MOBI’s Top Ten: The Do’s and Don’ts of Starting a Business
Here are some important overall considerations you need to think about before starting your business.
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" lists describing the specific business you are considering.
- Talk to lots of people in your intended business for advice.
- Make a comparative analysis of all the 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.