To some people, starting a business is the key to independence and personal wealth. Most people, at some point in their life have toyed with the idea. There are a few things as rewarding as owning your own business but despite the advantages, there are pressures involved.
Having good and viable ideas has never been enough; you will need to have the right skills, or the ability to develop these skills and possess a good temperament to turn your idea into an opportunity.
When starting your own business you need to consider the risks involved, as these factors will not only impact you, but also your immediate family and friends. You have to be aware of what issues and problems might arise early in the planning stage. Doing this should help you decide if you are willing and able to take these risks, as well as helping you come up with strategies that will help you minimize them.
Before you decide to start or not start a business you should ask yourself these questions;
1. Do I have the right personality to start a business?
2. What kinds of skills will I need?
3. How can I be sure that Ive got what it takes?
4. How much money will I need?
Please feel free to direct your questions to me, as I am here to share my knowledge and past experiences for your benefit.
Leonard K. Fiadzinu, CFA
