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Set written goals and objectives and whenever you are faced with a decision, look at how the outcome of that decision will affect the achievement of those goals. Become an information junkie. Learn everything you can about the industry, location and the specific businesses that interest you. For example, if you are planning on buying a café, learn everything you can on coffee, cafes and the hospitality industry. Have a plan, and stick to your plan like glue. Seek advice and don't be afraid to admit you don't know something. Listen to the experts, and do what they suggest, even if they stand to gain from your actions . Remember, everybody deserves to get paid for their work. Keep records and take notes. That way you can make your decisions based on facts not memories. Don't rush into anything, and if you have any doubts about anything, check them out (listen to your gut feelings). Make sure that you are not under-capitalised--nothing is worse than running out of money at a critical moment. Walker Davey can help you here. Keep your copy of "Don't Lose Your Shirt" handy at all times and use the worksheets!. |
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