No Clue as to What Business to Start?

October 2, 2012 | By | Reply More

The thought of starting a business can be daunting and frightening – even for those who eventually succeed. Self-doubt, insecurities, and fear often serve as stumbling blocks. They feel that they are not good enough, not creative enough, or not smart enough to run a business.

business mistakes

More so if they do not know what business to start.

Many would-be entrepreneurs are at a loss as to what kind of business to start. They daydream of becoming their own boss and controlling their financial destiny, but don’t know what business will get them there.

Their greatest fear is that their business ideas may not be brilliant or acceptable enough. They are afraid that their products and services will not have enough market to sustain the business. They are afraid that chasing after their dream of becoming their own boss would only lead to failure.

Is this fear justified?

Of course! But then again, there are many good ideas out there. Believe it or not, clever product and service are dime a dozen. Most of us have at least one good idea, but these ideas often never get implemented.

Studies in fact show that lack of good idea is not the primary cause of the failure of many small businesses. Businesses fail because of the entrepreneur’s lack of preparedness. Many entrepreneurs start a business, not because they have a business idea that can be profitable; rather, they are dissatisfied with their present state of affairs. They may be frustrated with their current job, or have an urgent need for additional money – that they’ll jump into any business venture without first checking it out. Without carefully investigating the business, it would seem like “jumping from the frying pan straight to the fire.”

Where can you get good business ideas? Searching for new ideas and concepts is a formidable task. Some ideas spring forth, fully formed. Others simmer for years, waiting for the opportune moment.

The business idea for you may lie in your previous work experience or your familiarity with the daily operations of a business.

It may be a result of your side activities, hobbies or other interests. Many entrepreneurs consider business ideas that will provide the greatest likelihood of meeting their desire for personal fulfillment.

Business ideas can come, not from your interest level or experience, but from after a thorough analytical search. You can look at the potential profitability of the business, and determine the comparability of the business with both your investment and income goals. Or you can study the projected growth of the industry to see if the business can commensurate for the level of risk it require.

Starting a business from scratch is not something that can be done on a whim. But there is nothing better or more fulfilling than starting a business from your own idea, and seeing it grow into a success.

Recommended Books on What Business to Start:

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