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by Dr. Robert Sullivan
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business opportunities articles index
Large companies are downsizing. Reengineering
is all too common. Many people are seriously
considering starting their own business so as
not to become victims of the all too uncertain
corporate world. In fact, a new small business
is started every 11-seconds throughout the U.S.
Many fail but you can improve your odds of
success by learning from the mistakes of others.
Here are "nine steps to success" that are based
on many "real-life" lessons of successes and
failures.
1. Get smart.
You might know a lot about your product or
service but you might not be knowledgeable about
the practical aspects of starting and operating
a business. Be honest when assessing your
knowledge and take advantage of available
information as well as the various support
organizations such as the SBA (800 827 5722 or
on the internet at http://www.sbaonline.gov) or
your local SCORE chapter. Learn from others
mistakes!
2. Get advice.
You cannot be an expert on everything. Get
assistance early from as many sources as
possible. Talk to your attorney, accountant and
banker. Talk to your friends, family and your
competition.
3. Plan.
A major reason for business failure is lack
of planning. Fail to plan and you plan to fail.
Prepare a strategic plan for your business that
clearly defines your mission, your present
situation, your strategies, and where you want
to be in the next three to five years. This plan
will be your road map to effective decision
making.
4. Protect yourself.
Before you start operations, make certain you
are protected from a legal and insurance point
of view. Select a business legal structure (talk
to your attorney) and develop a insurance
program (talk with an independent insurance
agent) that is best for your type of business.
Take NO chances!
5. Avoid hiring employees at the start.
This is not always possible but put it off
for as long a possible. The legal complexities
of hiring and maintaining employees (even one!)
can be daunting and take up a lot of your time.
6. Purchase a computer and learn to use it.
Operating your business without a computer
will put you at an immediate disadvantage. They
are simply too valuable as a time-saving tool.
Don't be overwhelmed at the apparent complexity
of a computer, once you begin they are quite
easy to use. Furthermore you will want a
computer to take advantage of the internet - the
most exciting development of recent times for
communications (e-mail: send a message anywhere
in the world with no long distance charges) and
research (The world wide web or WWW is an
amazing business information source for every
topic imaginable).
7. Persist.
There will be good times and bad. Be
persistent and stubborn - view any failure as a
learning experience and an opportunity for
additional success.
8. Visualize success.
Keep your goals in mind and expect that you
will achieve them. Don't lose sight of your goal
... keep pushing.
And finally...
9. Don't delay acting on a good idea.
Even a great idea is worthless if you don't
do something with it.
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