what it takes?
What is your first name? *

{{answer_6274100}}, according to GALLUP, the 10 talents of successful entrepreneurs are: 

Business Focus: You make decisions based on observed or anticipated effect on profit.
Confidence: You accurately know yourself and understand others.
Creative Thinker: You exhibit creativity in taking an existing idea or product and turning it into something better.
Delegator: You recognize that you cannot do everything and are willing to contemplate a shift in style and control.
Determination: You persevere through difficult, even seemingly insurmountable, obstacles.
Independent: You are prepared to do whatever needs to be done to build a successful venture.
Knowledge-Seeker: You constantly search for information that is relevant to growing your business.
Promoter: You are the best spokesperson for the business.
Relationship-Builder: You have high social awareness and an ability to build relationships that are beneficial for the firm's survival and growth.
Risk-Taker: You instinctively know how to manage high-risk situations."

Let's see how you stack up?!?!

{{answer_6274100}}, are you comfortable with taking risks? *

Being your own boss also means you’re the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks?
{{answer_6274100}}, are you independent? *

Entrepreneurs have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection every now and then — you could be on your way to being an entrepreneur.
{{answer_6274100}}, are you persuasive? *

You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.
{{answer_6274100}}, are you able to negotiate? *

As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
{{answer_6274100}}, are you creative? *

Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
{{answer_6274100}}, are you supported by others? *

Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance.
So, how did it go?
If you answered YES to all of those pesky questions we asked, then you just might be ready for your next adventure as an entrepreneur!

If you answered NO to any of these questions, then you may still have some work to do on your way to becoming a successful entrepreneur. 

Either way, OSBN is here to help!  
Give us a call at (402) 453-5336 

In the meantime, here are a few more things to check off your list on the way to small business ownership.

Be sure to choose and register your business name. For more information, check with the Nebraska Secretary of State's office or go online to their website. For more help, call 402.471.4079.

Decide on a legal structure: Sole Proprietorship, LLC, Partnership, S-Corporation, etc. You may want to consult with an attorney and accountant regarding the legal and taxation ramifications. The IRS website here covers several topics of importance in understanding a Federal Tax ID number and filing procedures. They also have publications to assist you in starting and running your business.

Obtain a Federal ID Number (EIN). You can learn how to do this on the IRS website www.irs.gov

Determine if you need to register your business with your state's Department of Revenue. Contact the Nebraska Department of Revenue here to determine if you need to register your business.
The Department of Revenue's contact information is:
Nebraska Department of Revenue
PO Box 98903
Lincoln, NE 68509-8903
800.742.7474 (toll free in Nebraska and Iowa) or 402.471.5729

Be sure to complete the Nebraska Tax Application, Form 20 available online or at the Dept. of Revenue office.

Make sure you are familiar with the Sales and Use Taxes that apply to your business.

Determine if you need a Data Universal Number System (DUNS) Number. Most potential and existing US Government Contractors, Grantees and Loan Recipients are required to obtain a DUNS Number for US Government registration purposes. It verifies the legal name, physical address, and trade style (DBA) of each location and is key to starting the Central Contractor Registration (CCR) process.

The DUNS Number is a unique nine-digit identification number provided by Dun & Bradstreet (D&B). It is randomly issued, never used twice, and is site specific. Each distinct physical location of an entity is assigned its own DUNS Number. You can obtain a DUNS Number by calling the request line at 1.866.705.5711. 

Make sure you have all the licenses and permits you will need. Check with your local (city, county) authorities regarding zoning regulations.

Most importantly, start off on the right foot with financial information. 

Consult with a local accountant or bookkeeper to assist with setting up your books correctly. Check out a list of the current OSBN tenants and find someone to assist you. Check out our tenant list located under the Commercial Office Space tab at www.osbnbtc.org.  

To be a successful business owner, you must determine your insurance needs. Discuss all your insurance needs (liability, property, etc.) with an insurance agent who is familiar with your business industry. Then explore the rules for Workman’s Compensation Insurance and the Unemployment Insurance Guide for Employers found online at http://dol.nebraska.gov/UITax

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