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| Is starting a small business your cup of tea? |
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| Starting a small business is not everybody’s cup of tea- careful analysis of your strengths and weaknesses is required before you decide to embark on this new venture. There are several risks involved with starting a small business, therefore a careful assessment of the following points is needed- |
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| • A small business owner is his own boss with no one to tell him how to go about developing his business, planning projects, time management. So, a high level of motivation is necessary. |
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| • Owners of small business must be good at taking their own decisions all the time and often swiftly and under pressure. |
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| • It is necessary to have good management people skills as small business owners have to deal with people from several walks of life such as vendors, customers, staff, bankers and professionals including accountants, lawyers, or consultants. You have to be ready to deal with an untrustworthy vendor, an ill-tempered employee and a difficult customer to ensure that your business runs smoothly. |
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| • Business owners may feel burdened by the obstacles they face in running their business. Therefore, it is necessary for them to be self-starters with a strong focus to overcome slowdowns and exhaustion. |
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| • The initial years of establishing a business can be tough on the family. Also, a small business requires anything between months and years to generate profits, therefore one may have to put up with poor economic standards or risk family assets. |
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| • Although owning a business can be thrilling, it also involves a lot of hard work. Sometimes work hours can extend up to 12-hours a day six or seven days a week, so careful consideration is necessary in this regard before starting a small business. |
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| • Ask yourself if you have the required organization skills for managing inventory, financials, production and schedules as these are vital in running a business effectively. |
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