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Once you decide to take the entrepreneurial path, the next vital question that you need to address is “What type of business do I start?” This article seeks to guide you through the process of choosing your business, how to figure what you exactly want to do.
But before we get started, let us clarify one point upfront. You might wonder whether this is a good time to launch your business. The reality is that there’s never a bad time and ‘NOW’ is as good a time as ever to start your entrepreneurial venture. While it is smart to launch when the economy is looking up, it is equally intelligent to get started when the economy is not doing its best. That’s because it gives your business a better shot at getting noticed and accepted. With that, let us cut to the chase:
1. Respect your passion, play to your strengths
Self-discovery – that is where it all begins. If you are selling a product (or service) that you know about and are emotionally connected to, you automatically amplify your chances of winning.
Look around and you'll f nd that all businessmen who are successful are also enjoying doing what they are doing. They are getting to use their natural talents and passions at workplace that puts them ahead of their competition.
Your business should be a ref ection of who you are. The nature of business has to fit your temperament, strengths and the kind of lifestyle you want down the line.
Also, during tough times, that will undoubtedly come; you will have the motivation and creativity to think outside the box and develop unique solutions that will put you a step ahead of your competition.
Playing to your strengths is fundamental to cracking the code to success.
2. Find the right customer
‘You are in the business of finding the right customer’ it cannot be any closer to the truth.
The nucleus of your entrepreneurial activity should be to talk to the right customers and satisfy them in a way that they come back to you again. The more clarity you have about the ideal customer, the more effective and focused marketing efforts will be.
Here are a few tips to help you identify the best customers for your business:
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