Signs you’re not ready for biz

Sun.Star Davao - - BUSINESS -

1

. You have a low ap­petite for risk

Even if your prod­uct or ser­vice is fan­tas­tic, there are a host of snags you can hit, from run­ning out of money to run­ning out of steam. To deal with this risk, "ev­ery en­tre­pre­neur should go into this with their own time­line" for when they ex­pect the busi­ness to turn a profit - and pay its founder a salary.

2

. You have a "scarcity mind­set"

This can re­sult in a sense of des­per­a­tion that can lead you to pur­sue av­enues that hurt your busi­ness, rather than hold­ing out for bet­ter op­por­tu­ni­ties. This is a pit­fall even for sea­soned busi­ness own­ers dur­ing down times.

3

. You need a quick profit

Even if you've al­ready started your busi­ness, it's not too late to cre­ate a plan that will give you a roadmap for how to achieve your goals and stick with your mis­sion.

4

. You don't un­der­stand your busi­ness num­bers If you're not keep­ing tabs on your fi­nan­cials, you could miss im­por­tant clues that you need to ad­just your plan based on ac­tual rather than pro­jected per­for­mance.BUSI­NESS

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