CHOOSING THE RIGHT BUSINESS.
The answer? More questions.
What are your skills? What are your interests? What are your talents? What knowledge do you already poses?
The answer comes from taking advantage of those mastered skills, talents and your knowledge to create services, produce products, and distribute your knowledge that you can solve other people’s problems for which they will gladly pay for. List it down, your interests, skills and talents.
What is your passion? What is the best thing you do? They say you should choose a business based on what you love doing. So what do you love to do? There’s a saying that “DO WHAT YOU LOVE AND EVERYTHING WILL FOLLOW” or “…MONEY WILL FOLLOW” Passion is very important BUT you also have to consider the demand and reality.
What if your passion is cars and the world entered the era of teleporters, then the market for cars will end. I’m saying that passion is very important, but it’s not 100% passion.
Find out what your community needs. What service or product can you provide?
Who is your target market?
A sustained demand is usually the key to a long lasting company! Find or create that demand.
How much are you willing to invest on this business venture? Is it enough for salaries? for marketing? supplies and equipment? You may have the best ideas and best business model but it doesn’t guarantee success, most fail because of the lack of capital. Study your business. Make sure the capital you have is enough for the business that you want. Usually, a good practice is having 3 to 6 months of working capital in your pocket.
What are your goals? What do you want to achieve? Where do you want to be? How much do you want to earn? Write down your goals for the business. This will give your business direction.
Align all of these and you’ll be a proud entrepreneur in no time.
For Comments/Questions/Tips & Advice/Mentoring – Anything about business, marketing, sales or kahit pa love life. Haha.
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