Tips To Choose The Best Business

Hello folks, welcome to the 4th edition of “Entrepreneurial”. After the overview of “Entrepreneurship”, we will be moving towards how to choose the best business in the market according to your skills. Not wasting time, let’s start!!

Tips To Choose The Best Business

Tips to choose the best business in the market

 

     Hello folks, welcome to the 4th edition of “Entrepreneurial”. After the overview of “Entrepreneurship”, we will be moving towards how to choose the best business in the market according to your skills. Not wasting time, let’s start!!

 

There are several steps in choosing the best business according to your skills and requirements,

 

  1. Follow your passion

    The best option in starting entrepreneurship will always be following your passion. And choosing the work which you always loved. Someone said, “If you love what you do, it is not work anymore!”. If you are looking to start a business for the long run that suits your temperament, strength and lifestyle you want, you must choose a business that you love.

    One can start a business of anything. Don’t be afraid of what people will say and of the outcomes, if the efforts are genuine the result will be in your favour for sure!

 

  1. Be real

     Doing business is always a mind game. Individual interests and expertise in mind is very crucial. Always having a bloodless look at the relevant marketplaces will always have a favour for your start-up. Be strong and Bold and Be real(to yourself)!

   Be real to yourself means business is a true mind game, never show all your cards. Be a bit conservative. That will surely help.

 

  1. Survey the competition

     Always study the already established businesses that have pre-occupied the space you have chosen to hop in. Established businesses give us proper idea of business opportunities that make more sense. If others are doing good at it, it is a good sign for you. And afterwards, the most important thing of all is, being different than them in product or service that will make people fall for your products and services being profitable to you. For example, in the market there are several types of instant noodles, still Maggie has topped the competition. Reason being different from the competitors.  

       John Lillegren, for example, knew full well that candy apples weren’t a new idea. But the co-founder of Amy’s Candy Kitchen in Cedarburg, Wisconsin, figured that he could create high-end candy apples that would have gourmet appeal, based in part on trends in the candy business. And now, Amy’s $14 high-falutin’ candy apples – with names like Gourmet Pecan Turtle Caramel Apples with Dark Belgian Chocolate – have been featured on Food Network and are flying off the shelves.

 

  1. Make a lifestyle choice

    If you love the kinds of activities your business would call upon you to perform but it would require 24×7 commitment from now as far as you can see into the future, you may want to think twice. Don’t let that Life Plan get put on hold for a business plan. Your dream business could quickly become a nightmare.

    At the same time, make sure you choose a business that fits the kind of life you lead, or would like to lead. If you enjoy being solitary, select something that allows you to work at home. If you enjoy community activities and interacting with stranger, a retail operation of some sort might be for you.

 

  1. Be aware of your risk profile

      Your tolerance for adventure in a new livelihood is an important component in choosing a business.

If you create a truly revolutionary concept, the upside of your business could be tremendous – but with the potential for success, the risk involved goes way up as well. There are usually fewer variables and risks involved in replicating a business idea that’s already in the marketplace and just needs a little tweaking for differentiation.

      This risk reward scenario is perfectly illustrated when you purchase a franchise. This is one of the lowest risk approaches to sewing your entrepreneurial oats, but also may be have a capped potential reward. Open for Business, being a franchisee means the franchisor will typically be skimming profits from your hard work.

 

These are some of the tips to choose a business. More Tips to come in next article. Stay Tuned and Hit the Like Button!!