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Business resources
1. Before starting a Business, there are
some important overall considerations
you need to think about.
2. TOP 10 DO’S
Live frugally and begin saving up money for
starting your business.
Learn your intended business by working for
someone else in the same business first.
Consider the benefits of starting a moonlight
business.
Objectively measure your skills and training
against potential competition.
3. TOP TEN DO’S
Consider subcontracting to low cost suppliers
if you’re manufacturing a product.
Test market your product or service before
starting or expanding.
Make “for” and “against” list describing the
specific business you are considering.
4. TOP TEN DO’S
Talk to lots of people in your intended business
for advice.
Make a comparative analysis of all
opportunities you are considering.
5. TOP TEN DO NOT’S
Think about leaving your job before you have
the complete start-up plans.
Consider starting a business in a field you do
not enjoy.
Risk all the family assets. Limit you liabilities
to a predetermined amount.
Compete with your employer in a moonlight
business.
6. TOP TEN DO NOT’S
Hurry to select a business. There is no penalty
for missed opportunities.
Select a business in which you must have the
lowest price to succeed.
Select a business that is too high a risk or
hurdle. Go for the two-foot hurdle.
Ignore the negative aspects of an intended
business.
7. TOP TEN DO NOT’S
Permit self-confidence to outweigh careful
diligence.
Allow the promise of a conceptual high reward
deter reality testing first.
8. People fail in business because they make avoidable mistakes. Start up Entrepreneurs is
possessed with enthusiasm and confidence but too often are unaware of potential fatal
business potholes that lies 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:
Not picking the right business to begin with.
Inadequate prior experience in the business.
Quitting job security too soon, before adequate plans are laid.
Not having a progressively updated written business plan.
Inadequate protection in business documents including lease.
Failed partnerships.
Lack of selling and marketing ideas.
Expanding too rapidly before adequate testing.
9. OFFICE:
NDFD Building
9 Great Marlborough Street
P O Box 313, Roseau
Commonwealth of Dominica
Telephone:
(767) 448-8631
(767) 448-3240
(767) 449-8141
Telefax: (767) 448-0225
ndfd@cwdom.dm