by Kawanguzi C Japheth
The secret to the secret of business.
Business is probably one of the most spoken words by man all with the greatest ambitions of becoming very successful in a given business. But one may ask, What is business? Well from an entrepreneur’s point of view, business is a prospective idea that can be turned into a profitable venture. Notice the words prospective and profitable. These are big aspects that make up a business. The implication is that one should go into business with the idea of making profits. There are various business ideas. One should look for the best because only the best is better than the rest. Remember to achieve things you've never achieved before, you must be willing to do things you've never done before.
There are various sources of business opportunities. The choice of business is one single important factor that determines the success or failure of a business.
Some factors that can be considered in selection of a business opportunity include,
• Your interests, abilities and expertise. We all have a sleeping giant with in us. The difference is some of us wake it up and exploit it while the rest leave it to sleep for a life time. In advancing into business it is vital to progress in a business where u having interest and love. That way the business will be more pleasure with the bonus of profits and not simply a way out.
• Peoples problems or challenges. Hard as it may sound peoples challenges and problems if analyzed in their different diversities will offer prospective business ideas.
• Gaps existing in the market. This entails exploitation of things that are highly needed in society but for one reason or another have been left neglected.
• Discussions with fellow colleagues. This will develop a lot of ideas of prospective ideas that can be turned into profitable ventures.
• Resources existing in the environment. Every resource in the environment has a capable exploitable business opportunity. The trick is to find the best idea from the numerous alternatives.
• Existing and future trends etc
You will need to identify a variety of business ideas. Come up with a list and analyze each one in relation to your ability to successfully manage and implement it.
Failure in business does not come overnight. Failure is the inevitable result of an accumulation of poor thinking and poor choices.
Generating the idea is only the first step. There is need to carry out a market assessment to see the viability of the business opportunity. A business plan then needs to be prepared as a tool showing the general direction of the business. The source of funds though important should not be taken as most important because having the funds without a master plan is long term business suicide.
We exist not for ourselves, but for one another. Successful businesses have a trait of offering a service of value to its customers. Quality guarantees profits and sustainability. Remember a business is there to give customers what they want not what you want to give them.
In business, It is our own doubts that undermine the distances we can travel. The biggest limitation in your business is you. You will mistake cash or sales for profits, treat your customers poorly and give it less time than required. Success in business is predictable. Analyze your current behavior in your business and you will know the direction of the business.
Businesses are affected in totality by the small actions you do on a daily life basis just like Television affects the progress and results you will get in life. A Television set is what you switch on when you want to switch off your brain. It will take up most of the time that would have otherwise been spent on directional strategizing and thinking.
Timing is everything. Everything you are or ever will be is completely up to you. Know what to do, when to do it and how you do it. Success in business is not a part time affair, your business is your life and your life is your business. Act as though it were impossible to fail.
Good luck in your business.
Kawanguzi Japheth. Connexions Uganda
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