This is a question that quite often comes up. Many a times this happens when somebody has lost job or are looking at a flat career or they have got an idea and are looking to give it a shot. My first question is what is the motivation to start up. If this motivation has come because he has lost job and his next one is taking time, then it is a difficult one. When you consider to start up, the main difference to be considered is - whether you would be able to do without getting continuous salary. Though it depends from type of business to your speed in doing it, it may not be before six months that you would be able to draw funds from the business. You must have enough funds to tide over that period.
Secondly, you need to locate the type of business that you want to do and whether you have that many funds with you. You either want to do business because you want to do something challenging or you want enormous growth in what you are getting. You have to decide that whatever you want to do, whether you want to do it full time or part time. If you just want some extra income, then rather than going full time, you might just invest in other's business by being a sleeping partner or you can invest in such assets where the growth rate will be higher. If you have discipline to control your expenses, then automatically your asset class will increase and you will become wealthy. And if you want to do something part time, then you must ensure that you would be able to give enough time daily to it. Because if you do not give any time to it, it will bring you nothing.
Thirdly, if you are thinking of doing full time, then you are dead serious about the start up. You might need capital now. When you are ready, you must have enough capital with you not only for your project but also for your personal needs. Even if you have budgeted for x amount, you should have at least 1.5 to 2 times money. Once you have decided that whatever it takes, you will start up and succeed at that, then you will.
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