City : Enterprise Centre : About Starting a Business
Making the leap from employee to entrepreneur means changing not only your lifestyle, but also your mindset. Before spending time, money and energy starting a new business, you should ask yourself: Do I have what it takes to own a business or, am I better suited to being an employee?
Here are some things you need to think about before you get started:
Have you thought about these questions?
- What’s your great idea for starting a business?
- What’s different or special about it?
- How will you make your business stand out?
- Who will your customers be? How will you find them?
- What makes you passionate about the business you want to run?
- Have you researched what similar businesses are already out there?
- Have you discussed your idea with anyone who might have a useful view on it?
- What was their response and what did you learn from it?
- Will you be happy working long hours, often on your own?
- Are you good at motivating others?
- What will you have to spend to set it up?
- How quickly will you be able to get it going?
- How long will it take to start making a profit?
- How will you finance your business until you start making a profit? And more importantly how will you cover your living expenses?
- Once you start to make a profit, how will you reinvest it to make the business grow?
- Having thought all this through are you still excited about it?