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Being a successful entrepreneur is the dream of every businessman, but do you really have all it takes to stand firm and be successful? This article is going to crystalize the intricacies to setting up a business and being a successful entrepreneur.

Eight steps in starting up a business:

  1. Conduct a personal evaluation

Begin by identifying yourself and your situation:

  • Why do you want to start a business? Is it money, freedom and flexibility, to solve a problem or some other reason?
  • What are your skills?
  • What industries do you know about?
  • Do you want to provide a service or a product?
  • What do you like to do?
  • How much capital do you have to risk?
  • Will it be a full-time or short time?

The answers to this question would help you focus

This step is not supposed to discourage you from starting your own business. Rather, it’s here to get you thinking and planning. In order to start a successful business, passion alone isn’t enough.

You need to perform a SWOT analysis on yourself, i.e. know your strength, weakness, opportunities and threats.

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