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Have Enough Startup Capital?

I want to open my own business. How much startup money do I need?

The good news is that you don’t need to be rich to start your own company. About 17% of all businesses now worth more than $1 million were launched with less than $5,000, estimates Wachovia (nyse: WB – news – people ), the nation’s fourth largest bank by assets.

The bad news: There is no magic amount of capital required to kick off a successful business–and undershooting the initial investment can kill a new enterprise.

Increase your odds of survival by first taking a hard, honest look at your business plan. "The key is to determine the immediate needs of the business and not to overbuy on equipment or inventory," says John Oldakowski, Wachovia’s senior vice president for business banking in southern New Jersey.

Scott Reeves

Full Story: http://www.forbes.com/entrepreneurs/2006/08/01/wachovia-ebay-craigslist-cx_sr_0801askanexpert.html?partner=moreover

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