We all get that itch periodically to chuck our day jobs and do something crazy and fun and risky with our lives. That “something crazy” can often be interpreted as going into entrepreneurship.

Our personal finance article today gives good advice on a to-do list for people who have taken concrete steps to follow this entrepreneurial craving.

1. Assess how much savings you have. Since most business owners source most of their capital from their personal savings, we assume that you will do the same. Sit down and write how much savings you have. Look not just at your bank accounts, but holdings in mutual funds or unit investment trust funds, or even equities. Are these enough for your share in the starting capital of your business. If not, then you may be thinking that you will earn through the business anyway and will be able to put in additional capital. We caution you against this thinking, as the business may or may not grow as expected in the timeline projected. It would be better to ensure that you personally have enough in your savings to meet capital needs even before you start your business operations [Read the rest of this entry »]