I believe Sipho’s reason for pursuing entrepreneurship needs to be bigger than ‘becoming his own boss’ What is the problem which Sipho’s business is solving and how many people/businesses are faced with this challenge. This is usually uncovered through examining the industry and conducting research.
As to the viability of the project, prior to taking on the project Sipho needs to determine whether the project will be adding value to his business or not, i.e. whether the inflows (revenue) are greater than outflows/costs which will be incurred in carrying out the project. This is where goal setting and budgeting comes in.
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