TOP 10 Do’s and Don’ts for Start-ups

Starting your own business can be the most interesting and rewarding thing you will ever do. But starting and running your own business isn’t all fun and game. To be successful with your own business, you will need a lot of work before you get started. Here are some important considerations you need to think about before starting your business.

TOP TEN DO'S WHEN STARTING A BUSINESS      

1. Show yourself the money- first. Ensure you have the necessary resources you will need for your business. If the need be, live frugally and begin saving up money for starting your business.
2. Learn everything you need to know about your intended business before you open you shop for business. You can consider working for someone else in the same business first.
3. Consider the advantage of starting a moonlight business.
4. Think of the benefits of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. You probably may not be able to do it all alone, consider partnering with others in the same industry.
7. Do your own market research. Test market your product or service before starting.
8. Make "for" and "against" list describing the specific business you are considering.
9. Consider consulting with other people in your intended business for advice.
10. Analysis of all opportunities you are considering.

TOP TEN DON'TS WHEN STARTING A BUSINESS

1. Don’t quite you your day job if you already have one, before you have completed start-up plans.
2. Starting a business in a field you do not enjoy.
3. Don’t risk all the family assets. Limit your liabilities to a predetermined amount.
4. Competing with your employer in a moonlight business.
5. Hurrying to select a business. There is no penalty for missed opportunities.
6. Selecting a business that is too high a risk or hurdle. Go for the two-foot hurdle.
7. Selecting a business in which you must have the lowest price to succeed.
8. Ignoring the negative aspects of an intended business.
9. Permitting self-confidence to outweigh careful diligence.
10. Allowing the promise of a conceptual high reward deter reality testing first

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