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DON’T BE AFRAID TO PIKE OUT

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I sometimes find that when people do an honest appraisal of their business idea and the competition, the resulting business proposal is found to be quite weak. Sometimes this is because the person starting up in business has limited skills or minimal capital; other times, the demand for their proposed product or service may not be strong enough. Other times again, it can be too hard competing against established players.

If you’re starting to question the strength of your business idea, don’t be afraid to pike out. Stopping at this stage might save thousands of dollars, not to mention months or even years of your time.

If you’re unsure whether your business idea is as strong as it could be and whether you should continue, what becomes relevant is measuring up the risks. If starting (or continuing with) this business means little capital outlay and a few lost weekends and holidays, you don’t have much to lose. On the other hand, if this business involves your entire retirement savings and/or the threat of a failed relationship if things go wrong, the risk may well be unjustifiable.

Small Business for Dummies

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