Many
people aspire to run their own businesses, but few actually set
off on this challenging path to success. Most of them are
deterred by the complexities involved in running a "real"
business. Is running a business really that difficult?
The answer is both yes and no.
Yes. It involves an on-going process that requires you to
develop a business plan; analyze market opportunities; select target
markets; develop a product concept and positioning; set your pricing,
distribution and marketing strategies; monitor and control your
marketing effort.
No. You can pick up the skill and knowledge as you run your business.
Nothing beats learning on the job as you can apply an idea immediately
to your business to see its effects. This newsletter will explore
various aspect of running a business in future issues.
The most difficult part of running a business is actually the start
up phase. Most of the elements mentioned above in business
planning have to be done right at the beginning.
The first step is to identify the business that would allow you
to tap on your existing skills, knowledge, resources and business
contacts. It should also be something that you enjoy doing
very much. It is human nature that when you enjoy doing something,
the job becomes a pleasure and you will be motivated to go an extra
mile to get things done.
The best place to look for the 'right' business is to look
within you. List down your likes and dislikes. What are your
hobby, passion, interest and specialized skills? What inspires
and motivates you, and keeps you going on and on... forever?
This will be your ammunition to fight against all odds as your business
grows. You need it because running a business is like conceiving
a baby, a very long-term undertaking. You cannot abandon it
halfway. As an entrepreneur, you have the responsibility to
ensure that your business has a fair chance to develop and grow
into an entity that could function on its own without your daily
intervention. You have to put in place an operating process;
a system to monitor and control your operations; the right people
to do the jobs; and a reward and compensation package to retain
and reward workers.
So, doing something that you enjoy most is the single most important
criteria when evaluating any business opportunities. Start
from your hobby. Every hobby can be turned into business opportunity.
Perhaps you can learn something from the two young Canadians who
are on their way to starting their own businesses.
Monique Stewart, 30, plans to set up an exclusive online dog boutique
called Dogtown.
"I am pursuing this business because of my passion for dogs
and every aspect of the 'dog world'. I asked
myself how I could be a part of all that and create a career that
I love," she told The Straits Times when she came to Singapore
to network with local women entrepreneurs.
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Patrick Tan, a former journalist and entrepreneur, offers a complete
range of e-commerce solutions, services and free resources to help
you build a successful career online. Visit his site at http://www.aloha-city.com
for more information. He publishes a free newsletter to share his
experience and business know-how. Subscribe Now! basics@aloha-city.com
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