PRINCETON, N.J. ó Youíll have a better chance of success when starting up a new business if you can avoid some of the most common pitfalls, says StartupJournal.com, The Wall Street Journalís guide for entrepreneurs. The first step is to determine if youíve got whatís needed to take the plungeóand when to accept that you might not be cut out to be an entrepreneur.
ìItís difficult to make a go of a small business even during the best of times,î says Tony Lee, publisher, StartupJournal.com. ìYour first step should be to assess yourself and find out if you have the right personality for what youíre attempting to do before you start up a new venture.î
Problems often arise when an executive who has years of experience and management capabilities struggles to adjust to an entrepreneurial environment. Entrepreneurs face uncharted terrain without support personnel or the weight of a long-established company behind them.
To avoid the most common startup pitfalls, StartupJournal offers this advice:
Make sure you have a thorough business plan that encompasses every aspect of the new businessófrom financial restitution to organizational objectives.
Research your chosen field and market: Evaluate market conditions, potential and current competitors, market demographics, and available resources.
Examine your entire financial picture and develop a detailed budget to efficiently manage the capital.
Consider hiring a business consultant or adviser to help allocate funds appropriately, and to make sure the business is meeting its milestones.
Donít quit your day job; work out all of the kinks before you rely on your business for income.
Start small and grow the business slowly.
For more information and guidance on starting and running a business, visit
StartupJournal.com shows how to avoid common pitfalls of starting a business
Youíll have a better chance of success when starting up a new business if you can avoid some of the most common pitfalls
