Entrepreneurship Part 2
Entrepreneurship Part 2
Is this a good time for me to go into business?
Thinking about it
What do I want to do?
It is more than likely that you have already got some ideas about what you want to do. Even so, it is worth investigating other business ideas bearing in mind that you don’t need a bright new idea to have a good business.
Buy? Franchise? Improve?
If you are worried about starting from scratch, you might want to consider buying an existing business or franchise. Alternatively, you could study an established business, improve on it’s methods and go into competition.
Take Professional Advice
If you decide to buy an existing business, professional advice should be sought before you enter into that commitment. The same goes if you are interested in a franchise (renting an established business name and system).
How Do I Reduce My Risk?
“There is no such thing as a sure thing”, but “tried and tested” is a sound philosophy for the new businessman or businesswoman seeking to reduce the risks. If you can, there may be benefits in sticking to what you know. Learning by doing is an interesting process, but it can be a precarious one.
Whilst you are still at the “looking around stage” look at the unsuccessful as well as the successful businesses. There lies many a cautionary tale!.
Write down ideas
Writing down ideas will help you to focus the mind,
• Why do you want to do it?
• Are you going into business to make more money?
• Is it to be involved in something that interests you?
• Do you want independence?
• Have you been displaced from full-time employment and need a new way to make a living?
• No matter what your reasons are for starting up, be clear about your business and personal objectives and set your goals. Thousands of new businesses fold because their owners did not establish or even identify either business or personal objectives.
Entrepreneurship Part 2 - To learn more about this author, visit Nuala Duignan's Website.
Like this article? Share it with your friends
Following on from last week’s article on Entrepreneurship there are a few Questions you must first ask yourself:
Is this a good time for me to go into business?
Thinking about it
What do I want to do?
It is more than likely that you have already got some ideas about what you want to do. Even so, it is worth investigating other business ideas bearing in mind that you don’t need a bright new idea to have a good business.
Buy? Franchise? Improve?
If you are worried about starting from scratch, you might want to consider buying an existing business or franchise. Alternatively, you could study an established business, improve on it’s methods and go into competition.
Take Professional Advice
If you decide to buy an existing business, professional advice should be sought before you enter into that commitment. The same goes if you are interested in a franchise (renting an established business name and system).
How Do I Reduce My Risk?
“There is no such thing as a sure thing”, but “tried and tested” is a sound philosophy for the new businessman or businesswoman seeking to reduce the risks. If you can, there may be benefits in sticking to what you know. Learning by doing is an interesting process, but it can be a precarious one.
Whilst you are still at the “looking around stage” look at the unsuccessful as well as the successful businesses. There lies many a cautionary tale!.
Write down ideas
Writing down ideas will help you to focus the mind,
• Why do you want to do it?
• Are you going into business to make more money?
• Is it to be involved in something that interests you?
• Do you want independence?
• Have you been displaced from full-time employment and need a new way to make a living?
• No matter what your reasons are for starting up, be clear about your business and personal objectives and set your goals. Thousands of new businesses fold because their owners did not establish or even identify either business or personal objectives.
Entrepreneurship Part 2 - To learn more about this author, visit Nuala Duignan's Website.
Like this article? Share it with your friends
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