Entrepreneurship: Is It For You!
Could you to be your own boss?
Have you ever dreamed of starting your own business?
Don’t know what to do about your great business idea?
If you have ever thought about these situations, then you need to read this.
Decide on the Type of
Business
It
is often said that entrepreneurs are the backbone of the nation. Anyone with
the passion and drive can become a successful entrepreneur as long as the
planning and execution are done well. The first step to becoming an entrepreneur
is choosing the ideal business. The business you choose will be determined by
its feasibility as well as your own interests and expertise.
You
may be passionate about an idea, but if it is not feasible, you will never be
able to make it successful. Feasibility describes how simple it is to
accomplish something. Many factors influence feasibility. For example, a dog
bakery may be popular in a city with a high rate of dog lovers, but it would
not survive in a city with a low rate. Before moving forward with any idea, you
must determine its feasibility. This requires an understanding of the market
and your customers, which we will cover in-depth in later sections. To
determine if an idea is feasible, ask yourself the following questions:
·
Do
you have the necessary funding?
·
Is
there a market for your product?
·
What
is the outlook for the market?
·
Can
you price competitively?
·
How
would you operate?
What Are Your Interests?
Becoming
an entrepreneur is not easy. If you do not enjoy what you do, you are unlikely
to be successful. Before you choose your business, you must consider what you
enjoy doing and think of a way to make this task profitable. Begin by making a
list of your interests and see which ones’ overlap with feasible business
models. For example, a love of animals could translate into a pet sitting
service, or a love of cooking could translate into a food truck business.
Experience
and expertise are definite benefits to any business. They are often used
interchangeably, but this is a mistake. This point and the next one will help
define the difference between the two while helping you identify your own
experience and expertise.
Experience
is something that you gain from observation, encounters, and actions. Many jobs
provide experience. For example, working as a server provides experience in the
restaurant industry, but it does not necessarily provide expertise. Once you
identify your experiences, you can use them to help choose your business. Years
in customer service, for example, would help prepare you for a business that is
customer service oriented.
Expertise
has knowledge and skills that come with education and training. This can come
from the work experience in specialized positions and from degrees in certain
fields. For example, an expert would be an accountant or a chef would be
considered experts in their field. Being an expert at a business makes you more
capable of running it. If you are not an expert, there is no reason to give up
on your idea. If you are passionate about something, take the time to become an
expert. For example, you can learn necessary skills by taking classes or
interning at other businesses.
Angie’s
passion was candy. She wanted to make and sell her own candy, but her family
told her to choose something more stable. She took an office job, but her
position was downsized. She considered her love of candy, and a little research
showed that there was a market for her interests. There was one problem;
however, she never made candy outside of her home and was not sure how to sell
it in mass. Her family told her that she lacked the necessary skills to create
her own business, and she found another office job.
What
type of business would you like to start? Why do you think you will be
successful?
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