Starting a business is one of the most challenging undertakings. The risk of failure is high, the pay is low (often zero for the first few years) and the hours are brutal. So before you decide to jump head-first, here are 3 Things to Consider:
1. Don’t Jump! PLAN
No Entrepreneur plans to fail, they simply Fail to Plan. Writing a Business Plan can be monotonous however, skipping this vital step can compromise the stability of your business. Thankfully, there are many firms who specialize in creating professional business plans at minimal cost.
2. Don't Bet the Farm. Business involves risks however, You don't have to risk-it-all.
True Story: David Casavez, a twenty-something Software Engineer quit his six-figure position and cashed-out his 401k to follow his dream of entrepreneurship. In just one year, Casavez was unable to pay rent and was now living in his van. His story made headlines when a picture of him holding a placard with the words “Homeless Hungry 4 Success, take a Resume.” Casavez’s story is not uncommon. An article in the Entrepreneur magazine states: “Putting every resource into a business with the hope it will take off and grow quickly is a dangerous proposition, even if you have a ‘sure thing.’”
3. You Can’t Serve Everyone: Trying to do everything for everyone is a sure road to ruin. Spreading yourself too thin can diminish the quality of your services. An article in Forbes Magazine said it best: "If you try to serve Everyone in business, you'll end up serving No-one Well"
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