How to find the right business for me ?
The Entrepreneurial world is changing the way globally, Most of the people needs to start a business, but not just want. We knows that Globalization eases anyone not only for the business, that gives the powerful information.
We can tell ourselves that, ‘ Need Money to start ‘ or ‘Not‘. Starting a business needs Nothing. It simply comes with a profit margin and a volume. Road side vendors are creating a successful business than Business owners who had spent a thousands of dollars. So, business needs a little courage with better confidence.
Again i am telling to you, Business is nothing but a combination of Margin and a Volume. Here i will tell you, how to find the right business for you or choose the right business for me. There is a plenty of businesses and business models available there, as you can see by these technology, called Internet or Google 🙂
Many business available may helpful to create an online content like this, but finding a right business for you is Essential. Most of the successful entrepreneurs and their books will tell you, ‘ Fail more, Fail better’. So, one cannot easily get succeed in the business. But, you need a business which one suits for you and also to reduce the percent of fail on that business. You cannot avoid the failure, but you can reduce.
- The first and the primary thing for the finding a right business, is to ask yourself – What do i have or What i know ?
- It tells you the knowledge of yourself, that can increase the interest of doing the business. It just blends with creativity and desire.
- You can also ask your friends, colleagues, neighborhood about your role – on which things or area i feel better ? It may be i am a good speaker, Information collector, Physically hard worked, good at art or help for someone.
Selling Products or Ideas ?
- There is a business which classified into two Categories – Products and Ideas. Products are basically a tangible like Grocery, household appliances, or automobile. Ideas are not having the physical presence and Ideas are like Information, Knowledge, Bank deposits, Shares or Insurance.
- Tangible Products are easily understandable for everyone. So, it’s some how easy to sell. Customers for these products are vastly available in the market. But, the profit margin would be low due to the competition or Volume.
- On the other hand, Ideas are difficult to understand for the common people. They may not interest to get the information rightly, not easy to learn about stock market, or any insurance terms. It is a hard task to sell these ideas to the public, but the profit margin is high and the technology also helps to market today.
Which one would i choose ?
- Coming to an end – Products are needy and regular use for the people and you can make customers easily. You can get a volume of sales, but with a low margin. So, there is a regular sales with a low profit margin.
- Ideas are not like a daily product, it needs by yearly or one time in a life. You cannot create more volume of Sales. So, it’s not easy to sell regularly and easily, but you can get a good profit.
- Products are commonly grocery, fashion, appliances that we can see daily in the market. So, someone may get boring to sell these regular or day-to-products, as you cannot change anything immediately.
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- Ideas are new and things with creativity and it is purely with information and knowledge. You have to make people need to understand the Ideas. Ideas are sometimes available as a product like PDF, E-Books, or any electronic documents. For selling the ideas, you should be learn quickly and update the required information.
- Another important thing, you have to take the Risk Tolerance. Risk Tolerance is understanding your ability and willingness to take a percent of Risk. So, how much risk do you afford for the business ?
- If you are willing to take lower or moderate risk, you can better choose the Tangible Products. So, it is somehow better to manage your risk and make few profit on sales.
- Are you ready to take high risk ? – Yes, you have the ability to find the path of your business on Ideas. Ideas are business, generally for the high risk people.
The Final word is better to start early after choosing, Fail early to Succeed sooner. Don’t wait for the things – Money, time, good team. Start with a small !
Kindly share your views / comments with a smile 🙂