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I am curious as to how people decide that a potential business aligns with who they are. It seems to me many chase the all mighty dollar and forget to pursue a venture that fits them as an individual.
So, how did you decide your company was going to be the business worth pursuing?
Better to align with business without being a good return business? (smile)
Sometimes other circumstances drive the sale and you end up with a better business for you than you think - and I am sure just the opposite is true as well. In fact, very few people buy what they start off looking at.
In my case, I couldn't find what I wanted in 3 years, and ended up settling for less with less money left to make it work. In the long run. the more simple business that I ended up with was MUCH better starter business.
It doesn't have to be a lifetime business - you can trade up as your business skills grow. In fact, there is great profit to be made in buying small, optimizing and selling. As in most things in life, there are wants, needs, and circumstances beyond one's control.
You can look forever for that perfect business and find in the end you liked where you were better.
Thanks for the great response Biz. I never really thought about buying a small business and trading up later as your skills grow.
Shy,
I have a few businesses. My first (successful business lol) was (and still is) a real estate investing business.
I started it because it really suited who I was as a person and by that I mean I make a realllyyyyyyy bad employee. If you know what I mean? I have that self-employed mindset.....
And I like money and real estate seemed like some money could be made there. Well as I grew older, I realized that I was a people person as well so that's why in my real estate dealings I don't do much with real estate agents...I prefer working directly with the homeowners.
That's how I picked that biz.
My other business is an ATM business. I started this in 2009. And I started it because I was more interested in learning how to keep adding PASSIVE income to my bank account instead of always hustling trying to get my next real estate deal (rentals not included here.) Again, I deal with people so it works great with me being a people person.
Finally, I have websites. Those were easy to align with myself. I'm a people person that likes to help folks And that's what I do with pretty much all of my websites; in some way, shape or form.
I like your question though. Makes us think!
Great post! I?m just starting out in community management/marketing media and trying to learn how to do it well - resources like this article are incredibly helpful. As our company is based in the US, it?s all a bit new to us. The example above is something that I worry about as well, how to show your own genuine enthusiasm and share the fact that your product is useful in that case.
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It really depends on where you stand with regard to your current job. Some people start off with a job just to make ends meet. if there is growth opportunity then being a dedicated worker will take you to the next level, eventually making a career out of it for yourself. Now this may not be something that you envisioned yourself doing in terms of business but this pays your bills and helps you through life's financial struggles.
On the other hand if you are at a point where you want to start your own business, then you're better off following your passion and figuring out a way how to make a career out of it. When times get rough and money isn't flowing in the way you would like it to, the difference between getting through something like that and quitting, is something that you are passionate about. If it's not something you enjoy, what's going to help you pull through day after day, when you are seeing no return.
This is a great discussion guys and gals, thanks for all of the great input. It sounds like the line between doing what you love, and doing what will make you money is not always a clear one?
An appropriate follow up question may be; Do love what you do now, even if it is not running the business of your dreams?
TJ Mollahan
ken,
i realize not doing what one loves will leave someone yerning for more, what i am curious about is the means by wich people have decided their business was the right one for them.
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