If you are planning to get into business there are two things involved; you either have the money and not the ideas or have many ideas and not the money. If you have the ideas and not the money, you are safe. If you have the money and no ideas there are two things involved; you will either think about possible sources of business ideas alone or you can come we think together.
I should mention here, there is no good or bad business. Whichever industry, sector and sub-sector you consider, you will see businesses that are at the top of the ladder and others at the very bottom. Some say that it is not so much the enterprise rather the entrepreneur that matters. The simple rule on choosing which business to venture into is that there are no rules at all.
Most businesses emerge from these 6 possible areas;
- Natural/Acquired Talent
It is said that we are all born with one. However, the challenge with talents is twofold; first, discovering what yours really is and, secondly, nurturing and living it up. For most of us, we have been exposed to the very narrow definition of talent being sports or performing arts. However, talent can be anything you do without much effort and the results come out impressive. You either know it or have heard your family and friends mention it; your cooking, your sewing, your easy-going nature with kids, people coming to you for advice, your singing, your writing etc. Just about anything you like doing and does it without much sweat. If you can get to pinpoint your talent, then you can find ways to commercialize it by starting a business in line with it.
Do you know those hobbies and interests you have? Someone is doing them and making money. Your love for cars, clothes, foods etc. If they say there is no love without money, then figure out how you can make money out of the things you love. I know you know people that have done it.
A good education and professional training potentially clears your path for business. Some people initially work for others and gain market knowledge. A lucky few are able to jump straight into business. Either way, in most cases, people either end up starting a business on an area they are trained and qualified in or others first start their business and later seek the training and qualifications. All those people running small accountancy and consultancy ventures, small play-groups and elementary schools, small clinics and hospitals etc. Whatever you to trained for, someone is doing it as a business and making great coin while at it.
- Market Opportunity
There are people who are blessed with that sixth sense of sniffing opportunities before others even realize they are there. Such people will quickly notice something lacking or something that is being done poorly in the market. You know those guys who will land into a small town and quickly notice that there is no wines & spirit joint, no cyber café, no dry cleaning and laundry outlets etc. You have also heard stories of people who started their catering services because they got pissed off with bad food served in an event.
- The Copy Cats
For most of us, it is all about copying what others are doing. We do not want to be the first ones to take the risks of venturing and learning the hard way and would rather wait for others to pave the way. For such copy cats, they hardly even have the guts to innovate around the idea. They just copy and paste sometimes saturating the markets and quickly drying the profits out of it. This applies to the many businesses with very low barriers to entry. Bodaboda, M-Pesa, general supplies, etc.
There are people who have to do business to survive. They don’t care whether it is the right one for them or even if it will make them money. Most of these business are retail in nature. Those hawkers today selling fruits by the roadside and tomorrow they are selling sweets in traffic. Others will be in the business of brokering whatever it is the get opportunity to broker to make a coin. It’s about the hustle. Buy something, sell as much as you can. Make enough to survive for the day. Tomorrow we will see what to do.
There are many other possible ways people get business ideas. Please feel free to contribute in the comment section below.
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