If I had the chance to build my own business, I would first start with completing an MBA before even beginning to build a business. It is important to have a good foundation of all things related to business before starting one. I would also opt in to having another member as it would be helpful to have another opinion to make decisions and whatnot. Thee biggest consideration that would need to be taken into account when formulating business ambitions would have to be parameters. Questions like: What can we achieve, what can we work with are important to tackle from day one to layout clear goals based on what you can offer. 

@cb447 I think you have covered many of the factors that go into starting a business, however I would suggest that while a good business idea is important, the expandability of that business idea may be just as important. Does your product or service serve a need and can that product/service be modified to expand to other needs as well? Will you be able to create new products/services that are profitable? As discussed in the lecture, profit margins should be calculated to determine whether this business idea has any value to the company you are starting and will be able to support the cost it would take to start up the company.

So first and foremost I would distinguish the type of business I want to start. In my case I know I's want to begin an LLC. Now I've already experienced the 9-5 lifestyle and I absolutely hate it. I also have experience being a part of a family business and yes you might have more "freedom" in the workplace however it is a MUCH bigger responsibility. When starting my own business I would start it in something I understand and would ask myself if it's a side business where I'd have other folks running it because I don't enjoy that type of work or have another job. Or consider it as my main source of employment and income. In my specific case, I would like to open a medical device business and work in it as my full-time job and then help manage my family's small business on the side with my brother as an extra source of income.

Going into business becomes a difficult process for one individual. The way I would do it is to get business partners on a product, like a start-up, and my partners would also invest in a common investment. The other side I would have to deal with is acquiring a business degree of some kind, such as an MBA or something similar, in order to understand the financials and the corporate side of the business. The other factors that would have to be considered are marketing, location, legal, operations, etc. For this business to proceed, it needs to be able to function extremely well on the profitability of the market. The more morbid side of this business would be to create an exit strategy just in case there are more obstacles that cannot be tackled proficiently. Individuals or business partners would have to be passionate about this business as well as knowledgeable about the market in order to attract investors and managers to help take care of some of the daily issues. After working out the market research and obtaining financial means, the next step would be to plan years down the line on how the company would operate as well as deliverables for certain years. The other business ambition would be to make the company public or private while also figuring out the type of business we would be in. All these decisions would be made in order to please stakeholders as well as create a business from scratch.

The core of this issue is asking if the person starting the business is capable of doing it. Entrepreneurial skills vary and are required. A person can be zealous, then quickly realize that they are not equipped financially, emotionally, or physically to handle running their own business. There are several things to consider when choosing to become an entrepreneur, let alone one interested in the biomedical business. The product needs to solve a problem, or a better way to solve the problem. It would be ideal if the product is prototyped, patented, and approved for production. Of course, reaching that stage, especially for a biomedical product, would need financial support, testing, and clearance from the FDA to manufacture. The entrepreneur needs to be knowledgeable in the field, so he/she may not fall into pitfalls and know what to expect. A personal business needs personal investment or from venture capitalists. At the core of this, the entrepreneur needs to have the tenacity, time, and mental strength to deal with the burden of bringing a business from the ground up.

If I were given the opportunity to build my own business, I would focus on creating a venture rooted in innovation and adaptability and align it with current technological trends. Due to my personal interest in medical devices, my goal would be to create a company in that field. I would first identify the market gap, like personalized healthcare, and focus on developing improved patient outcomes that can be easily integrated with existing healthcare systems. Next, I would be sure to look into the long-term success of my business. I would need a product that could be mass-produced, possibly starting with a niche market and further expanding to broader applications. Finally, a significant hurdle to surpass, and one that cannot be overlooked, is regulatory compliance in healthcare. I would be sure to be fully trained and well-versed with all medical device requirements, like FDA compliance, and have training for all of my employees in positions where it is necessary to understand the intricacies of regulatory compliance. Lastly, building a strong team, securing funding, and creating a workplace of innovation would be necessary.

If I were to start a business, I would first consider how my business would make an impact in the industry, who are the consumers, and how who would invest in my company. There may be a market gap to identify in the medical device industry. If I'd have an invention, I might consider starting a sole or partner proprietorship. If highly successful, and the product shows it can provide a solution to closely related needs, the business might generate new motivations to grow and make more money. A business structure might change down the road depending on its ability to be successful and make money. A business can also grow enough to be able to hire multiple managers, officers, and even board members if need be. 

If I were to start a business, I would define my business to be a small one because I would like to manage it on my own given that I do not have any background in business management. If the market looks potential, that is when I would start looking for someone in charge of my business and pay him/her so that I have time and have built a good profile to apply for MBA and go study it for a couple years. I think it is beneficial not only for my business if it continues to grow, but also for my personal skill even if my business has or about to fail, because then, I will have experience where I can relate to while I study, and that opens up a lot of other doors for me to switch my career to, and may be not even in the engineering field! Coming from a non-business background, I think that is my best plan!

I find that when most of us go into the work force, we look for the most amount of benefits and rewards for the job asking. I do believe that is a big part of the business and the type of people that are hired. keeping the people happy in a company would be a very important point that I would look into and try to facilitate. I also look into risk vs. reward for a business. Do I want to be working to the bone for very little reward? No! So finding a business that is moderate work for big reward would be great for me. I know some look into as little work as they can do for the largest amount of reward, but I find that those risks are a lot higher. Like that was discussed in our lecture, in the sole proprietorship, when working by yourself, all risk is on you, but you don't have to pay workers that you don't have giving you a bigger profit.

First and foremost, I think it would depend on the business you want to build, the location, the size, and the need for your product or services. For example, if you are going into the food business, you need to look for a place where you are the only or one of the only businesses providing the items you offer. You need to think about the general need or want and if this product or service is feasible. You cannot simply just establish a business and expect it to excel immediately. Business is a slow process that you slowly ease your way up in the world. First, think about what you really want to do and if you can see yourself doing this for a couple of years or even longer. Building your own business takes a lot of time and dedication. If you are not able to put your foot down and stick with it all the way through, then you may not be cut out for this, and your business may not prosper. You must be dedicated towards the business you want to make and the name that you want for yourself. You need to take some years to plan everything out because it is not such a simple task. What I see and ask is will you be able to maintain your business and career goals in the near future. I would take the time to sit down and formulate different plans and actions. I would define what I really want to do, what goals to set for myself and the business, the finances, and the risks involved. You do not have to be a professional to start your own business nor do you need an MBA to start one. I personally do not think an MBA is required since there are a lot of entrepreneurs out there that do not have one and are either self-taught or have learned through other jobs before making it on their own. A lot of research has to go into this in order to establish a business plan and a name for yourself in the near future. You have to understand the market like what is on the trend nowadays or what is there on the market. What can you do differently or what services can you offer that is different from others in the region or globally? I would also try to come up with a business plan that will captivate my target audience and work my way up. 
This goes for the food industry, cosmetics, and even biotechnology companies. I do not have much experience with business, but I know others that have been in that industry for a long time. To keep this example, if we are talking about the biotechnology business, I would probably start with a small scale local lab. That would be the beginning stages and when the small lab gets settled and slightly recognized, I would try to eventually get partners or loans in order to try to open a bigger lab and/or branch out to separate locations. The locations would be where there is demand, so somewhere where there are not many other biotech companies, such as Quest Diagnostics or LabCorps labs nearby. 
A follow-up question I’d like to ask in addition to the original post is with business ambitions, what personal goals or motivations would drive you to start your own business?

I have to agree with what a lot of people have said already about needing a business idea, but I think it is also important to figure out what kind of business you want to run. The plan for the structure is also important because this helps to decide which business type is the best for you to pursue, but once you know that you need consider who will help to run it, who are vendors you need to involve, will you need any outside services. Starting a business sounds easy, but in the end, it will probably be a lot harder work in the beginning phase, but then it will hopefully give you the chance to have more financial freedom. I also have to agree with what has been said about taking risks because there is going to be that initial investment that is needed and that will be a scary step, but it is necessary to start the business. It does not make sense to not properly calculate the cost benefit analysis before deciding to jump in headfirst, but a lot of times there is not enough time to do an in-depth analysis, and you are forced to decide quickly. Which is why it is important to have a detailed plan in place prior to starting the business where every step is carefully thought through and then there is still backup plans. However, it is important to learn how to pivot and understand that even if things do not work out exactly as planned there are backup options that can still work. 

Starting a business in medical device development involves several critical factors. First, understanding regulatory requirements from agencies like the FDA is essential to ensure compliance and product approval. Second, strong research and development capabilities are needed to design safe, effective, and innovative devices. Third, securing adequate funding is crucial, as medical device development often requires significant investment in prototyping, testing, and clinical trials. Finally, market analysis and intellectual property protection play key roles in identifying customer needs, assessing competition, and safeguarding new technologies.

If I had the chance to build my own business, I would start by identifying a problem I’m passionate about solving and then create a plan around that. The biggest considerations would be understanding my target audience, managing finances carefully, and choosing the right business structure to protect my assets and reduce risk. I’d also focus on building a strong team and clear goals, since success depends on both good planning and consistent execution.