I have received several questions as regards what one needs to put in place as regard starting a business. While there is no fast-rule to it, I feel you need to prepare your mind for what lies ahead. I still recall the early months, with great clarity, of a particular [tag]business[/tag] I started with 3 other people. We had done all the required planning and preparation to increase the likelihood of our success. We were prepared or so I thought.

Now, I look back and realize that we were prepared on paper to manage the administrative, financial, and operational task (through our business plan and other written strategies). But we were less-adequately prepared mentally and emotionally for the challenges of [tag]entrepreneurship[/tag]. The business eventually failed and I had to move on to something else. (more…)