This post is part two in the arc started in Thoughts on Building a Business, Part 1. We left off with a list of questions that I didn't know I was suppose to ask myself before starting a company. If I had known enough to ask those questions I probably wouldn't have started NextStage.
This time out we list even more questions I didn't know enough to ask myself.
You need to know whether or not your life partner is going to support you emotionally, physically, spiritually and psychologically. Think you have a good lock on those? Good, then what about financially? Are they willing to work and do without so you can get the equipment you need, pay contractors, rent office space? Are they willing to get a second or third mortgage, possibly lose the house you live in, get a smaller, used car, basically sacrifice with a capital Ouch! to make things happen? The reality check on this is whether or not you and your partner have a goal together or if your partner is just buying into your goal to humor you.
Remember my writing that NextStage had been around for five years? Those five years are significant. Do you know that from 1990 to 2003 96% of small businesses started in the US failed? The longer you remain in business the better your chances are of staying in business. (more to follow...)
These kinds of questions are really a double-edged sword.
People should only start business with their eyes wide open and a full understanding of what they are getting themselves into.
However (and at the same time), if people stop to consider every possible thing that can go wrong, they will consider themselves right out of the idea of starting the business in the first place.
Posted by: WORTH A BILLION | December 27, 2006 12:43 AM | Permalink to Comment