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Aliza Sherman is a new media entrepreneur, author, women's issues activist, and international speaker.

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Dave Ramsey Entrepreneurship

Dave Ramsey Entrepreneurship
America's trusted voice on money and business, Dave Ramsey is a personal money management expert and extremely popular national radio personality. His three New York Times best-selling books - Financial Peace, More Than Enough and The Total Money Makeover - have sold more than 6 million copies combined. His latest book is EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches.

You have Got to Learn to Walk Before You Can Run

You have Got to Learn to Walk Before You Can Run

I began my company on a card table in my living room, so I know first-hand the value of starting small. You must learn to walk before you can run, because you don’t want to risk outrunning your resources right off the bat.

Some of the most successful businesses ever created started out as micro-businesses or cottage industries. Many other entrepreneurs began with nothing more than a simple online presence in addition to their regular, full-time jobs. Read on, and I’ll give you three simple pieces of advice that will help make starting and growing your own business one of the most rewarding things you’ll ever do.

Keep It Simple

Once you have some cash, an idea, and the wisdom to start slowly with no debt, you need to create detailed business plan and mission statement. Mission statements don’t need to be grandiose, with line after line of motivational prose. Just ask yourself one simple question: What do I hope to accomplish with my business?

When formulating a business plan, conduct plenty of research on your industry and your competition. Find out what works and what doesn’t, along with why certain things work and why they don’t. Then, ask yourself the hard question, “Will my idea, and my approach, work in the marketplace?”

Death and Taxes

Hopefully, your new business won’t be the death of you, but taxes will undoubtedly be part of the equation.

In the beginning, there’s no need to worry about setting up an LLC or incorporating. That can wait until you start making some real money. Until then, it’s easier to use basic accounting techniques. Later, if you take home any business profits, plan to set aside one-fourth in a small account designated specifically for taxes.

Hard Work and Homework

Owning and running a small business is hard work. It’s a 24/7 proposition, and a roller coaster ride full of highs and lows. So, you’d better absolutely love what you’re doing. If you’re just in it for the money, or because you’re tired of answering to someone else, you won’t be in business very long.

A smart business owner constantly studies trends and talks to people within the industry. The research necessary to run a successful business is non-stop, and keeping track of developments in the marketplace is vital. Doing these things will allow you to make adjustments, plan for the future, and give you the advantage you need to ensure your business is a success!

Read other business articles by Dave Ramsey

Dave Ramsey is America's trusted voice on money and business. He has authored five New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership and Smart Money Smart Kids. His newest best-seller, Smart Money Smart Kids, was written with his daughter Rachel Cruze, and recently debuted at #1. The Dave Ramsey Show is heard by more than 8 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.