The Small Business Forum
Evaluating Opportunities
- Evaluating a proposed business involves the preparation of a feasibility study and business plan.
- Many people do not think critically about the business. They just do it. They probably have seen somebody else make money in the type of business, or just think it is a good idea. A business that works for somebody else may not necessarily work for you. People have different goals and objectives. You also need to understand your particular market.
- Many people also overestimate the amount required. Capital is a “big” word. It suggests lots of money. However, when broken down into required specific items, the amount generally appears more manageable. The common mantra is “Start Small, Start Now, and Think Big.” One may, however, add” Have a growth plan”. Thinking big may by itself not help. It is necessary to know how it will be achieved. This is your business plan.
- Saving is in addition critical in starting own business. Start-ups often lack collateral and necessary track record, and many businesses are started with own or family funds. Saving may also be the best indicator of a serious intention to start one’s own business. It shows the necessary discipline, planning, and preparation. It is also more under your control.
Comments, Questions and Suggestions welcome.
drkibuka@thesmallbusinessforum.co.ke
+254-729524219
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