I would like to be clearer on what kind of business I want to
start
(Yes) (No)
Finding the right business is a critical factor in succeeding as
an entrepreneur. You could choose the wrong business for any
number of reasons,
* It is a great business but does not utilize your core
competencies
* It is a solid business but it's not really your dream
* It is within an industry that you know nothing about
* It looks easy
* Chances like this only come around once in a lifetime
You realize that if something looks too good to be true, looks
incredibly easy to execute and operate, chances are it is a fad,
a hoax, or a fraud. Our best advice is buyer beware. Make sure
you do your homework and check out every opportunity with great
care and concern.
On the other hand, you should not narrow your vision or feel
constrained when considering all possibilities while trying to
discern what business is right for you. In the end, what is most
important is that the business or business idea appeals to you
relative to fulfilling your dreams. Over time, you can learn
or acquire knowledge of an industry, or a specific business
operation and develop a particular skill set to allow you to be
successful in the business that you choose.
Most importantly, you must find a business that will inspire,
challenge, and motivate you to get up and go to work everyday.
If you choose to take the entrepreneurial path in life, you
might as well make the most of it and be happy and fulfilled
along the way. Don't just buy another job. Buy a new and
exciting life as an entrepreneur. The entrepreneurs that we know
cannot wait to get to work each day, knowing they are doing what
they want to do, and are in control of their own destiny.
* How do you generate business ideas, if you do not already have
one?
* So how do you find the right business to own?
* How do you determine if it is the right business for you?
* How do you discern if a business idea or opportunity is
legitimate?
If you are asking, or have been asking, yourself these questions
you are heading in the right direction. Obviously, it is
important to have a business idea in mind before you decide to
become and entrepreneur. Generating a solid business idea is
part art and part science.
You have to learn a process of self-examination, which helps you
weigh your natural talents, skill set, core competencies, and
personal interests to decipher a concrete business idea. Then
you have to determine what business is right for you relative to
your life strategy, and your financial capabilities. Finally,
you have to be able to establish whether your business idea or
business opportunity is legitimate or feasible.
For example, you could have the best business idea in the world,
but without a business feasibility study to prove that it will
work, it remains simply a great idea. As an entrepreneur, you
actually have to prove that your idea will work.
Now is the time to answer these questions and clarify the
what, why, and how of entrepreneurship. Far too many hopeful
entrepreneurs fail because they get and idea and rush to market.
They forget to reflect deeply on themselves and the idea itself.
They neglect to thoroughly envision their idea, and completely
overlook the step of writing a solid business plan.
Finally, they ignore the proof-of-concept stage and launch their
idea into the market.
Before they know it they're knee deep in alligators and cannot
figure out what went wrong!
To be successful as an entrepreneur you have to complete all
four stages of business development -reflect, envision, create,
and build.
Then, and only then, will you enhance your chances for success.
Remember, there is no mystery or magic to business. All it takes
is sufficient preparation, commitment, determination, and
rock-solid implementation.
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