How to decide what business to pursue?
Jemba subscriber Posts: 2
edited July 2006 in Selecting a Business
I have lots of ideas for businesses, but don`t seem to be able to settle on one to pursue. Has anyone else faced this, and how have you gone about isolating a good path to follow?
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I would look into it, and try to narrow down your array of possibilities, based upon your personal likes and dislikes, your experience and passions, strengths and weaknesses, what kind of need there is in the market, and financial issues such as startup cost and oprational costs versus your budget.
I think it is important to remember, you don`t have to settle for one... just remember that each additional business brings more responsibility! The flip side of the coin is that you also have a series of lines of income potential.
Focus on a single business or small group of businesses you treat as a single business (a single business plan, and single operational plan for the group of 3 to 5 businesses), and remember, much more than 5 you will be doing nothing more than chasing your own tail, while gaining no ground! Also, it is important to remember that if you are currently working a "real job" while trying to start your own business, it harldy makes sense to focus on more than one to two business ventures, and only two if they are "intimately" related, for an easy congealing of the concepts into a single set of plans!
I hope this helps in your future endeavours!