In this article I will cover
basics of setting up a business and also offer some useful tips for first timers who are considering taking plunge.To B.Y.O.B is easier said than done. Nevertheless, millions of people do it year after year, and if you are currently dissatisfied with your job, you can either look for a better position in another firm, or you can put your thinking cap on and start thinking about how to B.Y.O.B.
Whatever business it is you intend to start, you will need to have a complete understanding of it in terms of following points:
• What are critical success factors of business ? Does it require specialized knowledge or certain professional qualifications ? • What are “things” you need to run this business ? Does it need special equipment, hardware or software ? Can you get them ?
• What about human resources ? Do you have them ? Can you get people you need easily and cost effectively ?
• What will be anticipated “burn-rate” of your new business ? Have you considered all possible expenses that might be incurred ?
