When To Start

Eric needs to stick to what he knows and then pour himself into research before committing to a small business venture.

QUESTION: Eric is a successful sales rep who has the entrepreneurial spirit. He wants to know when to make the leap to start a small business, and which small business to start? Dave says to stick with what you know.

ANSWER: Look at your skill set. Whatever you do has to involve those components. You have to define what you want to do, then start researching it. Study other people who do it, and when you’re ready, start it part-time and get your income to half of what you make now. If you can do that, you can go at it full-time and quit your other job. Establish something and have it making money before fully committing to it.