How You Can Choose The right Business

business

Everybody is dreaming of becoming a CEO one day, owning a business they can call their own but very few actually know how to go about this and some people has managed to start something but they find it difficult to run, they can’t make profit from it and they work harder now than when they were working for someone which was why they left their jobs to build a business of their own in the first place. There is a better way to go about all these issues and I will throw light on them here.

1) NEED
          Many people choice the kind of business they want to get into base on their personal reasons, maybe the spoke to some guru who convinced them to “Do what they like”. The problem here is that you’re been naive and not logical. Before you open any business , you should take a look around your environment and ask yourself what the people there need that you can provide for them, what is being not use properly that you can introduce in a prepare way,What is difficult to use or access that you can simplify. These are what you should base your business on not what you like, freaky speaking nobody care about what you like or what’s your dream business was all they need is who can solve their problems.

2)  HOW BIG IS YOUR TARGET MARKET?
          No matter how cheap your product or how high the quality of your products they are all account for nothing if you can’t get people to buy them. Your vision for your company should be to be able to expand to the whole world. Let’s take a shop in Lagos for example how much do you think that shop will be able to make a day? Do you think that shop can make the owner retire before before his/her 40s?? The answer is NO because the owners vision is just based in a small area but if he can expand and open more shops in other shops in other cities, the owner will definitely retire very early. The law of effection state that the more people you help the more money you make. So if you want to make millions you have to put your product or services in million of people’s hand.

3) TIME
          Many people start business hoping to have freedom but they end up working 10-12 hours daily. They do this because their profit is based on the hours they are opened, this way time is working against them. What you should consider before starting business is how you can make time work for you, how you can detach your self from your business and keep earning money. The difference between Dangote and other business owners is that he was above to create a system were he stay home all day and still get paid for 24 hours while others try to work more hours so they can get more profit, Dangote is at home drinking Hennessy and watch Arsenal and still making more money than them. They are entrepreneurs but time is working for some and working against others.

4) CONTROL
          Control is very important as an entrepreneur because you can’t be an entrepreneur when your company is dependent on something above you. Let’s say Google adsense for example, if you make a reasonable amount of money through them every mouth and your blog is mostly dependent on google, what if they decide to cut you off? Won’t you be left for dead? Will you still get that amount of money monthly? These are why depending on anything out of your control is bad news which we must all  run from..

          I believe with this four reasons you might be above to choose a good business to invest in or redirect you business if you have one already on a good road..

written by Aloaye Collins Otsu

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