Two third of the adult population of the world feel they should be in some sort of business. Undoubtedly, business seems to be the most alluring prospect for most if not all of them. The question facing them, however, is how to choose the right one. I am listing below in point form ten parameters on the subject of how to choose the right business:
1. Love: Unless you are really in love with a particular type of business never get into it. You must love it with so much passion such that, the business turns out to be an obsession for you. For example, if you really love gaming then casino is a better choice
2. Interest: There is a fundamental difference between love and interest; love may be blind but interest is always rational. An interest gets you rewards, financial or otherwise. For Example, you did geography in your college and very much interested in that subject. You can choose wide range of businesses from maps production to producing films on wild life. Just look at the National Geographic Magazine
3. Strengths: You have to choose a business that optimizes your strengths; assume you have a tendency to judge people and feel at home in talking to them and/or working with them. The business of head hunting would suit you fine
4. Skills: You know skills are manifest forms of strengths and could be applied in a situation. Let us assume that you have mathematical skills along with problem solving flare and being computer savvy you can easily start a software house
5. Personality: Personality is a great arbiter in choosing right business. You are an extrovert personal; never fails to wear that broad smile on your lips; always attentive on the whims and fancies of others. In your case running a stall in a supermarket is an excellent proposition
6. Lifestyle: This aspect varies a lot from person to person. Assume you are an outgoing person; has a flair for fashions; typically a ladies man. So for you anything between fashions to perfumery would work well
7. Family Background: Over generations families develop what we call as genetics. These include manners, behaviour, predilection and choice of vocations etc. If your family background is in growing vineyards and being conservative with a healthy respect for traditions then it is better for you to start a vintage liquor business
8. Networking: People who have countless contacts and have the ability to befriend many more are good in networking. If you fit this bill, then get a business in advertising or distributorship of consumer items
9. E-Factors:
Education: A business that you choose should uplift your educational qualifications. Furthermore, you should do something commensurate your status. Never go infra-dig and start sundry businesses that spoil your name and status. Good example is an MBA should never choose a Xeroxing shop
Experience: Always optimize your experience in case you have worked somewhere before you thought of going it alone. If you have worked as a journalist, it is easy for you to select magazine publishing
Exposure: A combination of education and experience applied in a given situation is known as exposure. You can have exposure to people, matters, or specific agendas. If you are exposed to areas of high level negotiations in political or diplomatic field you should find a consultancy on crisis / conflict management
10. C-Factors:
Capital: Business requires a whale of a lot of money. Always select business that can run at-least for the first year with low level of capital contributed by you alone
Cash-Flow: Unless the expected cash-flow from business is sufficient to meet your personal expenses never get there
Cosmics: Finally cosmics make you the successful businessman in a particular field or sector. Cosmics are aspects residing within you shaping and influencing your business though these are un-seen and un-noticed by you. If your cosmics dictate that you should open a jewellery business do not get into a business that sells shoes.
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