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Life Health > Running Your Business

Tough Nuts and Hard Questions (Slate)

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Slate asked its readers what advice they’d give aspiring entrepreneurs. “If you have a business idea that ‘no one else is doing,’ there’s probably a good reason,” said one reader. Instead of trying to undercut the competition’s price, one reader suggested taking into account overhead costs at the outset and price for the future. Entrepreneurs should not start up a company expecting financial freedom and setting your own hours. Expect putting in your own money and being your own slave labor. When it comes to cash flow, the most popular piece of advice is to “know your ‘nut.’” This is all of the expenses for the year divided by the number of days the business will be open. If the nut is not made, then it’s time to rethink things.