THE APPROPRIATE TIME FOR BUSINESS START-UP
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One cannot wake up anytime to start up a business because business demands your time, energy, resources and attention. This does not in any way imply that you cannot start a business while still working somewhere, it is just to inform you that you need to focus when you start your business.
WHAT IS NEEDED FOR YOU TO START YOUR BUSINESS?
1 Your Readiness to Become an Entrepreneur
2 Your Personality
3 Your Financial Situation
4 Effect on Family
IN DETAILS
1 YOUR READINESS TO BECOME AN ENTREPRENEUR
You should start a business when you are solely determined to focus and devote to the success of your business. You should have vision and direction to follow before setting out to start. Learn how to deal professionally, know that is expected of the business you intend to start up. Know the customers you’re targeting and know what their need is.
2 YOUR PERSONALITY
There are various traits needed to thrive as an entrepreneur. Though having knowledge in a particular field is necessary, but you need the zeal and passion, including the skills to organise, manage and market your goods, as well as the professionalism to be able to deal politely with your team and customers.
3 YOUR FINANCIAL SITUATION
To start a business, your financial situation should be put into consideration. Consider how much you can risk safely. Starting a new business can also take significant amounts of startup capital if you have to purchase equipment, rent business space, and hire employees.
More also, to start up and successfully run a business, you must be financially disciplined. You should set aside account for your business, devoid of unwarranted withdrawals and only meant for business purposes.
4 EFFECT ON FAMILY
Involving your family members in your business can help strengthen your business, provided that they don't mismanage the business finances. Your family members are necessary in the sense that they can be trusted and the expenses in hiring persons outside can be used for another thing. The time commitment and the associated stresses and uncertainties of running a business can place an undue strain on family relationships. Involving family members in your business can also be very beneficial. Ensure that you let your people know where your business is heading and what you intend to achieve in the long run.
REFERENCE:
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