I want to start some Business
I want to do something, start some business, can you tell me what to do?
This question I read and hear often
enough. As a status on Facebook in many of the groups every few days this
question is there. The standard answer most people give is they themselves are
doing some business and hence tell the person how good their own business is
and how much money they can make from it.
So, is this how one start some
business? I don’t think so! There are certain parameters an aspiring
entrepreneur needs to follow.
1. What exactly are you passionate
about? Introspect and arrive at the decision.
2. When you are passionate about a
particular field and do business in it, it will not feel like work at all.
3. When you have arrived at the
decision, do research, talk to people who are in the same or similar industry,
so that you get an overall idea about that industry.
4. Then talk to friends, family,
colleagues and other people to find a gap. This gap can be the niche you can
operate in.
5. A niche segment will draw customers
for that product only. This will help to focus all your energy and resources
into giving the product and customers the best. Test the product among friends
and family and find out if they would be willing to pay hard cash for it.
6. Put together numbers and check if you
can do it from own resources or you would need to borrow.
7. Will it need your full time
commitment or can you do it part time and carry on working so that a salary
comes in to run your house.
8. If you plan to quit your job, keep
funds to run the house for a year and some emergency before resigning.
9. Are you willing to devote literally
24/7 time to your business with rarely time for long/short vacations and hardly
any time for socializing? Getting success in business is sheer hard work and
toil. There are more downs than ups.
The life of an
entrepreneur is very tough, but it really is fun, you will find strengths in
you which you never believed you had.
So go ahead and arrive
at your answers. I wish you all the very best and if you have any query please
do write to me. I would love to read about your own experiences, do write in and share with us.
Image Courtsey Pixaby
Image Courtsey Pixaby
