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Assessing Business Opportunities

If you determine that entrepreneurship is for you, and you are ready to consider opportunities, use the following questions to help you assess the likelihood of success for each different opportunity:

1. Is there a market in my community for this kind of business? Will people buy my product or service, and are there enough buyers to sustain this business in this area?

2. How much money would it take to start this business? Will I be able to borrow that much money? How much will it cost me in the long run?

3. How many hours a week is it likely to take to run this business? Am I willing to commit that much time?

4. What are the particular risks associated with this business? What is the rate of business failure? Why have similar businesses failed, and how can I overcome these risks?

5. Does my background prepare me to run this kind of business? Do most people who own this kind of business have more or different experience or knowledge than I do? What do I need to learn, and am I willing or able to learn it quickly?

6. How much money could I make running this business? What is my lowest likely net profit? Is this sufficient to meet my needs, and when can I expect to make this?

Article by Staff of ACS Distance Education

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