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Run personal ideas by your family or neighbors. Don’t be afraid of people stealing your idea. It’s just not likely. Just discuss the general concept; you don’t need to spill all the details. Just Do It! Hopefully by now, the process of determining what business is right for you has at least been somewhat demystified. Understand that business startup isn’t rocket science. No, it isn’t easy to begin a business, but it’s not as complicated or as scary as many people think, either. It’s a stepby-step, common-sense procedure.
Have you seen audited yearend financial statements for the business? Have you reviewed the most recent statements? Have you reviewed the tax returns for the past five years? ❑ Have you seen copies of all the business’s current contracts? ❑ Is the business now, or has it ever been, under investigation by any governmental agency? If so, what is the status of any current investigation? What were the results of any past investigation? ❑ Is the business currently involved in a lawsuit, or has it ever been involved in one?
Consider teaming up with a partner whose available hours complement yours. chapter 4 ■ GOOD TIMING 36 START YOUR OWN BUSINESS TAKE IT EASY oes all work and no play make entrepreneurship no fun? Some entrepreneurs who run part-time businesses based on hobbies, such as crafts or cooking, find that going full time takes all the fun out of the venture. “Going full time turns an adventure into a job,” as business expert Arnold Sanow puts it. D Some entrepreneurs have trouble grasping the fact that their businesses aren’t just pastimes anymore.