Oftentimes, after recognizing the need to start a business, one might be in a dilemma as to which kind of business to start and go on asking questions.
Questions such as
- Which businesses need to give me the most profit?
- Which business would be the easiest for me to execute?
- Which business will ensure that I don’t lose my money?
- Which business will give me a decent investment to profit ratio?
- Which Business would give me the right return on investment?
All these questions in a bid to decode the right business that fits your skillset resources and many other factors.
Why not just start?
OK, let’s back up a little try and answer these questions and look more in-depth at what it takes to start the right business
In starting the right business most times there is no right and no outrightly wrong business, the right business depends a lot on one’s approach, skillset, and a few other things. So essentially you can succeed in whatever business you just decide to do. if you take into consideration other things that lead to business success.
The right determination and motivation to succeed are some of the things to consider when starting the business. There is that perfect balance between your determination, motivation, skill set, the time in your hands, resources available, and a few other things that can ensure that a particular business can succeed better in your hands compared to others. Simply put, you can profit from some businesses can have a higher return on investments in particular businesses compared to others as a direct result of other factors that surround you.
This post will consider businesses talking about businesses as for-profit organizations.
Related: Starting a Business
Let’s take a look at this basic concept
Passion over money
Simply put – Do what you like. Many people have. Don’t business to hobbies. In that, I would like to make a clarification. A hobby is what you do for leisure. Something you enjoy doing. Something you do because you like it? Not because there is one superior ulterior motive you’re in a hobby for the moment, not for any special long-term benefits.
What is a business?
A business is what is an enterprise to engage in for profit. You don’t run a business because you like to run a business, even a business because you want to add value to people you run a business because you want to add value to the world. You run a business because you want to make profits. Choose the business you want to run. OK. These people have said Oh well, you find what you like to do. Do it, just do it. You are going to. It is your best chance at success.
But I’ll tell you something different. If nothing you like to do is something people don’t want. Then you might find it hard. To succeed, and I finally had to turn in a profit may eventually fold up. Because for a hobby- something you like do – It is very easy to be caught up in your own circle such that this is something you like. But it does not kill the rest of the world is not needed Ness of the world is not needed in the proportion that will allow you to stay in business in the proportion that allow you to turn profits in the proportional allow you turn into him. Relevant business.
Second concept. Money over passion
Do whatever you like. Turn it into a business.
This seems to be the perfect spot because you can see that this person has done his/her research and has determined the business he wants to do based on his research with little or no regard for his/her passion. This seems to be the right approach because since you are in a business for the profits, it only makes sense to have done do diligent market research amongst other things to determine the business that can turn the profits he desires. However, one key thing has been left out, Passion. Whatever you do not have passion, now or in the future, there are going to be serious implications with your commitment and your ability to lead the business on the way to go.
A short note to make sense of this.
Find the balance between your passion and business.
Yeah, will be nothing that might need to compromise your beating your passion and the amount of profit you can make, but you will get a perfect business that fits your ledgister that fits your excuse. It that fits the amount of resources you have available. And if it’s. Your profit potential. A profit projection.
Related: Threats to Successful Business
How to find the right business?
First, will love this personal checklist. Do you have a business checklist? The personal checklist is to determine How you resources? Motivation? Fits the dictates of a business.
I have decided to put skill sets as the first on this checklist because your skillset essentially will determine whether you can handle the business. In some cases, we have seen founders with no technical background going on to establish businesses that require a whole lot of technical skills. We have seen founders with no management background, go on to establish consulting companies. However, The larger percentage of those established. Particular types of businesses as people who are. Knowledgeable in that particular area.
Case Study – Elon Musk.
The first set of businesses Zip2 and PayPal that Elon Musk started back in the 90s and early 2000s were born out of his skill. These businesses gave Elon the required headstart for a business entrepreneur career. Going forward, he was able to use proceeds from the sale of the first businesses to invest in the things he had a passion for. Perfect combo!
Passion represents the exceptional drive for a particular venture. This attribute ensures that there is enough commitment by the founders to overcome major and minor setbacks as they seek to build the business and turn it into a worthwhile venture.
Scalability is the ability to increase profits without a significant increase in the cost of doing business. The right Business must be scalable. Scalability ensures that the business can be practiced for a decent length of time without getting frustrated by stagnant growth.
Every business is for the profits, hence the right business is that business that has the potential to be profitable.
Related: How Scalablity drives Profitability