In business there are no guarantees. There is simply no way to eliminate all the risks associated with starting a small business; however, you can improve your chances of success with good planning and preparation.
Some analysts estimate that up to 70 percent of all new businesses close after two to five years of operation. Good entrepreneurs take calculated risks and reduce their risks through research and planning. Involve the right people in your business from the start. Get assistance from advisors, professionals and mentors. Build a strong team and involve the right people in your business from the start. Carefully plan your business venture and write a business plan. Replace guessing with research and facts.
Business Idea Assessment
- Can this idea be turned into a business?
- Is there a “real” need for the product/service?
- Who will buy? How many will buy?
- Is there competition? How much?
- How much growth potential exists?
- Can I afford to do this business? Now? Ever?
- What’s the risk?
- If I decide “not to do” the deal, have I failed?
Evaluate your idea for feasibility – Don’t guess!
Test your ideas for…
- Cost of Operation
- Time to market
- Market size
- Profit Potential
- Costs of Entry