When you start a business, you’re making a bet. Not all bets are equal! Investing $100k in Business A vs Business B could have dramatically different outcomes. What’s surprising is how few entrepreneurs consider the possible range of outcomes (the upper and lower bounds).
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Evaluate your potential upside/downside. If you really want to start a restaurant, and you’re willing to take the risk, do it! But if you’re a polymath, and you could be happy doing any number of things, you should definitely consider your options. great data from
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Interesting thread, Justin. So many entrepreneurs start with an idea (myself included on more than one occasion) and don't yet have knowledge about validating the idea/testing the market, or even thinking about margins.
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For me, these concepts came through seeking SaaS info online and through an accelerator. For many, the first point of outside help is an economic dev office or SBDC. You get lots of help on a business plan and establishing your business.
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