These questions answered cannot be in one or two lines. At least to be specific, which business might be best for you? Still, as a youngsters entrepreneur, I am discussing as much as possible.
There are a few things you need to keep in mind before starting any business.
Before starting any business, some questions arise. For example: Do I know about the product I want to work with it?
Whether there is capital or capital? If so, how much? If not, how do I manage?
How big is the market for my product? Who else is working on the same product? If so, how are you doing?
Will there be anyone to help me? No, I can handle the whole business alone? If there is anyone with them, who are they?
I learned about these four questions from one of my favorite mentors.
No need to think complicated. I am doing this with an example:
At one time, my father was a successful entrepreneur. At least he considered himself a ‘successful businessman’. He is helping 50 more families. Get acquainted (gain, obtain) with present and future clients, business, and deal with them. What else could be wrong in business, though?
After ten years in the Garments business (Main product was pant), he had to close the pants business in just 5/6 months. With a break of half a year, he tried one more time to start the business. He Couldn’t Because, Pants!
The second time the business had to close was when the garments business began to undergo significant changes. Pants include Gents, Ladies, Kids, Clothing, Dyeing, Size, etc. Among them, pants imported from the international market.
He started working with different pants categories, excluding the type of pants he has been working with all his life. Because at that time, the demand for pants in that category was much higher. Lots of customers, lots of orders.
Moreover, this trend will not continue after 2/3 months. Due to the change in category, the place of sale has also changed from the material during pants production, with its buyers. He could not catch the trend in so many things. However, he came back in time and started his category pants but could not hold on because you have to give the garments business time. I min, you have to provide a lot of time to grow a little bit. He could no longer bear that patience.
So, you must have a product or service in the sector you want to do business. Learn to recognize the product well. There is no need to go into business for a small profit quickly by associating yourself with the trend. Start with what you love to do.
Everyone says about the experience for success. I have little experience and you have success in any business for a long time. As youngsters entrepreneurs, visionaries remember by explained inquiries to get the outcome.
Who loves food? Better Knows about different foods. Start a business with foods. Love to play games? You can earn money by playing games; you can build a big firm. I loved to design graphics as a student with a commerce background. Then I also fell in love with web design. I am currently running a business web design and development. I also have a blog page called “swipe idea”.
In the end, again, repeat that what business would be best for youngsters as entrepreneurs? Answers you can find by the Feasibility Study. But still, know who your product is. There is no end to knowing. Even after doing business in the same sector for ten years, there is an opportunity to see a lot.
So do what you love to do or have little experience for success in any business for a long time. And the experience can be enhanced day by day. So if you know your product, you will also know the answers to the remaining three questions above.