Starting a Business: Top 10 Do's and Don'ts ~ Everything Finance

Wednesday, April 23, 2008

Starting a Business: Top 10 Do's and Don'ts



TOP TEN DO'S

1. Live frugally and begin saving up money for operating your business.
2. Learn your business by working for someone else in the same business first.
3. Consider the benefits of starting a moonlight business.
4. Consider the advantages of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. Consider subcontracting to low cost suppliers if you're manufacturing a product.
7. Test market your product or service before starting or expanding.
8. Make "for" and "against" list describing the business you are in or considering.
9. Talk to lots of people for advice.
10. Make a comparative analysis of all opportunities you are considering.

TOP TEN DON'TS

1. Quit your job before you have completed start-up plans.
2. Consider operating a business in a field you do not enjoy.
3. Risk all the family assets. Limit your liabilities to a predetermined amount.
4. Compete with your employer in a moonlight business.
5. Be in a hurry to select a business. There is no penalty for missed opportunities.
6. Select a business that is too high a risk or hurdle. Go for the 2-foot hurdle.
7. Operate a business in which you must have the lowest price to succeed.
8. Neglect to learn the negative aspects of an intended business.
9. Permit entrepreneurial self-confidence to outweigh careful diligence.
10. Allow the promise of a conceptual high reward deter reality testing first.

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4 comments:

experts on credit said...

Great list of don'ts.

Shanti @ Antishay said...

This is a great list! Well done. Blogging on staring a snowflake business is basically my way of encouraging moonlighting until it turns into something else - and until then, I say DON'T SPEND TOO MUCH MONEY. Well put :D

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Clipping Path, Image Masking, Photoshop Masking said...

Proper points are covered.
Nice representation of text and better writing.

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