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Can you give me a simple checklist/questions that I need to ask myself before I start a brand new business?
You should ask the following Questions
1) Market Research of the Industry and Business
2) Do i have enough working capital to run at least some months for Break Even?
3) Sound knowledge about the Industry you are going to Involve?
4) Do i have potential area or people to explore the business?
5) well understanding about the cost fixed and variable costs,rules,regulations and laws of the business you are going to step in
6) study of minimum Return of Investment for 6 Months
7) Budgeting and Marketing Plan
8) Targets for all departments
Do a sufficient market study, both preliminary and secondary research. Entrepreneurs have to make tough dicisions with what ever limited information they have, but these decisions should be based on data and then use your guts.
After market study, do a product analysis and if possible a field test of your product or service before you launch it.
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