Top Ten Do's and Don'ts Print this Top Ten List


TOP TEN DO'S

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" list describing the specific business you are
considering.
Talk to lots of people in your intended business for advice.
Make a comparative analysis of all opportunities you are considering.
TOP TEN DON'TS
Don't even think about leaving your job until you have completed
start-up plans.
Don't consider starting a business in a field you do not enjoy.
Don't risk all the family assets. Limit your liabilities to a
predetermined amount.
Don't compete with your employer in a moonlight business.
Don't be in a hurry to select a business. There is no penalty for
missed opportunities.
Don't select a business that is too high a risk or hurdle. Go for the
2-foot hurdle.
Avoid a business in which you must have the lowest price to succeed.
Don't be afraid to seek out and learn the negative aspects of an
intended business.
Don't let entrepreneurial self-confidence outweigh careful diligence.
Don't let the promise of a conceptual high reward deter reality testing
first.


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