Week 12

Business Do's & Don'ts

Many people, including me, have always wondered about the needs of an upcoming or starting of a business. I will eventually start my own business and have looking into the beginning do's and don'ts to help your business start. According to Arkansas Small Business and Technology Development Center some are as followed along with my opinion.


1. DO consider risk vs reward: This is something to thing about when your first starting up. After you establish yourself in some way sometimes you have to take risks and may not always come out with a reward.. but how big of a risk is the limit?

2. DO know starting a business is very time consuming and stressful: VERY TRUE!! If you're going to open a business be ready for this or you won't have a business. You have to be willing to lose sleep, quality time with friends/family when you start up to make sure your business has everything together and can Thrive. 

3. DONT think the financial stability will come quickly: You can't think going into something you will immediately have profit. A lot of business owners will tell you that it doesn't happen like that and in the beginning its not unlikely to have to come out of your own pocket to cover some things. 

4. DONT underestimate the competition: Many new businesses too narrowly define their competition and don’t really understand the number of businesses that are competing for their potential customers. Be sure to consider both direct and indirect competition.

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