STEP TWO

HOW TO START YOUR OWN BUSINESS[/b]

Before you take the crucial decision to go into business you have to weigh your personal circumstances as to your ability, training,
Experience, motivation and financial capability because in business, there no guarantees. There is simply no way to eliminate all the risks in starting a business, but you can improve your chances of success with good plan, preparation and insight. Start by evaluating your strength and weakness as a potential manager of a small business. After weighing these factors and you think you can go into of your own, by all means, go ahead. In reaching this important decision, however, there are other vary important factors you have to consider. In particular you will have to ask yourself the following questions.

1.Do I have the ability and experience to exploit the opportunity? or can I acquire the ability and experience ? Never get discourage if you think you do not have enough experience. If you have enough motivation, you will win as long as you are prepared to start on a small scale and acquire experience through practice.

2.How will the business affect your family? The first few years of business start up can affect family life. It’s important for the members to know what to expect and for you to be able to succeed they need to support at all time. There may be financial difficulties until the business is starting to profitable, which could take months or years.

3.Have I done a feasibility study to satisfy myself that there is enough market for the business and to examine more deeply the requirements of the business? Does the feasibility report indicate the business will be profitable?

4.How well do I associate with others? Business owners need to develop relationship s with a variety of people including customers, vendors, staff, bankers, and such as lawyers, accountants and consultants.

5.How well do I plan and organize? Research indicate that poor planning is responsible for business failures. Good organization of financials, inventory, schedules and production and avoid many pitfalls.

6.How good I’m at making decisions? Small business owners are required to make constantly – often quickly, independently and under pressure.

7.Do I have the physical and emotionajavascript:void(0);l stamina to run a business? Business own exciting, but its also a lot of work. Can you face six or 12hrs work days every day.

8.Do I have strong drive enough? Running a business can wear you down emotionally. So business owners burn out quickly from having to carry all the responsibility for the success of the business on their own shoulders. Strong motivation will help you survive.

9.Have I discovered a business opportunity? That is have I discovered a product or service for which there is enough market for?

10.Have I considered the legal requirements? If any to be met before the commencement of the business?

11.I’m a self starter? It will be entirely up to you to develop projects, organize your time through on details.

12.Do I have the necessary capital? Or can I raise the necessary capital?

13.What form of business organization do I want to have?

14.How will I manage the business?

15.Where shall I locate the business?

16.Then when will the business begin operation?

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