A New Year's Resolution: Starting A Business

At this time of year, it is not uncommon for New Year's resolutions to be made -- ranging from weight-loss goals to finally getting around to making that home improvement that's been discussed for years. One common resolution is easier said than done: starting a business.  

Starting a business can be rewarding and, if done right, even quite lucrative. But it also comes with stress, uncertainty, and a lot of hard work. It can test relationships, both personal and professional. Yet for those entrepreneurs that persevere, it can be the ultimate freedom and creative outlet.

If starting a business was among your resolutions for 2012, you may want to consider the following advice:  

• Do your homework: Starting a new business and finding out that there isn't a market for your product or service can be very sobering. Use free resources like the public library and online survey tools to research your market. Become an expert.
• Find some mentors: The best way to truly understand what starting a new business is like is to hear first-hand from those who have started businesses in your field. Don't be afraid to ask these people for help. If they like you or your idea, they could provide valuable guidance and support.
• Test your assumptions: Will your business model work? The only way to find out is to test it in the open market. Think of ways that you can test your business idea in small pieces -- with real customers. Use those learnings to perfect your product and service.

For more tips and advice on starting a business, visit the first Startup U event of the month, titled, "Getting Started: Learning from those who took the leap." This program will feature feedback and advice from several Lakewood entrepreneurs on what it takes to start a business, and will take place at 6:00 p.m. on Tuesday, January 24 at the University of Akron Lakewood campus at 14725 Detroit Ave. Startup U events are free and open to the public.

Mike Belsito is the director of Ideation for Startup Lakewood and Co-Founder of eFuneral.