Ask Don’t Tell Leadership: When To Start Your Own Business?
When to start your own business?
Q: After working at one company for 10 years, I would like to begin my own business. What issues do I need to consider, and how do I know when it is the right time to take the big step?
A: Almost 20 years ago, my roommate asked me to spend a day of my vacation in New York spying on his competition at a tradeshow. I made up a story to tell the vendors at the show — I was planning to start a fundraising call center for politicians and wanted to implement the most advanced technology in the industry. Eighteen years later, my business partner and I were running one of the largest outsourced call center operations in the world!
With a bit of luck and a lot of hard work, we made it, but there is no way to eliminate the risks of entrepreneurship. There are, however, several key questions you can ask yourself to determine whether you are prepared.
1.) Do I have a business plan?
A clear business plan is essential, and the lack of a plan is a frequent cause of business failure. A business plan helps you assess, in advance, how you are going to...
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