What Kind of Business Should You Start
You want to start a business but you do not know what kind of business you should start. You are overwhelmed with with all the options available out there. I can understand how you must be feeling because I, too have suffered the same trouble. I was sure that I wanted to start a business, but didn’t have any clue as to which business should I start. I was very confused & remained like that until I found the answer to my questions. But, you don’t have to remain confused, because I shall tell you what kind of business you should start & that too from personal experience.You Should Start A Business That Solves A Problem or Meets A Demand
I too had this question in my mind. I too was confused as to which business should I start. Then an idea clicked in my mind. I saw that thousands of people start a blog each day to realize their online dreams but only 5-10% of them are actually successful. There is no dearth of companies that would help you start a blog but I observed that there was not a single company out there which would tell the bloggers how to make their blog a success. I saw that a problem existed. Hence I decided to come forward with a solution.
I started a web hosting company that not only helps people start a blog but also provides training to make their online venture a success. I did not have a million dollars to start this company. In fact I started this company with a very small amount. However, this small start up is solving one of the biggest problems in the online world.
You Should Choose That Stuff In Which You Are Knowledgeable
There are hundreds of problems in this world which need immediate solution. However, they belong to areas in which, either. I have no expertise or; those areas in which I have expertise but the government might not allow me to solve them. I wish, government of India gave me the permission to build a better online reservation site for the Indian Railways.
Now, I have to choose a business in which I have expertise and which the government will allow me to pursue. Blogging is an area in which I am an expert & there are no restrictions from the government as well. Hence, I decided to solve the biggest problem this area faces – Proper guidance.
It’s Difficult To Find Success When You Are Competing With Others
If I went head on to compete with the giant hosting companies like Hostgator or Bluehost then they will crush me in just a few days. However I am not competing with them. Their business is web hosting. My business is helping others realise their online dreams. We are in the same industry (web hosting) but we are selling different things. Hostgator is selling web hosting & I am selling the online dream.
I knew that I wouldn’t be able to defeat Hostgator in it’s home ground. Hence I decide to play it in my chosen territory, where it will become impossible for the giant web hosting companies to beat me.
What Should You Do?
You need to build a business in an attempt to solve a problem which no one else is addressing.
Or,
It may happen that others are addressing the problem but the solutions provided by them is not satisfactory. Here you have the opportunity to address the problem in a more creative and efficient manner.
For example, Google came out with a better solution than Yahoo & Alta Vista. Larry & Sergey were still pursuing their education when they noticed that Yahoo & Alta Vista were not providing satisfactory search solutions. Hence, they decided to come up with a search engine which would offer a better solution than Yahoo & Alta Vista. At that time Yahoo was a giant with millions of dollars in their cash reserves & the Google guys were almost penniless. Still they managed to build a solution that would make them invincible kings of the online world. Today, you stand at the same place where the Google guys stood a decade earlier.
Final Criteria – The Business Should Bring Fun
People have this misconception in their minds that business men work hard because they want to earn more. Nothing could be further from the truth. I am a business man & I wouldn’t deny that profit is a concern. However, it is not the most important concern. I work hard for my business because it makes me happy. For me, it is more exciting than watching cricket. If I didn’t have a family, I would devote 18 hours a day to my business. Not because my business needs 18 hours. But because I am addicted to my business. It gives me happiness. It makes me complete.
So, choose a business that would bring fun with it. If your business does not give you happiness then it is not worth pursuing.
All the best.
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