THE TOP TEN DO'S WHEN STARTING A BUSINESS

1. Live frugally and begin saving up money for starting your business.
2. Learn your intended business by working for someone else in the same business first.
3. Consider the benefits of starting a moonlight business.
4. Consider the advantages of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. Consider subcontracting to low cost suppliers if you're manufacturing a product.
7. Test market your product or service before starting or expanding.
8. Make "for" and "against" list describing the specific business you are considering.
9. Talk to lots of people in your intended business for advice.
10. Make a comparative analysis of all opportunities you are considering.

Top Ten Mistakes Made in Starting a Business

People fail in business because they make avoidable mistakes. Start-up entrepreneurs are possessed with enthusiasm and confidence but too often are unaware of potentially fatal business potholes that lie before them. All it takes is a single mistake, one false step, and a business can be history. Here are the top most commonly made mistakes:

1. Not picking the right business to begin with.
2. Inadequate prior experience in the business.
3. Quitting job security too soon, before adequate plans are laid
4. Not having a progressively updated written business plan.
5. Inadequate cash flow management (running out of money.)
6. Opening a business in the wrong location.
7. Inadequate protection in business documents including leases.
8. Failed partnerships.
9. Lack of selling and marketing know-how.
10. Expanding too rapidly before adequate testing.