I had to continue on the topic of choosing the right business to start because I think I made it sound a little bit scary. I mentioned in Part 1, starting a business is hard and that there are more chances of you failing than there are of you succeeding. So I couldn't just leave it at that. It's goes against my nature. I am here to inspire!
Having said that, you have found something that you are PASSIONATE about... What now? Is it definitely the business idea to pursue? Will this one put your name on the map and leave a mark where you passed? Will this one be the one?
Well... not exactly! You need to do research and BE REALISTIC. Do people need this service/product? Will they pay for this? If they pay for it, how much will they pay? Will I make a profit? Will I cover all costs? How will you get people to buy your goods/service? Are there dominating competitors? Can you offer a better service/product than existing businesses? How will my business be different?
More often than not, aspiring entrepreneurs fail because they did not look realistically at the market, competitors and basically the whole business idea. One good way to make sure you do not fall prey to this is to make a detailed business plan with an analysis of customers, suppliers, competitors and any laws that apply to your chosen business. While you draw up this plan and analyse the information, consider if this really is the idea that represents a solid business opportunity.
Be passionate. Be realistic. Be inspired!
Vongai C Mudzamba
Co-Founder Zimbabwe Entrepreneur Zone
I am and always will be inspired to inspire.