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How to Decide What Kind of Business to Start

BYTRADEBYTRADE subscriber Posts: 63 Bronze Level Member
edited March 2012 in Selecting a Business
1 Write down your likes and dislikes. There is no sense in starting a business that involves doing everything you dislike doing.2 Write down your skills. What do you know how to do that other people will pay for?3 Look at market trends. What is going on in the world? What kind of things are people buying? What types of services are hot?4 Look at your lists for Steps 1-3 and begin generating business ideas.5 Seek input from family, friends, and trusted associates. They may notice talents and skills that you never thought of.6 Do some market research to see if any of your ideas are viable. Just because you think something is a good idea it doesn't mean that it will catch on.7 Read- a lot. Spend time reading about business and entrepreneurship. Read both books and magazines. Read stories of successful business owners. Keep up on the latest business news and trends.8 Come up with a plan. What kind of business will you start? When will you start your business? How will you make sure your legalities are in order? How will you finance this? How will you market your business?


  • businessfanbusinessfan subscriber Posts: 0
    Good advice given here. I agree that one should choose something that one really likes to do rather than what others say. One of my uncles has started a business by repairing household stuff, it was always his hobby and he enjoyed it, today he's really busy with it as he got a good reputation over the years.
  • jeresteem99jeresteem99 subscriber Posts: 0
    Here's my personal two cents worth, follow your passion. Building a business is tough, do not let anyone tell you otherwise. You will need a strong commitment, many sleepless nights, persistence, backbone, patience and loss of friends, family and possibly more. Sounds horrible? However, if you do something you are passionate of, something that you love, all of the above will be trivial and you will enjoy the journey to success to its fullest. Hope this helps. - Self Esteem
  • BrianJames01BrianJames01 subscriber Posts: 1
    Number one thing that you should consider is see if you are interested in the subject matter of the business. If you have no interest in what you are selling and/or making, then you are unlikely to sustain your business through the difficult times.
  • AshleyWhiteAshleyWhite subscriber Posts: 34 Bronze Level Member
    If you select a business opportunity with product or service that you are passionate about it can be personally rewarding and if you combine that with a lucrative compensation plan with high profit margins it can be extremely lucrative.Overall, the best internet business is one that you are comfortable and have some passion about.
  • BrianJames01BrianJames01 subscriber Posts: 1
    Also, take note that fulfilling an existing demand is always safer than creating a new demand. It is one golden rule that always works for new businesses that do not have the financial muscle to start a farm fresh new concept and convince prospects that they do need what you want to sell to them. It is safer to venture into a business which produces products and services that fulfills a need which customers know they have.
  • HCChrisHCChris subscriber Posts: 3
    These are some great thoughts.
    The one thing I would change is that step 7 should be much earlier, or rather through out the whole process.
    I also wouldn't just read about business and entrepreneurship, just read intelligent material on a variety of subjects. You may recognize opportunities that you would never have seen otherwise. However, that said, it's important to do something that you are passionate about.
    Honestly, the advice about reading doesn't just go to aspiring entrepreneurs, it goes to everyone. Want to to be a more creative problem solver and strategic thinker? Read!
    I was recently inspired by an article about building bridges. You never know what will help you with a problem.
  • katie27katie27 subscriber Posts: 0
    It's what all depends on the person's interest and the funds with him, because every business requires capital or investment to go along. It's always considered to make out a good plan of what all the things are necessary and required before stepping into some business.
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  • tomlarry4tomlarry4 subscriber Posts: 0
    It all depends on your skills and interest that what kind of business you want to start. You can analysis the market for knowing which business can make your profit according to your interest......
  • nicole1nicole1 subscriber Posts: 0
    It is indeed important to consider your interests when it comes to starting a business, It will make the experience more remarkable and you will learn to love what you do. This will somehow lead to business growth and success.
  • jewelrybizjewelrybiz subscriber Posts: 0
    I don't know,I just want to start my business in china,but what should I do there?
  • AshleyWhiteAshleyWhite subscriber Posts: 34 Bronze Level Member
    There are lots of things that you can sell Useful stuff
  • RegalSpriRegalSpri subscriber Posts: 0
    First decide what type of person you are. Are you super analytical and anal, charismatic and a dreamer, stern and to the point, etc... In my opinion, this will help you determine whether or not to go into business for yourself. If you determine that you need a partner, that opens up the flood gate for potential opportunities because more heads are better than 1!
  • TomMooreTomMoore subscriber Posts: 0
    The traditional approach to entrepreneurship is a methodical, scientific process. Generally speaking, the approach consists of researching the market, identifying a need, and creating a business to fill it.
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