Raket Science

Many people wanted to have a business but they don’t know where to start. No matter how small a business venture is, the importance of planning can never be underestimated. Here are some of the things that should be taken into consideration before deciding on the kind of business to invest in.

1. You have to have the passion. You have to love what you do. Passion will help you stay the course no matter how many challenges you face along the way. Most people started out in business because of their hobbies and interests. Finding your passion is already winning half of the battle.

2. Know what the market wants. It’s not enough that you have interest in offering a certain product. It must be market driven. The market must want to buy that product otherwise there’s no reason for you to be in business. You don’t need to commission a full blown market study as this would entail cost. A simple market sensing such as asking around your target market or searching the internet for the latest trends in your target industry is better than plunging into the business without knowing the potential of your product.

3. Availability of resources. Is labor and raw materials readily available? Do you have the appropriate technology? If not, would you be able to acquire such at a reasonable price? Do you have the financial resources to back up the business? Most businesses experience loss during the first two years of its life thus you should be prepared for this.

4. Competitive advantage. You must also consider how your product or service compares with competition. Is your price competitive? Is your product of better quality? Is it accessible to the buyers? Can you comply with the regulations set by the government in your target industry?

5. Support System. If your target venture is a priority sector for the government then it will be a big boost for your business. This means you can easily access technology, incentives, financing as well as marketing support. Likewise, the presence of an industry association is to your advantage since it will provide you a venue to discuss issues concerning your sector as well as leverage with stakeholders. An industry association has the bargaining power that individual firms lack.

There is no single formula that will help you become a successful entrepreneur. Business is a gamble so play your cards well. Don’t be afraid to fail but only gamble what you are prepared to lose. You can only learn to swim by getting in the water so try your hand in business until you learn the perfect formula for you.

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