Ideas are a dime a dozen, but the execution of that idea is another thing altogether. Those of the millennial generation are coming up with more and more ideas, but once they have an idea for a business, they need to know what to do next. We took to Twitter, with the help of our special guest the U.S. Small Business Administration (@SBAgov), to discuss what you do next in our Twitter chat "Starting Up' What You Need to Know".
Here are some of our favorite responses from the chat.
Q1. I've got an idea for a business, but how do I validate whether it's a good idea or not? #MillennialTreps
A.1 I've had good luck with the Small Business Development Center (SBDC) to vet business ideas. #MillennialTreps— Nelsu (@NelsonS9495) March 31, 2015
Q2. Is it better to go into business alone or with a co-founder? #MillennialTreps
A2: there are pros/cons to both. If a cofounder is the route you take, make sure you're both on the same page abt the biz #MillennialTreps— Jordan Marsillo (@jcmz72) March 31, 2015
Q3. What type of financing is available to help me get started? #MillennialTreps
A3-The SBA is good start up capital but requires u have 10-20% into the proj. Private funds family/friends, personal loans #MillennialTreps— Nelsu (@NelsonS9495) March 31, 2015
Q4. Do I need a business plan, or are those outdated? #MillennialTreps
A4: Biz plans can be useful. Investors/banks might want to see them. But planning should be ongoing, not a 1 time thing. #MillennialTreps— Amanda Schnieders (@Am_Chaos) March 31, 2015
#MillennialTreps They are required in commercial lending world along with 5yrs projections— Nelsu (@NelsonS9495) March 31, 2015
A4: There's value in having a biz plan. It allows you to think through the biz & start on the right track & evolve w/ time #MillennialTreps— Kauffman FastTrac (@FastTrac) March 31, 2015
Q5. What laws or regulations should I be concerned about as I start my business? #MillennialTreps
@KauffmanFS IP, tax and employee would be the critical ones in early stages— Start-Up Republic (@Startuprep1) March 31, 2015
Thanks for everyone’s participation, and we look forward to hearing from you more in future Twitter chats. To see the full list of tweets, check out #MillennialTreps on Twitter and follow @KauffmanFS to see when we’ll be having our next chat.
Want to see what happened during the last Twitter chat? Twitter Chat Ignites Discussion Obstacles Facing Millennial Entrepreneurs