About 5.5 million new business applications were filed in 2023, a new record, reports the U.S. Chamber of Commerce. If you dream of starting your own business, go for it.

To support you in your journey to entrepreneurship, we offer the following 10 tips.

1. Create a business plan

The Small Business Association (SBA) offers a comprehensive guide to creating a business plan. Don’t skimp here; there are a lot of things to consider for your plan, including your value proposition, customer segments, cost structure, revenue streams, etc.

2. Set specific and actionable goals

Setting clearly defined goals can help you and your employees maintain clarity and focus. One way to ensure that your goals are realistic is to set SMART goals. SMART goals are:

Specific

Measurable

Achievable

Relevant

Time-based (or time-bound)

As an aspiring entrepreneur, it may be overwhelming when thinking of all the tasks you need to complete to start your business. SMART goals can help. Grasshopper has an excellent article on setting SMART goals for entrepreneurs.

3. Build a network

Your network is everyone you know in a professional capacity, including vendors, other entrepreneurs, clients and business professionals. You never know when an acquaintance could lead to a business referral or partnership opportunity.

If you're currently an online student, learn more about networking while you're attending school online.

>>Read More: What is a personal brand and how do you build one?

4. Find a mentor

This can be a more loosely organized friendship/relationship with a trusted person in your life, or you can seek a business mentor through a number of programs:

  • SCORE is a program funded in part by the U.S. Small Business Administration. It bills itself as “the nation’s largest network of volunteer, expert business mentors… dedicated to helping small businesses plan, launch, manage and grow.” Request a mentor through SCORE.
  • More than 1,000 Small Business Development Centers (SBDCs) across the U.S. provide businesses with support and tools. Find your local SBDC.
  • A mastermind group is made up of peers who meet regularly to offer advice and support to each other as they work on their projects. Meetup and this Find a Mastermind Group tool are two excellent ways to find a group near you.

5. Earn a degree

Do you need a degree to be a successful business owner? No, but it could help.

A bachelor’s degree program in entrepreneurship teaches you the skills and knowledge to start or expand your own business. You’ll learn the basics of management and leadership, creativity and innovation, sales, how to build marketing campaigns, finance and economics, mergers and acquisitions, and business analytics. Going to school is also an excellent way to broaden your network.

6. Take action

Three frogs are sitting on a log. One decides to jump off. How many frogs are left on the log?

Three. One just decided to jump off; he didn’t actually do anything.

Recognize the importance of actually making your goals a reality. Get to the to-do items in your business plan and stay on top of your SMART goals. Don’t just think about it. Do it.

7. Hire character

The Association for Entrepreneurship USA says it well: “You can’t train integrity. They either have it, or they don’t.” The same goes for a good attitude. Hire smart people with integrity and a good attitude—you can train them for specific skills.

8. Trust your team

Surround yourself not only with experts in your industry but also those who share your core values and work ethic. Entrepreneur magazine recommends taking the time early on in your business formation to discuss and codify which values are fundamental to your company—and don't deviate from them.

9. Market yourself

Create a marketing strategy and write it down. HubSpot offers What Is a Marketing Plan & How to Write One [+Examples] that comes with a free downloadable template. A comprehensive marketing strategy will have both long- and short-term goals, and it should include which performance metrics you’ll track. For example:

  • Increase social media followers by 10% each month.
  • Improve newsletter signups by 5% by Q4.
  • Build relationships with 3 new influencers by the end of the year.

10. Learn from your mistakes

Henry Ford famously said, “The only real mistake is the one from which we learn nothing.” It’s OK to make mistakes. In fact, it’s expected. Just make sure you take away a lesson from them. Find the lesson, tweak the strategy and keep going.

Get started with an online B.S. in entrepreneurship

Do you dream of starting your own business but want to receive an education in entrepreneurship first? Lynn University offers an online bachelor’s degree in entrepreneurship that will teach you about raising capital, negotiations and valuing your business. Request more information, and a Lynn University student success manager will be in touch.