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Creating Opportunities for Self-Employment
Introduction
Exploring self-employment is a process that requires determining your needs as well as examining how the decision to pursue self-employment might impact your life. It looks at specific work and lifestyle skills required and assesses your comfort level with each one. Ultimately you can use this information to make a decision whether or not to pursue full-time or part-time self-employment.
The Entrepreneurial Cycle is a decision-making process that can be applied to business planning. A Personal Vision is used to create a Business Vision. Internal and External Assessments help determine personal business skills and assess any gaps. Overall Strategy, Planning and Preparation allow for the creation of a step-by-step plan that will help you tae action with the highest potential for favourable results.
Business Planning is the key for a successful business. Knowing your potential customers, understanding your competition, evaluating your strengths and weaknesses, and estimating potential sales and income are all vital requirements. Failure to plan or to manage a plan properly is the number one reason small businesses fail, making effective planning a must.
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