THE TOP TEN DOS
Live frugally and begin saving up money for operating your business.
Learn your 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 a “for” and “against” list describing the business, you are in or considering.
Talk to lots of people for advice.
Make a comparative analysis of all opportunities you are considering.
THE TOP TEN DON’TS
Quit your job before you have completed start-up plans.
Consider operating 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.
Be in a 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 2-foot hurdle.
Operate a business in which you must have the lowest price to succeed.
Neglect to learn the negative aspects of an intended business.
Permit entrepreneurial self-confidence to outweigh careful diligence.
Allow the promise of a conceptual high reward to deter reality-testing first.
Adapted from content excerpted from the RepublicSMEToolkit
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