Do’s and Don’ts

THE TOP TEN DO’S WHEN STARTING A BUSINESS

  • Live frugally and begin saving up money for starting your business.
  • Learn your intended business by working for someone else in the same business first.
  • Consider the benefits of starting a moonlight business.
  • Consider the advantages of operating a family business.
  • Objectively measure your skills and training against potential competition.
  • Consider subcontracting to low cost suppliers if you’re manufacturing a product.
  • Test market your product or service before starting or expanding.
  • Make “for” and “against” list describing the specific business you are considering.
  • Talk to lots of people in your intended business for advice.
  • Make a comparative analysis of all opportunities you are considering.

 

THE TOP TEN DON’TS WHEN STARTING A BUSINESS

  • Think about leaving your job before you have completed start-up plans.
  • Consider starting a business in a field you do not enjoy.
  • Risk all the family assets. Limit your liabilities to a predetermined amount.
  • Compete with your employer in a moonlight business.
  • Hurry to select a business. There is no penalty for missed opportunities.
  • Select a business that is too high a risk or hurdle. Go for the two-foot hurdle.
  • Select a business in which you must have the lowest price to succeed.
  • Ignore the negative aspects of an intended business.
  • Permit self-confidence to outweigh careful diligence.
  • Allow the promise of a conceptual high reward deter reality testing first.

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