This document outlines 10 things to know before starting a business. It discusses that starting a business is a serious undertaking that requires skills in various areas like production, marketing, management, and sales. It also stresses the importance of understanding the market and competition, having a passionate idea, and ensuring legal and family support before embarking on a new business venture. Resources for further information on entrepreneurship and small business are provided.

1. 10 Things to Know
Before Starting a Business
2014 FARRMS Fall Webinar Series
Glenn Muske
Rural and Agribusiness Enterprise Development Specialist
Glenn.Muske@ndsu.edu
Sept, 2014

2. The Starting Point
• It is a business!!!!
• There are no guarantees regarding success.
• You can’t, and won’t, please everyone.
• You may feel alone, but you’re not.
• Running a business is largely a skill that can be
taught.
• It is not a 9 to 5, 40-hour per week
undertaking.

3. #10
Can you say
NO!

4. #9
Do you understand that:
Dreams ≠ Ideas
and
Ideas ≠ Opportunities

5. #8
Do you have the skills?
Production
Technical
Marketing
Management
Sales
Fiscal Management
Etc.

6. #7
Do you have resources?
And are you ready/able to risk them?

7. #6b
Do you know the competition?
What’s your advantage?
Can you maintain it?

8. #6a
Do you know your market?
What’s your plan for letting them know you exist?

9. #5
Are you legal?
Business name
Sales and Use Tax Permit
Health Dept.
Dept. of Agriculture – State and Federal
FDA
Intellectual Property

10. #4
Does your family support you?

11. #3
Are you a “people person?”

12. #2
Are you a bobo doll?

13. #1
Do you have PASSION?

14. Questions??
Glenn Muske
Rural and Agribusiness Enterprise Development Specialist
NDSU Extension Center for Community Vitality
Glenn.Muske@ndsu.edu
Resources:
http://www.ag.ndsu.edu/smallbusiness
http://powerofbusiness.net
http://www.extension.org/entrepreneurship
http://www.farrms.org/