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Hi Everyone,
For those people looking to start a business but may be undecided, do you think it's best to start with what you know (ie build on a strength) or look for an opportunity in the market place?
I guess there are pros and cons to both but would be glad to hear your views.
Best wishes,
Mark.
Mark,
I feel compelled to offer a third alternative: work on what you like.
I write this form my own experience. I have been in businesses just because there were market place opportunities, and for me it was a waste for time, resources and who know what else.
I think that when we pursue what we like, we will be able to withstand the shortcoming that we come to the fore. The reality is that there is competition everywhere, and there are challenges everywhere. Thus I conclude, if I am going to invest my life, and assuming that I want a career or business for the long run, the minimum and certain benefit should be at least enjoyment.
What are your thoughts?
Hi everyone,
Thanks for your input here, guys. I am inclined to agree that you should start with what you know and build on a strength, rather than simply scan for an opportunity that captures your imagination - I think it's too easy to get blind-sided that way. That said, I think the 'inside out' approach can have it's drawbacks, too. For example, how easy is it to be really objective about our own strengths and weaknesses? And what if no business ideas suggest themselves? At the end of the day, I guess it is a matching process - finding an overlap between what you are good at and a genuine opportunity that exists in the marketplace.
I really like what CC says (above) - the minimum criteria has to be enjoyment - I've heard it said that if you find a job you love you'll never work again!
Best wishes,
Mark.
Sam Shoen, the creator of the U-Haul Empire, started his business by meeting a need. He and his family were moving from the Las Angeles to Oregon. But, they could not find a rental trailer large enough to move a house full of furniture. So, they were forced to leave most of their possessions behind.
Sam knew other people faced the same dilemma. And, on the drive to Oregon, he and his wife created the business model for what would become U-Haul. Sam then purchased crude trailers when they arrived in Oregon. He parked the trailers at several gas stations and paid the station owners a small feel to handle the rental arrangements. Thus was born U-Haul.
Many successful businesses have been launched by meeting a need.
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