We have come to a point where paid employment is no longer a guarantee. Everybody wants to be self-employed, owning a business, making better income, and working at their own phase. It is said that while paid employment can give you a steady fixed income, self-employment can make you can earn as much as possible. When I say paid employment, I mean working under an organization, whether governmental or private.
Despite the rush of people to start a business and quit that “yes boss” job. It will be good to properly plan a business as there is a heavy risk when it consigns becoming an entrepreneur.
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So don’t make the mistake of entering a business without proper planning. Many businesses out there fall within a year of their establishment because they didn’t answer some fundamental questions before starting…which is the beginning of planning.
As you are about to start your business, get a paper and pen ready and answer the below question sincerely:
- What are my objectives for going into business?
- What business should I start?
- What qualities do I need to start and manage a business?
- How do I generate ideas on the project?
- How do I determine the likely success or failure of the business?
- What should be in the business plan?
- Where can I obtain the financial resources?
- What resources do I need and where can I obtain them?
- What partnership or support do I need to start the business?
- What will be the main impelling and impeding forces and how can I deal with these forces?
If you sincerely answer the questions above, Not only will it guide you on your quest in starting your business, but it will also be your plan and your backbone as your business grows.