ENTREPRENEURSHIP

6 Things You Must Know Before Starting That Business

Starting a business is not all about how confident and desirous you are, but a dispassionate study and understanding of your personal potentials and the market terrain.

Before you venture into that venture, it’s important you ask the following questions:

🔹Can I manage this business? Do I have the skills? Do I need to acquire some basic skills before setting out?

🔹Do I have the required funds? Do I need to borrow and from whom? How do I make up for my limited start-up financial capital?

🔹Do I have a suitable location? Do I have a marketing network?

🔹 How big is the existing market? How relevant is the trade?

🔹Who are my competitors? What are their weaknesseses?

🔹What strategy can enable me get a fair share of the market?

Dont forget to set aside some money for your personal up-keep during the incubation period of your business. Expenses kills start-up businesses faster than debtors.

A Business Plan can take care of these questions, so get one.

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