Practical Advice For Individuals Considering Opening A Small Business

Abstract

Recently developed business models, coupled with today’s complex regional and international commerce environments, complicate the establishment and successful operation of independent small businesses.  Even the smallest of businesses calls for a multiplicity of skills seldom found in one individual.  The purpose of this paper is to provide practical advice to individuals who are contemplating going into business for themselves.  Some of the reasons for small business failures are presented, followed by practical tips for achieving small business success.  Major factors of success include going into business for the right reasons and “planning for success,” including planning for eventual retirement.