DIYbanter - View Single Post - Top Ten Do's and Don'ts Print this Top Ten List

wrote:

Totally ot and unasked for. OTOH it speaks to a topic much underlearnt
today, and upon which a great deal of success in life depends. Or the
lack of it.

Top Ten Do's and Don'ts

Print this Top Ten List

why??

TOP TEN DO'S

Live frugally and begin saving up money for starting your business.

yep

Learn your intended business by working for someone else in the same
business first.

not always the thing to do, it depends. Can be time wasted and/or
opportunity missed.

Consider the advantages of operating a family business.

generally advised against

Make "for" and "against" list describing the specific business you are
considering.

no, compare each option.

TOP TEN DON'TS

Don't consider starting a business in a field you do not enjoy.

If people followed that, most of us would be out of work.

Don't risk all the family assets. Limit your liabilities to a
predetermined amount.

depends on circumstances, if your ass is on fire it may be the best
option.

Don't be in a hurry to select a business. There is no penalty for
missed opportunities.

of course there is

Don't select a business that is too high a risk or hurdle. Go for the
2-foot hurdle.

why should someone that can jump 4' go for the 2' hurdle?

Avoid a business in which you must have the lowest price to succeed.

There are some that succeed, by producing goods at lower cost than ever
before.

If this is your list of points to 'print out', you may want to avoid
self employment. One of the key questions is whether self employment is
really a good idea at all. The very high business failure rate shows
that for most it isnt.

NT