Once you have decided that starting your own business suits your abilities and is what you really want to do, then you need to consider what sort of business you are going to run. In fact you may have thought initially of the business you wanted to start and then considered if it was the right step for you. The basis of your business is a business idea – one that is likely to be viable and, when put into practice, will give you a good quality of life in more than just financial terms. You might think that coming up with such an idea is purely a matter of inspiration, with the lucky entrepreneur waking up in the middle of the night with the plan fully formed that will make him or her into a millionaire. That happens on the odd occasion, but it is the exception rather than the rule. Often chance throws up a business opportunity, but the real skill is in recognizing it when it happens and then having the courage to do something about it.
Deciding what your business is going to do usually requires a good deal of hard thought and careful research. When you have come up with a business idea, subject it to broad and detailed scrutiny; develop the idea as far as you can to get a feel of its essential viability The importance of finding a business for which there is a market need cannot be stressed too highly Anyone can start up a business, but if there is not a sufficient need for its products or services then that business will fail – all too many businesses go under simply because there are too few customers. Your business idea will have a better chance of success if you can develop a “unique selling proposition” (or USP) – a product or service that customers cannot obtain elsewhere. The whole business does not need to be unique, but you must offer something that is different, such as the style or speed of your service, or the manner in which you package your products. If your business idea passes this basic test, then you can undertake more detailed market research to help quantify and remove some of the risk of starting a business.
Think also at this stage about your business status: will you work alone, in a partnership, or as a limited company.
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- Take and Keep the Lead (Continue..)
- The Follow-up: What Do You Do, Or Not Do, for an Encore?
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