by Adebowale Ajose

Created on: April 08, 2009

Selecting Business

Imagine yourself running a business of your choice, with an office, your employees, your products or services; just imagine, is it interesting? Do you feel its going to be a long term business? Do you have the drive to push the business farther it is presently? Question! Questions! Questions!

Selecting a business could be very thickish and complex if care is not taken. The first thing all aspiring aspiring entrepreneur need to put in mind is the fact that the business should be SIMPLE. Don't bite more than you can chew, simplicity will help you manage the business properly at inception. You might what to start more than one business but be rest assured that you have the rest of your life to establish or move to greater and more complex businesses.

You should also be able to tell what your consumers or customers want. So find out what the are saying, what they like, what are there needs these information will help you to come up with a business that will meet their needs. Note your business should serve your community. There is also a need to differentiate between a product and a service. A product is something existing in nature or something produced. It is tangible that is it can be touched while a service is the work provides time, skills or expertise in exchange for money. It is intangible (i.e. can not be touched).

Your business will either be a service or a product or both. Look deep and ask yourself if there are any product you can make and your customers will buy? Or do you have special skills that can make you money? For some who can not provide service or manufacture they have a choice of selling that is buying from manufacturers and selling of to the consumers.

Services are a little bit difficult to render because it involves special or particular skills, however you should consider the following before deciding on which service to render.
What hobbies can I turn to service
What skills do I posses and people around me are willing to pay for/
What do I enjoy doing that I could turn to money making venture.

Competition is also an important aspect of every business. You will need a competition advantage to survive in the business world. Competitive advantage will help you beat your competitors. Note whatever you do better will help you with gaining more customers to your side. There are six factors which determines competitive advantage.
a. Quality- High quality products or services
b. Price- Lower price compared to your competition.
c. Location is also very key. Bad location means bad business and good location means good business.
d. Type of service customers need personalized customer service can you offer these?
e. Speed is also important delivering faster than your compatriot is a key factor in business success
f. Better Service you should be able to provide.

Also consider the following before starting a business before starting

Your business should be legal and not illegal
Your business should not hurt someone else
Your business should not spread negative messages or ideas in the community

Business could be very interesting but you should be careful so as not choose a wrong business concept, this may be very disastrous.

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