• 29/09/2022

What Kind of Business Should I Start? Part 5 of a series

What Kind of Business Should I Start? Part 5 of a series

I would like to be clearer on what kind of business I want to start
(Yes) (No)
Finding the right business is a critical factor in succeeding as an entrepreneur. You could choose the wrong business for any number of reasons,
It is a great business but does not utilize your core competencies
It is a solid business but it’s not really your dream
It is within an industry that you know nothing about
It looks easy
Chances like this only come around once in a lifetime
You realize that if something looks too good to be true, looks incredibly easy to execute and operate, chances are it is a fad, a hoax, or a fraud. Our best advice is buyer beware. Make sure you do your homework and check out every opportunity with great care and concern.
On the other hand, you should not narrow your vision or feel constrained when considering all possibilities while trying to discern what business is right for you. In the end, what is most important is that the business or business idea appeals to you relative to fulfilling your dreams. Over time, you can learn or acquire knowledge of an industry, or a specific business operation and develop a particular skill set to allow you to be successful in the business that you choose.
Most importantly, you must find a business that will inspire, challenge, and motivate you to get up and go to work everyday. If you choose to take the entrepreneurial path in life, you might as well make the most of it and be happy and fulfilled along the way. Don’t just buy another job. Buy a new and exciting life as an entrepreneur. The entrepreneurs that we know cannot wait to get to work each day, knowing they are doing what they want to do, and are in control of their own destiny.
How do you generate business ideas, if you do not already have one?
So how do you find the right business to own?
How do you determine if it is the right business for you?
How do you discern if a business idea or opportunity is legitimate?
If you are asking, or have been asking, yourself these questions you are heading in the right direction. Obviously, it is important to have a business idea in mind before you decide to become and entrepreneur. Generating a solid business idea is part art and part science.
You have to learn a process of self-examination, which helps you weigh your natural talents, skill set, core competencies, and personal interests to decipher a concrete business idea. Then you have to determine what business is right for you relative to your life strategy, and your financial capabilities. Finally, you have to be able to establish whether your business idea or business opportunity is legitimate or feasible.
For example, you could have the best business idea in the world, but without a business feasibility study to prove that it will work, it remains simply a great idea. As an entrepreneur, you actually have to prove that your idea will work.
Now is the time to answer these questions and clarify the what, why, and how of entrepreneurship. Far too many hopeful entrepreneurs fail because they get and idea and rush to market.
They forget to reflect deeply on themselves and the idea itself.
They neglect to thoroughly envision their idea, and completely overlook the step of writing a solid business plan.
Finally, they ignore the proof-of-concept stage and launch their idea into the market.
Before they know it they’re knee deep in alligators and cannot figure out what went wrong!
To be successful as an entrepreneur you have to complete all four stages of business development -reflect, envision, create, and build.
Then, and only then, will you enhance your chances for success. Remember, there is no mystery or magic to business. All it takes is sufficient preparation, commitment, determination, and rock-solid implementation.