Q: Recently, I was let go by my company from a mid-management level position, and I am thinking of starting a business. I know that entrepreneurship can be risky and hazardous for your health. What are the major challenges I'll face and how can SCORE help me?
A: Sure, there are perils to face along the way. Here are just a few of them.
· Organizational skills: Having these gives you a head start. Being disorganized not only means wasting time but also limits your ability to focus on the priorities of running the business.
· Time management: Many startups fail simply because the owners are unable to solve the issue of work time vs. "the rest of my life" time. This is particularly true for the "home biz" types.
· Cash flow management: A well-managed business uses a cash flow projection to make decisions about how and when to spend money, cut costs or increase income. Flying by the seat of their financial "pants" has doomed many a would-be successful small business.