* StartupJournal.com offers tips for launching your own business
Say you’ve always yearned to be your own boss and are ready to take the plunge into entrepreneurship. Before you strike out on your own, boost the chances of success for your venture by navigating some of the most common pitfalls.
StartupJournal.com, the Wall Street Journal’s guide for entrepreneurs, offers the following tips for launching your own business:
* Carefully consider whether you’re cut out to be an entrepreneur during what may be tough times ahead. Decide if you have the right personality for what you’re attempting to do and can thrive without an established company to back you up.
* Assemble a thorough business plan that covers every aspect of the new venture – from financial restitution to organizational objectives.
* Do your homework. Evaluate your field’s market conditions, potential and current competitors, demographics and other available resources.
* Examine your entire financial picture and develop a detailed budget to efficiently manage funds.
* Consider hiring a business consultant or adviser to help allocate capital and to make sure the business is hitting its milestones.
* Don’t give up your day job. Work out all of the kinks before you rely on your business as your primary source of income.
* Start small and grow the business slowly.
You may also be interested in the experiences of IT pros who recovered from unsuccessful technology ventures. Check out the Network World story at http://www.networkworld.com/careers/2004/0823man.html to see what went wrong for these businesspeople and what they learned from their mistakes.
For more entrepreneurial resources, go to http://www.StartupJournal.com
