5 Life Decisions to Make before Starting a Business

5 Life Decisions to Make before Starting a Business

Starting a business should not be taken lightly. You’re responsible for everything when you start a business. And you should know that it’s not going to be easy, so you when you start a business, make sure you have a plan and you’re ready for it.

The 2020 List of Establishments of the Philippine Statistics Authority (PSA) recorded a total of 957,620 business enterprises operating in the country last year, 2020. A lot of entrepreneurs were driven mostly by pandemic-weary entrepreneurs who wanted to start their own business.

With pandemic going on, it gives rise to new entrepreneurs. And if you feel you’re ready to start a business, consider these life decisions before starting a business.

1. Do your research

Many new businesses are dead on arrival because founders didn't fully understand the business before launching. So before starting, ask yourself these questions:

a. Is your business idea even viable?
b. How well do you understand the industry you're entering?
c. What do you really know about the industry, your competitors, or the challenges your product or service might face?

2. Determine where your funding will come from

Thirty-six percent of new business owners get startup capital from their own personal savings or from family and friends. Banks can be an option, too, but without any established business credit you will likely have to draw from a personal line of credit.

3. Plan for the best, prepare for the worst

When you leave a job to start a business, you also leave the security of a salary and benefits like health and life insurance. It's important to keep you and your family protected in the event of a tragedy.

4. Time it right

Timing is important for business reasons, of course, but it's also crucial to find the right timing in your life to start a business.

5. Consult the experts

Starting a business is not, and should not be an independent adventure. Of course, your family is front and center of the journey but you should also seek out as much expert help as possible. People who have started businesses in your industry can be invaluable resources to help you avoid common mistakes and run your business as efficiently as possible.

A lot of Filipinos nowadays want to start a small capital business of their own. However, many disregard the importance of the science of business. Instead, we rely solely on intuition. Before you tackle the problem of how to start a small business, you need to carefully study and forecast a lot of factors to ensure that your business will succeed.

So, consider these life decisions before you start putting up your business. And make sure that once you chose this path, stay dedicated and committed.

Reference:

https://www.entrepreneur.com/article/388265

https://www.dti.gov.ph/resources/msme-statistics/

Starting a business should not be taken lightly. You’re responsible for everything when you start a business. And you should know that it’s not going to be easy, so you when you start a business, make sure you have a plan and you’re ready for it.

The 2020 List of Establishments of the Philippine Statistics Authority (PSA) recorded a total of 957,620 business enterprises operating in the country last year, 2020. A lot of entrepreneurs were driven mostly by pandemic-weary entrepreneurs who wanted to start their own business.

With pandemic going on, it gives rise to new entrepreneurs. And if you feel you’re ready to start a business, consider these life decisions before starting a business.

1. Do your research

Many new businesses are dead on arrival because founders didn't fully understand the business before launching. So before starting, ask yourself these questions:

a. Is your business idea even viable?
b. How well do you understand the industry you're entering?
c. What do you really know about the industry, your competitors, or the challenges your product or service might face?

2. Determine where your funding will come from

Thirty-six percent of new business owners get startup capital from their own personal savings or from family and friends. Banks can be an option, too, but without any established business credit you will likely have to draw from a personal line of credit.

3. Plan for the best, prepare for the worst

When you leave a job to start a business, you also leave the security of a salary and benefits like health and life insurance. It's important to keep you and your family protected in the event of a tragedy.

4. Time it right

Timing is important for business reasons, of course, but it's also crucial to find the right timing in your life to start a business.

5. Consult the experts

Starting a business is not, and should not be an independent adventure. Of course, your family is front and center of the journey but you should also seek out as much expert help as possible. People who have started businesses in your industry can be invaluable resources to help you avoid common mistakes and run your business as efficiently as possible.

A lot of Filipinos nowadays want to start a small capital business of their own. However, many disregard the importance of the science of business. Instead, we rely solely on intuition. Before you tackle the problem of how to start a small business, you need to carefully study and forecast a lot of factors to ensure that your business will succeed.

So, consider these life decisions before you start putting up your business. And make sure that once you chose this path, stay dedicated and committed.

Reference:

https://www.entrepreneur.com/article/388265

https://www.dti.gov.ph/resources/msme-statistics/

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