Consider your passions and what you enjoy doing. Many success stories have come from the fact that people pursued their passions and dreams. Think about this- would you be happy working 40+ hours a week on a job that you don’t like or would you rather spend those hours working on something you love doing.
When looking at a market, consider what inefficiencies are present in the market. Do you have an idea on how to correct these inefficiencies? Consider the example of FedEx or Agency FAQs. FedEx identified inefficiencies in the package delivery market and strived to correct this inefficiency by providing fast and reliable delivery of packages. This spawned the creation of the courier industry as we know it today. Similarly, Agency FAQs saw that there was an unmet need in the market. There was no information portal for professionals working in the advertising sector. They aimed to fill that gap and now they are one of the largest websites in that segment.
The freedom to pursue your own ideas and intuition is a major advantage. You can spend your time and energy focusing on developing your own ideas and converting them into a successful business model.
The basic survival skills include a working knowledge of basic record keeping, financial managemen, personnel management, market analysis, break-even analysis, product or service knowledge, tax knowledge, legal structures and communication skills.
There are, of course, many reasons for the failure of new small businesses. One way of looking at the causes is to remember that a new business is starting at zero momentum, newly entering a market, having to establish supplier relations, finding proper financing, and training employees.
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EpiStylar trains students, entrepreneurs, and small business owners like you to apply IT and business skills, so you can establish and grow a business.
It will begin from your initiative..