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How to Know if You are Ready to Start a Business

How much time is involved in starting a business?

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  • Fred Glave David Krauskopf
     
     

    Fred Glave has over 40 years experience in the telecommunications industry. Beginning in the research and development area, he successively moved through positions in engineering, marketing, general management and senior officer positions with Nortel Networks.He founded a new venture-financed company in Silicon Valley and went on from there as a senior executive and CEO in several telecommunications enterprises. He has had extensive experience in international marketing and been the lead initiator in several technology and corporate acquisitions or partnerships.Mr. Glave’s strengths lie in all phases of technology management, and he is knowledgeable at the working level with all aspects of telecommunication management.He is a graduate of the University of Toronto in Electrical Engineering and holds a Masters degree from MIT and a PhD from Univ. of Calif., Berkeley, all in electrical engineering.Since retiring from his last position in 2002 he has been active as a counselor with SCORE (Service Corps of Retired Executives), He is a member of the Advisory Committee of the Reston Chamber of Commerce Incubator Program and is currently a mentor to two of the companies participating in that program. He is also a member of the volunteer docent staff at the Library of Commerce.

  • How much time is involved in starting a business?

    David Krauskopf of SCORE explains how you will know if you are ready to start a business.

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  • Transcripts

    Host: How much time is involved in starting a business?

    David Krauskopf: You have to evaluate how much time you willing to commit to this business versus your other time commitments. This is very critical because compared to sort of regular job where your hours are more defined or set, we see that most entrepreneurs spend way more time than that regular job in getting their business going and you are the one who has to make that choice about how much time to put in.

    In fact, many successful entrepreneurs spend almost all of their waking hours in the start up phase to make their business actually go and run. So you need to look at what are the time commitments in your life right now, family, other commitments and you need to evaluate that and discuss with those people what the impact might be if you are starting that business, on your time and it will help you a lot if you can get the other activities and people in your life aligned with this likely amount or huge amount of time for it that you are going to have to made to start your business. If you choose as much smaller amount of time, you will reduce the likelihood that you will do well with your new business.

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