If someone told you they had a business idea that involved selling deep fried candy bars or chicken nachos on a stick would you call them crazy?
Many food entrepreneurs sell their products at state fairs across the nation and are constantly boasting new creative ideas for products both with and without a stick. No matter what we think about these deep fried diet killers, these entrepreneurs seem to know what they are doing.
With summer winding down, entrepreneurs at the Minnesota State Fair are preparing their businesses to share their latest creation. As the second largest state fair in the nation, the Minnesota State Fair offers an extremely unique opportunity for lots of creative entrepreneurs.
For the 12 days of fun during the fair, hundreds of business owners will get the chance to entice more than 1.5 million potential customers to purchase their products and services. However, whether you’re thinking about becoming an entrepreneur with a product on a stick or not, prior to becoming your own boss it’s important to first understand how you can successfully navigate your way into the world of business.
An Entrepreneur’s Path
The road to becoming an entrepreneur is different for everyone as they learn how to start, build, and manage a business. At the Minnesota State Fair you will find entrepreneurs from all walks of life. Some have businesses that operate at their traditional location year round, while others only operate during the 12 days of the fair. These owners may be young, old, traditionally educated or self taught, but the biggest thing they all have in common is they have all taken their own unique paths toward becoming an entrepreneur.
If you have a desire to run your own business, and are beginning to brainstorm potential ideas, remember it’s important to first educate yourself about how to become an entrepreneur by identifying which path will provide you with the most opportunities and options for building a successful career.
The Entrepreneurial Process
Starting and officially registering your own business can sometimes be a complicated course of action to take without any prior knowledge. Due to the legal aspects of owning and operating a business, it is smart to educate yourself about the different parts of the entrepreneurship process.
Operating a business at the Minnesota State Fair, for instance, has certain requirements and criteria for businesses to understand and fulfill before earning approval to be at the fair. Such criteria may include:
- Experience at other fairs or shows
- Booth presentation and appearance
- Balance of similar products/services about the fairgrounds
- Physical requirements/availability
Understanding the legalities businesses face is extremely important while planning, building, and managing your business.
By first learning the entrepreneurship basics you will understand how to bring your ideas to life and build your business and manage growth, which greatly increases your chances of success.
Guide Your Entrepreneurship
Entrepreneurs who participate in the Minnesota State Fair are fortunate to have a concessionaire guide, as well as a marketing packet to assist them in their operations during the fair. However, even with these resources business competition for venues, locations, and customers will always be high. In Minnesota, for example, there are more than 2,400 food companies and yet only 309 entrepreneurs from across the nation were able to secure a spot for their businesses at the Minnesota State Fair in 2012.
Even with guides, manuals or previous experience, there will always be the chance you and your business will face possible risk, competition or difficult times. As a new or future entrepreneur, it is your responsibility to prepare yourself as much as possible by learning about the different business principles that can assist you in planning, building, and managing a successful business.
Whether you are interested in becoming an “entrepreneur on a stick” by conducting business at a state fair or just starting a new business, by further developing your entrepreneurship education you will be better able to walk your own path, understand the stops along the way, and guide yourself to becoming a successful entrepreneur.