Education · 1 of 5

The path

No degree or licence is required to start a company. Most successful owners learned the industry first.

1. 1

   Learn an industry from the inside

   1 to 10 years

   Work in the field you want to start in. Most lasting businesses come from someone who knew the customers and the costs.

2. 2

   Test the idea cheaply

   1 to 6 months

   Sell to real customers before you spend on a lease, an app or stock. A paying customer is the only real proof.

3. 3

   Register and set up

   1 to 4 weeks

   Choose a structure, register with your state, get an employer number, open a business bank account and check local licences.

4. 4

   Survive the first years

   1 to 5 years

   Watch cash every week. Most businesses that close run out of cash, not ideas.

5. 5

   Pay yourself properly

   Ongoing

   A business that pays you a fair wage plus a profit is the goal. Many never get there; some sell or close and go back to a job.