Question

Sharon is thinking about opening a bakery. She knows she wants to set her own hours, reduce her stress and make a profit. But she still has a lot to think through. Which of the following would NOT be a good early step?

Answer 1

I believe the answer is: When evaluating a business opportunity, it's best to get as much info as you can about the opportunity. In fact, the only bad first step you can make is taking action without doing any opportunity screening and preliminary research first.

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Doing screening and preliminary research is very important for every business since it would give the business with general information on the type of consumers that they have to face, the purchasing power in their market, and the risks that they might face during the operation.

Answer 2

Starting a new business requires through and careful planning, which takes all aspects of the business into consideration. Funds for starting the business must also be available and the entrepreneur must be very disciplined and ready to put in a lot of work in order for the business to succeed.
Any step that will result in the eventual failure of the business is not a good step to take. At the early days of the new business especially, care must be taken not to take any step that will put the finances of the business in jeopardy.