By Lisa Gererd

Want to start a business, but not sure what to pursue? Here's how to discover what you love.

Benjamin Disraeli, a 19th century British Prime Minister, once said, "Man is only great when he acts from passion."

For today's aspiring entrepreneur, exploring avenues of creativity to find your passion is likely the quickest route to increase your chances of launching a successful business. Where to start? Here, five exercises to help you uncover your passion.

Exercise 1 - Revisit your childhood. What did you love to do?

"It's amazing how disconnected we become to the things that brought us the most joy in favor of what's practical," says Rob Levit, an Annapolis, Md.-based creativity expert, speaker and business consultant.

Levit suggests making a list of all the things you remember enjoying as a child. Would you enjoy that activity now? For example, Frank Lloyd Wright, America's greatest architect, played with wooden blocks all through childhood and perhaps well past it.

"Research shows that there is much to be discovered in play, even as adults," Levit says.

Revisit some of the positive activities, foods and events of childhood. Levit suggests asking yourself these questions to get started: What can be translated and added into your life now? How can those past experiences shape your career choices now?

Exercise 2 - Make a "creativity board."

Start by taking a large poster board, put the words "New Business" in the center and create a collage of images, sayings, articles, poems and other inspirations, suggests Michael Michalko, a creativity expert based in Rochester, N.Y., and Naples, Fla., and author of creativity books and tools, including ThinkPak (Ten Speed Press, 2006).

"The idea behind this is that when you surround yourself with images of your intention -- who you want to become or what you want to create -- your awareness and passion will grow," Michalko says.

As your board evolves and becomes more focused, you will begin to recognize what is missing and imagine ways to fill the blanks and realize your vision.

Exercise 3 - Make a list of people who are where you want to be.

You don't have to reinvent the wheel. Study people who have been successful in the area you want to pursue. 

For example, during the recession, many people shied away from the real estate market because they thought it was a dead end. Levit believes that's the perfect time to jump in -- when most others are bailing out -- because no matter the business, there are people who are successful in it. Study them, figure out how and why they are able to remain successful when everyone else is folding and then set up structures to emulate them.

"If you want to be creative, create a rigorous and formal plan," Levit says. "It's not the plan that is creative; it's the process that you go through that opens up so many possibilities."

Exercise 4 - Start doing what you love, even without a business plan

A lot of people wait until they have an extensive business plan written down, along with angel investors wanting to throw cash at them -- and their ideas never see the light of day, according to Cath Duncan, a Calgary, Canada-based creativity expert and life coach who works with entrepreneurs and other professionals.

She recommends doing what you enjoy -- even if you haven't yet figured out how to monetize it. Test what it might be like to work in an area you're passionate about, build your business network and ask for feedback that will help you develop and refine a business plan.

It's a way to not only show the value you would bring, but you can also get testimonials that will help launch your business when you're ready to make it official.

"Perhaps most importantly, though, it'll shift you out of paralysis and fear," Cath says, "and the joy of seeing the difference your contribution makes will fuel your creativity."

Exercise 5 - Take a break from business thinking.

While it might feel uncomfortable to step outside of business mode, the mind sometimes needs a rest from such bottom-line thinking, says Levit, who has recently taken up Japanese haiku, a form of poetry. Maybe for you, it will be creative writing, painting, running or even gardening.

After you take a mental vacation indulging in something you're passionate about, Levit suggests coming back to a journal and writing down any business ideas that come to mind.

"You'll be amazed at how refreshed your ideas are," he says. "Looking at beautiful things - art and nature - creates connections that we often neglect to notice. Notice them capture, them in writing and use them."

Source: http://www.entrepreneur.com

By Lisa Girard

Want to start a business, but not sure what to pursue? Here's how to discover what you love.

Benjamin Disraeli, a 19th century British Prime Minister, once said, "Man is only great when he acts from passion."

For today's aspiring entrepreneur, exploring avenues of creativity to find your passion is likely the quickest route to increase your chances of launching a successful business. Where to start? Here, five exercises to help you uncover your passion.

Exercise 1 - Revisit your childhood. What did you love to do?

"It's amazing how disconnected we become to the things that brought us the most joy in favor of what's practical," says Rob Levit, an Annapolis, Md.-based creativity expert, speaker and business consultant.

Levit suggests making a list of all the things you remember enjoying as a child. Would you enjoy that activity now? For example, Frank Lloyd Wright, America's greatest architect, played with wooden blocks all through childhood and perhaps well past it.

"Research shows that there is much to be discovered in play, even as adults," Levit says.

Revisit some of the positive activities, foods and events of childhood. Levit suggests asking yourself these questions to get started: What can be translated and added into your life now? How can those past experiences shape your career choices now?

Exercise 2 - Make a "creativity board."

Start by taking a large poster board, put the words "New Business" in the center and create a collage of images, sayings, articles, poems and other inspirations, suggests Michael Michalko, a creativity expert based in Rochester, N.Y., and Naples, Fla., and author of creativity books and tools, including ThinkPak (Ten Speed Press, 2006).

"The idea behind this is that when you surround yourself with images of your intention -- who you want to become or what you want to create -- your awareness and passion will grow," Michalko says.

As your board evolves and becomes more focused, you will begin to recognize what is missing and imagine ways to fill the blanks and realize your vision.

Exercise 3 - Make a list of people who are where you want to be.

You don't have to reinvent the wheel. Study people who have been successful in the area you want to pursue. 

For example, during the recession, many people shied away from the real estate market because they thought it was a dead end. Levit believes that's the perfect time to jump in -- when most others are bailing out -- because no matter the business, there are people who are successful in it. Study them, figure out how and why they are able to remain successful when everyone else is folding and then set up structures to emulate them.

"If you want to be creative, create a rigorous and formal plan," Levit says. "It's not the plan that is creative; it's the process that you go through that opens up so many possibilities."

Exercise 4 - Start doing what you love, even without a business plan

A lot of people wait until they have an extensive business plan written down, along with angel investors wanting to throw cash at them -- and their ideas never see the light of day, according to Cath Duncan, a Calgary, Canada-based creativity expert and life coach who works with entrepreneurs and other professionals.

She recommends doing what you enjoy -- even if you haven't yet figured out how to monetize it. Test what it might be like to work in an area you're passionate about, build your business network and ask for feedback that will help you develop and refine a business plan.

It's a way to not only show the value you would bring, but you can also get testimonials that will help launch your business when you're ready to make it official.

"Perhaps most importantly, though, it'll shift you out of paralysis and fear," Cath says, "and the joy of seeing the difference your contribution makes will fuel your creativity."

Exercise 5 - Take a break from business thinking.

While it might feel uncomfortable to step outside of business mode, the mind sometimes needs a rest from such bottom-line thinking, says Levit, who has recently taken up Japanese haiku, a form of poetry. Maybe for you, it will be creative writing, painting, running or even gardening.

After you take a mental vacation indulging in something you're passionate about, Levit suggests coming back to a journal and writing down any business ideas that come to mind.

"You'll be amazed at how refreshed your ideas are," he says. "Looking at beautiful things - art and nature - creates connections that we often neglect to notice. Notice them capture, them in writing and use them."

Source: http://www.entrepreneur.com

By Jason Fell

LONG BEACH, California. -- Raising capital for a startup venture during these difficult economic times has been a major obstacle for many aspiring entrepreneurs. But it's not impossible.

There are several steps aspiring business owners can take to get in front of prospective investors and to help make sure they pony over the cash you need, says Asheesh Advani, author and co-founder of CircleLending, a peer-to-peer lending service that was acquired by Virgin Money USA in 2007. He now serves as CEO of asset management services company Covestor. Advani was a speaker at Entrepreneur's Growth Conference here on Jan. 11, 2012.

Here are Advani's best tips for landing the money you'll need to get your business off the ground:

Know the different types of investors. There are three types of people who might invest their money in your business idea: friendly investors, hobby angels and professional investors. Friendly investors are the people you know personally, namely friends and family. Hobby angels are individual investors who are most likely professionals themselves who have some money to spare. Professional investors, of course, include venture capitalists, angels and banks. "Professional investors care most about the economics of your business," Advani says. "Whether they understand your business or not, they're required to consider your business idea, as well as countless others."

Make a list of prospects. Scour your industry and your professional network to put together a first group of people and test your business pitch, he says. If the people in this initial group appear to be interested, expand your list of prospects from there.

"When I started my businesses, I wound up raising money from 75 different investors," Advani says. "Not because I wanted to. I needed to."

He suggests keeping track of your contacts, your meetings and your goals for each of the meetings. Keep in touch with the contacts throughout the pitching process.

Set a closing date. Determine a specific, official date for when interested professional investors need to get you the money they promised -- and hold them to it. When dealing with friendly and hobby angels, Advani suggests a "rolling closing date," meaning that you'll accept the investment money as soon as they're willing to give it. Also, be sure to be clear with friendly investors about what happens if the money they invest isn't paid back on time or at all.

"These are people who are close to you, so do everything you can to maintain a good relationship," Advani says.

Use middle men carefully. Third-party groups can be great for two things, Advani says. They can help connect entrepreneurs to individual investors they didn't otherwise know. Examples include peer lending and investing sites Lending Club and Prosper.

Crowd funding sites are another option. These services -- including Pro Founder and Peerbackers -- can help entrepreneurs collect numerous investments from people via social networks.

But be careful about sharing your business idea online, Advani warns. "Before you post a profile on any of these sites, remember that everyone will know what you're planning to do," he says.

Source: http://www.entrepreneur.com

By Catherine Clifford

If you're planning to launch a business in 2012, you'll need every last penny you can get your hands on. That's why we put together a guide to free and low-cost resources to help you ease smoothly into the world of entrepreneurship.

It's still tough out there. Credit remains relatively tight, and consumers are cautious. So arm yourself with valuable information that will help you to get off to a winning start. We're here to help. Here are the essential steps you'll need to take to get your new business off the ground.

Figure out the right concept. To be successful and happy in your own business, you need to think seriously about how you like to spend your time and where you want to live. After you've come up with a business concept that suits you personally, the next step is to research the competition, your prospective customers and the cost of getting started.

• Here are trends we think are going to be hot next year: 10 Hot Startup Sectors for New Business Ideas in 2012
• Identify your passions and the things that make you happy with these five creativity exercises.
• Have you thought about a franchise? We've got a list of 100 low-cost franchises you can start for less than $50,000.
• To estimate your startup costs, work through our free and low-cost financial forms.

Create a business plan. Putting your goals on paper will help you focus your concept. A business plan typically includes details about the product or service, the competition and target consumers, plus a cash-flow projection. You'll also want to come up with a clever name for your startup.

• Explore our how-to guides on business plans, including the basics of writing your plan, what you must include and where to find help.
• As you consider names for your business, be sure to check the U.S. Patent and Trademark Office's website to make sure they aren't already taken.
• You'll need to determine the structure of your business for tax purposes. Study the SBA's list of possibilities and tax implications for each one.
• Find your local chapter of SCORE, a nonprofit association created to educate and mentor entrepreneurs. It may be able to refer you to local business owners to serve as advisers.
• If you plan to recruit employees, look for guidance in our hiring center, including how to start employees on the right track. You can also review the SBA's 10 steps to making your first hire.

Find Financing. The idea is hatched, the plan is set. But nothing happens without some green. Getting a loan could prove challenging because banks often are hesitant to lend to someone without a track record. And another traditional credit source—the home equity loan—has become harder to come by since the housing market cratered and home values plummeted. So it just might be time to hit up friends and family and draw on your personal savings.

• Follow our guide to raising money for helpful tips. In particular, check out the section about startup financing.
• Search for angel investors in the directory for the Angel Capital Association. We also recap the top 10 angel investor groups that fund startups, ranked by number of investors.
• Find venture capital investors through the directory of the National Venture Capital Association.
• Try the SBA's search tool for loans and grants to find out what you may be eligible for.
• If you're considering giving up a stake in your company for cash, use our Investment ROI calculator to see how you may fare in the end.
• This search tool from MultiFunding, a loan advisory firm, will tell you how friendly your bank is toward small businesses.

Develop and execute a marketing plan. In the Internet age, you can choose from an ever-expanding array of marketing tools, including traditional media, social networks, blogs, email and pay-per-click ads. They all require time and money, and the trick is to determine which offer the best return on investment for your particular business.

• What is a marketing plan and how should you put it together? Consider these five steps to get started.
• If you're advertising online, you will want to optimize your rank on Google and other search engines. Check out Google's beginners guide to search engine optimization.
• Become a member--for free--of the Foundation for the Advancement of Marketing Excellence in Entrepreneurs and take one of its online courses.
• Use Entrepreneur.com's calculators to determine your ROI for pay-per-click advertising and the efficiency of email marketing campaigns.

Start selling. When you hang out the "open" sign, be ready to meet your new customers with enthusiasm and the right sales pitch. Once you start attracting customers, you'll need to figure out how to keep them coming back with great service, new products and promotions.

• When approaching your first customers, you're likely to face rejection before you reach sales success. Consider these seven rules to help you cope.
• Are you going to accept credit and debit cards? If so, consult the National Federation of Independent Business for recommendations for finding a merchant card processor: You also can watch its free webinar, "Payment Processing 101 for Small Businesses."
• Now that you're making sales, you have to pay taxes, of course. Check out the IRS's Virtual Workshop to learn the basics.
• While on the road making sales calls, you can stay organized with these essential sales apps.

Source: http://www.entrepreneur.com