Choosing the right business is the first step to entrepreneurial success. Small Business Administration,
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Dr. Irving Burstiner,
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The first school of thought focuses on the amount of resources that you have. The kind of business that you start depends on the amount of capital you can raise. If you have deep pockets,
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You may have a wonderful concept for a children bookstore with play and storytelling sections for kids, and a coffee shop for the adults. That kind of vision requires vast amounts of capital from inventory, lease, furnishings and store dcor. If you cannot finance your vision, you may need to downscale your business and instead find ways to start on this route but without the expense. One way is to start an e commerce site where you will not have to pay for furnishings,
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2. Novelty and Excitement
Another strategy for selecting a business is to start one that is currently hot, hip and new. In the Philippines,
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You can join in the fray, and start a business that has already proven itself to be a moneymaker for others. However,
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3. Safety in Numbers
As a new entrepreneur, you may also consider a business that has already proven popular, dependable with consistent demand, and can be found everywhere. Common businesses include eating places,
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Well, not always. There is such thing called over saturation. A small town may be able to accommodate only one gift shop. Add another one and you may be stretching the market too thin, and end up in the dustbin.
4. The Fewer, the Better.
On the other side of the spectrum from those who believe in safety in numbers are those who think that they are better off in a business with fewer competitors. This is the idea behind the strategy of focusing on a market niche, which has proven to be apt, even a lifesaver, for many small and home based businesses. Niche entails offering unique products or services to a few concentrated markets.
5. Rapid Growth
You may also want to start a business that has enjoyed fast growth in the past years. A rapidly growing business sector, where many new businesses continue to operate, shows that there is great demand for the product; the market can absorb new entrants; and if by looking at the size of businesses operating,
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Using data from the Bureau of Census, you will find that the sectors that enjoyed the most rapid growth from 1972 to 1987 include the following: Gift,
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The sectors that saw a decrease include: Drinking places (down 17%); Household appliance stores (down 15%); and variety stores (down 5%). The reasons for the shrinking number of businesses in these sectors include overcrowding and declining customer interest and demand.
6. Failure Rate Method
You may check the businesses with the greatest number of failure record. This report is not merely an estimate; but represent complete tallies of business failures. D defines business failures as those that operations following assignment or bankruptcy; ceased operations with losses to creditors after such actions as foreclosure or attachment; voluntarily withdrew leaving unpaid debts; were involved in court actions such as receivership, reorganization or arrangement; or voluntarily compromised with creditors. 1997,
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7. Biggest Payoff
Another logical choice for choosing a business is to look for those that yields the best return on investment. This approach involves through the operating results for different business types to find those with high percentages of operating profit. This report offers financial statement ratios of small and medium sized businesses on about 600 industries. The book costs $145 for non members, but check with your local library if they carry the publication.
Whatever business you decide to start, the key is to put up an enterprise that fills an unmet need of the market and to look for new niches to dominate.