According to a report issued by the US Small Business Administration, in the year 2006 there were approximately 26 million small businesses in the US that generated 75 percent new jobs and formed almost 50 percent of non-farm private GDP (Gross Domestic Product).These statistics clearly indicate that the phenomenon of self-employment is rapidly gaining popularity. However, setting up oneâ€™s own business is not an easy task. Here are a few useful tips that will help you to set up your own business in the right way.
Skills and Qualities
Like every profession, an entrepreneur also requires a specific set of skills to excel. Your first step towards setting up your own business should be to conduct self- analysis to find out whether you have requisite qualities of an entrepreneur or not. Degrees shouldnâ€™t be a matter of concern, if you are not intending to start your business as a dentist or therapist. Although degrees do impart a certain amount of credibility, but they are not essential.