.It is estimated that up to 80 percent of small businesses do not live up to their first birthday. It is like they fail even before they start. To my judgement I don’t think there Read more…
There is a chunk of people who have some money or can in one way or the other raise some money, but are dry of ideas on how they can invest their money. Fast forward, money is invested for different reasons. It could be for earning some income, creating wealth, preservation and speculative purposes. Many people desire to invest to earn some income, and actually they should. What sense could it make if one put their money on an investment that is not making them anything in the short term, yet they do not have a reliable source of income to meet their daily needs.
People desires to start business for the reason alluded above or many others like, having freedom, making extra money, meeting a social problem, making good of under-utilized raw materials, pioneering new ideas and possibilities, utilization skills and experience, etc. Whatever the reason for one to start a business is, the fact is that for many people it is hard to decide what kind of business they would like to venture into. I’ve had many people ask me to give them an idea of which kind of business they should start, and to be honest is one of the hardest task one can ever give me. It would be a bit easier for me if a person would ask me to help them know how to start a certain business.
So far am yet to meet a person who is truly successful in business who claims to have been given their business ideas by someone else, and I don’t think they exist. When one is truly interested with starting a business, for me I would consider it illusive if they have absolutely no idea of which specific business, they have interest in. The intention of starting that particular business may not be clear or proper, but there has to be some level of interest, at least. Choosing a specific course is key to avoiding confusion and any eminent failure.
Sources of prospective business ideas are countless, they range from personal encounters, notable gaps in the existing market offerings, hobbies, introduction of new policies, new technologies etc. There are always a thousand and one business ideas out there at any given time, but what should help one to choose one opportunity over the other. A couple of things may come into play on this, but choosing an opportunity because it was recommended by someone should certainly not be the primary reason.
After identifying a given business opportunity the very first thing to do is to knowledge up. Would you go to war without any weapon? I don’t thick you could, and likewise you should not start a business that you know nothing about. It is prudent to take sufficient time to seek relevant information that will help you make informed decisions. Therefore, starting a business that is related to your current skills and experience is the best and easiest entry to business world. In business management there is what they refer to as managerial technical skills, which helps a manager to step in and do what needs to be done should need be.
There also need to be a proper balance between taking time to learn and starting off without wasting your precious time. The fact is that if you waited until all factor are favorable, you will have to wait forever. There will always be some level of uncertainty, and that is where the issue of risk comes in. Risk is one of the elements that are used to describe entrepreneurship. Even if you knew everything concerning a given subject matter, the business landscape changes almost every other day. Thus, making learning a progressive and never-ending duty.