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?