4 Practical Ways To Choose The Right Business For You: Why should you spend time and choose the right business for you? Let’s start with this data.
Bureau of Labor Statistics’ Business Employment Dynamics report says:
- 20% of SMBs fail in the 1st year.
- 30% of the small businesses fail in the second year
- 50 percent of businesses fail in their first half-decade
- And only 30% of the business survive after 10th year
The figures are horrible, and it’s worth understanding. Why do businesses fail even after the fact that every business was started with a great passion?
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Researchers have found many reasons, like,
- Lack of finances
- Lack of expertise
- Lack of resources
and a few others. Along with all those, the most important reason behind the failure of a business is lack of interest.
That simply means you didn’t choose the right business. So it’s worth reading to understand which business is the right business for you that you won’t leave at all.
Practical ways to find the right business:
When you want to achieve anything in life, definitely, you have to follow a specific pattern. For example, you can’t cook food shaking in the blender. Isn’t it so? You have to choose the right path to cook your food.
So is the case in every aspect.
If you want to choose the right idea for you, you will go through the same process that everyone else does. Here are steps to find the right work for you.
Be clear to yourself
No one can lie to himself. It’s a fact. So while choosing the right path, you should take some time to know yourself.
- Why do you want to do that?
- Why a business?
- What’s the purpose behind all this effort?
Ask as many questions as you can. And answer those questions, sincerely.
Don’t be shy to accept that your topmost motive to start a business is financial growth. No problem, there is no shame. Every business was started to make money. And it’s must be your priority. Because if you’re not making money from something you do, you can’t do it for life.
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You definitely need some motivation to do anything. The topmost motivations are money and fame. And in business, you don’t get that much fame. So the other best option is money.
Along with that, what else pushes to start a business? That’s really an important question.
Once, someone asked Steven D. Strauss a question, “Which business should I start?”
He questioned, “What’s the purpose for your business?”
The man replied, “To make money.”
Steven said, “Do anything.”
Yes, that’s true. If your purpose is just to make money then you can do anything. That’s why it’s better to think about some other reasons that will help you choose the right thing for you.
Know your interests
I know, it’s a bit harder to know the strong reasons behind your business. That’s why I jumped to this step that will make it quite easier for you.
The strongest reason to run a company or an organization can be your own interest. So the following questions will you figure out your interest.
What are you into?
Do you love that?
That’s the right career for you.
For example, you have been a chef in a hotel and you really enjoy making great meals, serving them and getting appreciation. Then instead of starting a software house, it’s better to start a restaurant.
Sometimes, we have two or more interests. And it’s hard to decide which career can be the right one? In that case, you should get a job in all those fields. While working in those fields, you will realize what’s really for you and what’s not.
Making a long story short, when something is distracting you, just dig into that matter. And you will know it’s value.
Always choose a profitable business
As we discussed earlier, the main motive of any business is either money or fame. Fame is a different thing that really doesn’t belong to the business, other than branding. Although, branding is the most essential thing in this era,, still, that won’t satisfy your inner self.
Ultimately, you will look for money.
And if you don’t get money, you will leave that business or sell that company.
That’s why it’s not a decent way to start any business. There can be many businesses in your interests. You should always choose profitable ones. For example, while choosing the right career you should study all the most profitable businesses and choose the right one for you.
So that you don’t regret later – as we mentioned earlier.
You found a list of most profitable businesses, you selected one, is that over?
This last step is also an essential one to start any kind of business.
For example, you start a website or blog where your focus is to get more and more traffic, what should you do?
Your focus should be to research the market and how competitive your topics are. Can you compete on those keywords are not?
So in the case for any other business. While starting any field, you must keep in mind whether you can compete in that field or not.
If you believe that there is a space for you and you should take a risk, then jump into it. Don’t think over and over. Otherwise, you will lose confidence.
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The only thing you should keep in mind is to be realistic. You should never forget that you’re gonna jump into this field for a race and all others are your competitors. After launching yourself, you will have to complete all of them.
If you still believe that your competitors lack a few qualities that you possess. That simply means you can provide market products with greater value and at affordable prices, then all the market is yours. Otherwise, you’re gonna give yourself a really tough time.
Let us know which businesses you decided to start?