Looking to start a business? Make sure to take these precautions before jumping right into it. Below you'll be able to locate a brief outlook on whether you'd make a good business owner or not.


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Checklist for starting a business

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Looking to start a business? Make sure to take these precautions before jumping right into it. Below you'll be able to locate a brief outlook on whether you'd make a good business owner or not.

1. IDENTIFY YOUR REASONS

As a first and often overlooked step, ask yourself why you want to own your own business. Check the reasons that apply to you.
  1. Freedom from the 9-5 daily work routine
  2. Being your own boss
  3. Doing what you want when you want to do it
  4. Improving your standard of living
  5. Boredom with your present job
  6. Having a product or service for which you feel there is a demand

Analysis:

Some reasons are better than others, none are wrong; however, be aware that there are tradeoffs. For example, you can escape the 9-5 daily routine, but you may replace it with a 6 a.m. to 8 p.m.

A SELF-ANALYSIS of personal characterisitcs

  1. Are you a leader?
  2. Do you like to make your own decisions?
  3. Do others turn to you for help in making decisions?
  4. Do you enjoy competition?
  5. Do you have will power and self discipline?
  6. Do you plan ahead?
  7. Do you like people?
  8. o you get along well with others?




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