| Business Investment - It's the Hardest Task
Hobbies are a great starting point to draw inspiration from when it comes to looking for an idea to start a business online. Just take a moment to do a search on Google and you'll be amazed. Do you have an area of expertise to expand upon? Do you have some knowledge about this industry which you could turn into profit? If you answer yes to the first couple of questions, then you better keep talking.
As for the knowledge question, you know I'm talking about doing some research and then forming a business idea based upon what you've learned. The key is to do your homework. Formulate your ideas and then do your research to validate my conclusions, formulate again, and then start putting your business idea into action. This is what I mean by going with your instincts. Don't rush. Don't go off blindly. Do your research. This will save you a fortune in wasted time and money. The best advice I can give would be to be patient and have fun doing it, it really isn't hard at all.
There is one thing which you should also be aware of when you're forming your business idea and that is that your first business idea is by far not secure. I would be more concerned of you starting your business idea on the run. Like a rabbit in the headlights. It's like you've forgotten what you were doing before. And that's what makes it so exciting. It's that feeling of freedom, that feeling of having a go at something new, a new thing that you've never done before. And that should make you even more determined not to go wrong.
I've said before that if you want to have your own business you need a few basic skills, but the biggest skill you'll need is persistence. When you're first starting out, persistence is a virtue you'll find yourself displaying a lot. In the following months I would be sharing with you the things that you need to do to start your own business. Like setting up your website, advertising your business, finding suppliers etc. But I would also be sharing the worst thing you can do to your business - procrastination. Like if you don't have the money to fund your business in the beginning, or you don't like the business proposal that's coming your way.
> As you're forming your business idea, or talking to business brokers etc., I would also be saying "don't procrastinate". Like you should be putting together a business plan as soon as possible. But like you should also be happy with the business proposal you're putting together. Like you don't want to waste money putting together a business plan then realize that you have no money. Like you don't want to put together a business plan then realize that you have no funds to carry out the business plan. And even worse if you're in a situation where you have money, and don't know what to do with it, and so you start procrastinating. Procrastination is the worst thing you can do to your business as you'll end up losing money rather than making money.
But you can do these things. But you mustn't do these two things -
> Don't start your own business if you don't know where to start. > Don't start your own business if you're scared..
And this is what I've told you to avoid. Because your first business will be your worst failure if you procrastinate. This is one of the reasons that the first couple of months of your business is the hardest. If you start up a business and procrastinate, you're guaranteed to lose money rather than make money.
But you can do these things.
You mustn't do the things that cause procrastination. The two things that are the main cause of procrastination is:
1. Not writing a business plan - Writing a business plan is the hard part. Writing a business plan is writing a boring task. You're supposed to sit and think, write, and write and write. The more you do the more you'll understand, the more you'll come to realize what it is that makes a business worth investing in. You're supposed to write as if you know absolutely nothing. But you won't write, you won't understand, and you won't conclude, then you will write again. But you won't understand, you won't conclude, then you will write again.
2. Having no money for capital - Having no money for capital means you don't have access to the funds to finance your business expansion as you're required to have.
This is why it's so important to put a business plan into to action. Having put a business plan into action, then the business plan that is contained in the plan is the business plan that will enable you to realize your dreams and ambitions. And this is what gets you from where you are today to where you want to be as an entrepreneur.
1. Investing in your business - Investing in your business is the hardest task, I assure you. When you start a business, it's like putting your eggs all in one basket. And it's hard to tell where the basket will eventually end up, when you're in the beginning stages of the business. So to make it to the end of your business, you have to think outside the box.
The truth is, there is no one-size-fits-all formula for investing in a business, but it is imperative that you think long and hard before you invest in any business that doesn't allow you freedom of movement. That's not to say that you can't grow a business if you have one, but it will not happen if you're stuck in a business that restricts your movement.
So to become an entrepreneur, you have to have enough money to make things happen. If it's not there, don't do it! That's the bottom line. |
