Choosing business and business partner checklist

Choosing a business:

• Make sure that you really enjoy this kind of work.

You need to be sure that you will enjoy this business, its tasks and challenges.

• Make sure that business meets your interests.

You can obtain greater success in the business that meets you personal interests and hobbies because you can dedicate much more time to such business.

• Make sure that you possess required technical knowledge.
• Make sure that you understand how this business operates.
• Make sure that you know how to organize this type of business.
• Make sure that you can make enough money in this business.

Set realistic financial goals, research condition of similar businesses, consult with people who are involved in active business and decide if this business is able to satisfy you financial goals.

• Decide where you can get the necessary help.

Determine where you can get the required assistance (consultations, supply, services).

• Make sure that you understand the market

It would be great if you have been worked in this business as employee for a long time. This gives you understanding of real business "ins and outs". Make sure that you have possibilities to find customers, to set appropriate price policy and direct a marketing program.

Choosing a partner:

• Research what skills and experience that you do not possess this person can bring to business
• Make sure that this person shares your values, ethics and goals in the business

This is very essential question which requires a proper discussion, because discrepancy in visions and attitudes may cause interpersonal difficulties in future and harm the common business.

• Make sure that this person share the same convictions about starting and operating a business

Make sure that you can find common language with this person and can reach consensus if any dispute will appear.

• Find out if the potential partner shares and appreciates your entrepreneur qualities
• Find out if the potential partner has problems within family or other personal problems

Serious personal problems can prevent to pay appropriate attention to business and can cause invariable behavior.

• Decide how well do you know your potential partner

Are you sure that this person is reliable enough?...

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