The Business Master Checklist to Review Before You Ever Start Another Business

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Before you establish a new business you must review our master business checklist to help you determine, if a new business, or entity is necessary.

You have one business up and running with some success. You are considering starting another business and dividing your focus.

Perhaps you do not want to put all your “business eggs” in one basket. What if one business slows down and the other one picks up? As you know, the worst number in business is one – one vendor, one client, one affiliate, one bank account. Does that mean one business? Not necessarily.

Your Business Master Checklist Before Starting a New Business

Your Business Master Checklist Before Starting a New Business

First, what are your reasons for starting another business? Here is a the start of the business master checklist. Let’s consider them carefully:

  1. The first business is not working.
  2. You found a new product in another niche that should bring in more revenue.
  3. You want to diversify into another niche.
  4. You see an opportunity in your current niche and starting a new business (more so a new company) to service the opportunity in that niche.
  5. Your business partner was lame, and you started a new company and a new business, perhaps in a similar niche, to move on.

The first one is fairly obvious as to the concerns; yet, many fall into this trap.

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Do you have a High Degree of Intellectual Curiosity?

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There are several patterns that are common among entrepreneurs that are financially succeeding in this current environment.

One that most people miss, the one that is not spoken about often, yet is the backbone of success, is a high degree of intellectual curiosity. I would estimate that 85% of entrepreneurs or small business owners do not have it…a leading indicator of financial failure.

My definition of a high degree of intellectual curiosity: it is the enthusiasm to ask intelligent questions consistently, especially with those who are succeeding in this economy (no matter the niche) and calibrating to that distinction and regulate what impact would that make to your business and your bottom line.

Also, this includes asking intelligent questions consistently to those who did not get the results they were expecting, especially those who had a high degree of success in the past and now have failed in this economy.

As a side note, those who were never successful, and continue to not succeed, those patterns are typically consistent. It is not necessary to spend a lot of time there; yet, being curious and asking a few questions is important, always.

That was a long definition.

The point is: SUCCESSFUL PEOPLE ARE CURIOUS ABOUT EVERYTHING!

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