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Thursday, 24 August 2017

ENTREPRENEURSHIP: 10 TIPS ON HOW TO CHOOSE THE RIGHT BUSINESS FOR YOU


Have you ever thought about starting a business? May be you have so many ideas and you’re trying to figure out the right one for you. Or maybe you have no idea at all, but you know you want to start a business.

 In this post, we shall be looking at how you can select the right business idea for you.

1.  PURPOSE: does your idea align with your vision? Does it allow you to become more of who you are? Is it something that you can give entirely all your energy, efforts, time, money, so you can make it a success? If yes, this business idea is for you.

A lot of times people see an idea in the market place and they say, you know what? It looks like I can make some good money out of that. It looks like I can be really good in that business right there or in that industry. Or I could be just like that person. But it might just not be your purpose.

Are you called to do that business? Entrepreneurship is a call: A call towards service and non-profit work. In a nut shell, Service to others and meeting the ever increasing and challenging needs of the market is the call of the entrepreneur.

You can find out exactly where your purpose is looking within yourself.  Ask yourself: Is this something that I really want to do? Is it something that I’m called to do?  If so, go ahead and work on that idea.

2.  Know your Personality: A lot of people do not really know their personality and so they dabble into businesses that are at par with their personality.  Knowing your personality helps you find the right business for you without much hassle.  

Find a business idea that fits your personality, something that fit your gifting, talents, skills, hobbies, abilities and your passion. "Where your talents and the needs of the world cross, there lies your vocation." – Aristotle.

A younger sister to a friend has made a fortune with weaving of hair, especially Ghana weaving. She has grown to a point that she makes hair for top professionals, government functionaries, and societal ladies, amongst others.

In 2012, while waiting to go for NYSC, someone invited her to the UK just to make hair.  She came back after 5 months with a whooping sum. Though an electrical Engineer, today she owns a salon and has flits of workers and apprentices.

She developed this skill while in secondary school and became financially independent before she even gained admission into the university. While in the university, she was a go-to person when it comes to Ghana weaving.

A majority of the global businesses were started just by mere considering this factor.

You too can build a successful business out of your personality.  

3. MARKET ACCEPTABILITY: You don’t take what you like to the market; what the market wants. Ask yourself: Will the market accept this idea? Your idea should be born out of customers’ yearnings. It should be a sigh of relief in the market.

Choosing a business that is not sellable in the market might lead to frustration. Avoid it! One might say, “Sometimes you may not know if an idea will really sell, just give it a try.” If you’re in this school of thought, you have to watch it; the truth is: a sellable idea will be pronounced from the onset.

4. PASSION: Select an idea you are passionate about. There is a popular test called “the 50 years test.”  What does this mean? Simply put:  you need to choose a business that can pass the 50 years- test.

A business you want to do for the next 50 years without getting tired.  You need to choose something you are passionate about; it’s only something you are passionate about that you can sustain to that point.  A business of this nature can help you fulfill the highest truest expression ofyourself.

The real question is: Do you love your idea? Is it something you can do for at least 80 hours a week for the next 50 years?  If yes, then your idea has passed the 50 years test. 

5. PROFITABILITY: Ask yourself: Is it profitable? As much as you are not going into business just to make profit, you must ensure it helps you earn the money that you really desire to earn over time, in your life. “The hen that lays the egg must be taken care of intensely.”

What does your industry look like? What do the top earners earn every single year? How do you get started right now to become profitable?

How long will it take you to become profitable? – 6 months, 1year, 18 months, 2 years?  Get all the numbers regarding the business idea you have and begin to understand exactly where all the revenue could be coming in.

This is where market research comes in. When I say market research, it doesn’t have to be an elaborate one. You can do it within your world.

 6. BARRIERS TO ENTRY: Some industries are very hard to penetrate, while others are every easy. Anyone can become a digital marketer or an online publisher; the barrier for entry is very low.

However, if you want to run a Public relations outfit, most likely the barrier for entry will be high; you may need to be certified and this takes some time.  

You must understand how to break these barriers to entry in you industry, if you want your business idea to flourish.

One way is to ask yourself: How to I break into my industry? What are other people in my industry doing? How long did it take for them to get to where they are today? What must I do to become better, in terms of reaching milestones, getting resources, accomplishments, so I can attain the success that I want? 

7.  FLEXIBILITY: Does your business idea give you the freedom you want? Does it allow you to live the lifestyle of your dream or is it another job? Is it another thing you have to do every single day that will become boring overtime? If your business idea does not fit your lifestyle, then it probably will not fit into your passion. Caution:  Do not subject yourself to becoming a slave to your business.

A business that does not fit your passion is not the right business idea for you. But if you find out that this is something you are highly passionate about and you can work for hours on end, day after day, without knowing when time is catching up with you, then it’s the business idea you need to start right now.

 8.  DURABILITY: Ask yourself: Will this idea be around for the next 5, 10, 20, 50 years? Durable businesses are successful in most cases.

The trend in the ICT and Internet business is a pointer to the fact that it has come to stay for a long time. Developing a business in this direction is a sure way of having a durable business.

Since we are all abreast with the fact that  technology changes, you can develop a business in this industry and  change your strategies  often to suit the changing technology, so as to enable your business have a very long life spam that will outlive you. 
  
So, always consider the durability factors when it comes to selecting the right business idea. Choose an idea you can sustain for a long period of time, if you want your idea to be successful.

9.   LEGACY: A business without legacy is just something to get by with.  Something to earn a means of livelihood. You need to think beyond this level.  Does your idea serve people? How many people have gained employment through your business, directly or indirectly? Does it make an impact? Will it outlive you? If so, your business idea needs to be executed; legacy is very important.

The fact is: your business should outlive you. Apple Inc., for instance, has outlived Steve Jobs.  Going for business legacy can make you a trail blazer, a pioneer innovator in your industry.

To succeed at this, you must have the right intentions of serving people and surround yourself with the right people, and then you can find the right idea that can help you build your brand and create your legacy.

Select an idea and work other ideas around it if you must build a chain of businesses.

10. GOD FACTOR: Seek God’s face.  You see, often times people ignore this; it plays a major role in choosing a business. If you ignore seeking God’s face for your business, you may be having ‘arithmetic progression’ in your business when you’re supposed to be having ‘geometric progression.’ Sometimes, ignoring this factor might stagnate or kill your business right from the onset.  

Having every other thing is not enough. Seeking God’s face gives you divine direction and we all know that a man that is being led by God, in any issue of life, is far better than a man being led by his senses. Ask God if your idea is right for you.

CONCLUSION: Time and space will not permit me to talk about all you need to know to choose the right business for you.  Whatever your intentions are in becoming an entrepreneur, you must ensure you have a call to serve a segment of the market, using your personality.

Choose a business wisely to avoid regrets and pain; many have made mistakes in the area and have suffered many ills. When you do, you will be able to create a business that will not only sustain you, but generations to come.

All the same, go through this post all over and again with intent and make something out of it. You are getting it right and succeeding at it!


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