Uncertain Times, Reason to Act or Reason to Wait?

I am often asked “when is the best time for someone start a business?”. As you might imagine, the answer is different for everyone and even then, the answer is never 100% evident.

If you wait until the risks are minimal the time might may never come, if you leap when the risks are huge your chances of success are reduced. So what to do…………………..

My advice is to make sure you have thought about the opportunity and the risks. Knowing that you can never really quantify the risk. Here are a few questions:

  • If the business takes a year to get going what happens?
  • How much of my own money am I willing to risk?
  • How much of others people money am I willing to risk?
  • Am I as smart as I think I am?
  • Do I have a bullet-proof plan for the first 6 months? If not, why not?
The last item is critical, if you have a bullet-proof, well thought out plan for 6 months…and you can execute that plan, your chances of success go up dramatically. The reason is simple. A great and accurate 6 month plan means you know enough about your market and your customers to give you time to adjust to changes. The ability to adjust is an essential survival skill in business.
If you really want to start a business, focus on a well thought out 6 month plan. Review it with people who are in business, be honest and do your homework. If you’ve done all that and the opportunity still looks good…jump in..and welcome to the world of the entrepreneur.
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