What is the one most important thing to consider when starting a business?
The risk of failure. As a business person you want to be optimistic but that doesn't mean you pretend to be all happy chappy when everything's going wrong.
Being optimistic in a business sense means you don't give up when a problem occurs but work your way around to solve it.
There are three points.
1. Do you have enough operating capital to run the business and support yourself and family while you are growing the business.
2. Is the product or service easily marketable and how much competition will you face.
3. Are you willing and able to give the business time--as much as a year or longer before breaking even, much less turning a profit.
Well, in my point of view, the scope of the business is very important.
Just think of the scope of your business after five years or ten years. Do you really think that you can survive in the long-run? Do you think, your business can survive over a decade or so?
Make sure you have well-defined hiring standards. If you don't hire the right kind people, the business will fail.
One most important thing to consider when starting a business is:
Now depends on what kind of business are you going to start?
Is it a service provider business or selling a product?
According to the type of your business you have to take care of many things. May be there is one which is most important.
No business or an organization can function for very long without productive employees supporting it.
The most important thing you need to do when starting any business is to make sure you have enough capital to keep the business going until it can support itself. Most businesses fail because they run out of money too soon.
Money and planning, plus have a product that others are willing to buy.
Is there a market for your product?
Do people want to buy your product?
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