How to know the right business to start…
1. List the Business Opportunities around You
One of the steps that you are expected to take if you want to know the right business to start is first to list all the business opportunities within your reach. Once you are able to list all the business opportunities around you, it will be easier for you to critically examine them one after the other and then prune it to a minimum number that will make it easier for you to make a choice.
2. Do a Self Skill Audit
Another means that will aid you to know the right business to start is to conduct a self skill audit. It is easier to start a business around your skill sets because people perform pretty great when they perform tasks that are in the area of their skill strength. A good skill audit will not only help you discover your skill set, but also help you rate your skills.
3. Conduct Feasibility Studies
Once you have been able to stream line the business opportunities or ideas within your disposal, the next step that you should take is to conduct feasibility studies to know what it truly takes to start the business. The truth is that, when you conduct feasibility studies you will be able to discover details about the business you intend starting. The information you will get from your feasibility studies will guide you in choosing the right business.
4. Ask Loads of Questions
Another method of knowing the right business to start is to ask loads of questions when you have the opportunities to ask. It is a popular saying that ‘a man who asks questions never misses his way’. As such, ensure that you ask entrepreneurs who are already in the line of the business t loads of questions about the business. You can as well ask people around to know the type of business that they will be willing to patronize.
5. Enroll in an Entrepreneurial College
If you are confused and you don’t know the right business to start, then it will pay you to enroll in any entrepreneurial college around you to learn the rudiments of starting and sustaining a business. There are several entrepreneurial schools that an entrepreneur can acquire the right skills to be able to start their own business. You can search online to locate the closest entrepreneurial college in your location.
6. Understudy Someone Who is Running Same Business That You Intend Starting
Before making your final decisions on the business to start, it is advisable to understudy someone who is already running the type of business that you intend starting. It will give you a clearer perspective on the business and also you will be able to know the financial commitment required in starting and running such business.
7. Take a Personality Test
Starting a business should not based on the viability of the business or the profits you stand to gain in the business, but to know if you are compatible with the business. For example, if you know that you are extremely quiet and you are a core phlegmatic, then starting a sales and marking business might not be the right business for you. It is important to take a personality test to discover your temperament before making your choice on the business to start. You can search online for free personality test or for paid personality test.
People should not just start a business simply because it is trending and it is also profitable. Loads of people join the bandwagon when it comes to starting a business and they ended up regretting such moves because they ended up getting their fingers burnt.
REF: Axifun.com 13th April 2017