Are you prepared?

I was asked to write a response to the question for Forbes Magazine Coaches Council which was “What advice would I give to someone who wants to leave their job to start a new business. Here is the response

I am a SCORE mentor and council people every month who want to start their own business. Most are not prepared. They have a dream based on what they may love to do, but can they make a living doing what they love? Most if not all people underestimate the time it takes even with a rock solid business plan to get up and going. I ask if you step away from your current job can you go at least 18 months with no income? Not one of my clients has started a business from idea to fully functioning in under 18 months. Where is the capital going to come from? Banks are probably not going to loan you money without a rock solid plan and assets to pledge against the loan. Getting money from friends, family or using social media networks like Kickstarter may prove more beneficial.

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