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The Successful Ingredients Needed to Start or Grow a Small Business

Posted on 9/16/2018 by EDTP Coordinator in LAEDA News

Camden, NJ- On September 11, 2018, Jamila Powell, Program Manager- Entrepreneurial Development Training Program, shared her knowledge and experiences with local entrepreneurs on how to start and organize a business, the importance of a business plan, how to secure a business loan, and much more.

Grasping the seeds to help plant your business and get if off the ground is the first step needed when deciding to go on an entrepreneurial journey. If you can’t invest the time and resources needed, don’t invest the money because you will lose it. Everything should begin with a business plan. “You essentially want the business plan before the business because it forces you to answer the tough questions… Is the business model viable? Will it be profitable?” Jamila explained.

With the help of having a business plan, the right knowledge, and a support system, it gets better and better every day in the life of an entrepreneur. It helps them evaluate some major decisions needed to start and continue the path to entrepreneurship. “You can make a lot of mistakes if you don’t take those baby steps. Yes, mistakes do happen, but doing the crucial research in advance will help you minimize those mistakes,” added Jamila.

Doing your research in all aspects of the business is essential. Jamila left participants with resources that give a lot of industry and demographic information, including the U.S. Census and IBIS World. When researching your competitors do whatever it takes as long as it’s legal, moral, or ethical. In this seminar some examples of ways you can research your competitors are the following: Google, talk to staff, stake them out, and shop them.

Find what you do really well and build upon it. This will create your uniqueness and in turn will grow your business. “Some things can be so easily replicated that must have something that differentiates you from your competitors.  You have to think benefits and not simply features,” Jamila shared. When you are selling, you need to think about your clients and what they want or need and this is where you highlight your company's benefits.

Remember the road to entrepreneurship will be tough but it will be even tougher without an effective compass, also known as knowledge, to guide the journey.

LAEDA offers seminars and short-term course in various counties of South Jersey throughout the year. A long term course is also offered three times per year where entrepreneurs receive 72+ hours of training from industry professionals, business planning, and business counseling. The program is free, but you must qualify. LAEDA welcomes you to join our community of successful entrepreneurs. Visit our website at www.laeda.com or call (856) 338-1177 to learn more.