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As the economy has gotten progressively worse, more people are unsure of their future employment. One trend I’ve seen is an increased willingness to take personal risks and open one’s own business. Most people have good intentions and often good ideas, but every would-be-business owner should consider these questions before taking the plunge.
1. Will your business idea or product solve a real problem? In any business venture, the biggest contributor to success is if the product will enhance or improve a process or way of life enough that people will buy the product /service and you will have customers. If you are not going to have customers, you are not going to have a business for very long.
2. Is your business idea or product significantly better than other existing products? It’s rare these days for a product or service to change completely the way people do business. Your idea should be a significant advancement or improvement over existing products and services. If it’s just a different package or a new look, don’t waste your time.
3. Do you have a long-term business plan, or is this just a short-term fix to a problem? Starting a business requires a significant commitment and shouldn’t be looked at as a quick fix just to fill the void until the economy gets better. If you’re looking at opening a business as a short-term proposition, you are more than likely not going to have the fortitude to weather the challenges associated with owning a business and will therefore be more likely to fail.
Owning your own business is great, but it is not without its own set of challenges. If you can provide good answers to the questions above, your chances of success will increase dramatically.
Senior Vice-President of Strategic Initiatives
Grow Utah Ventures
Salt Lake City
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