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Finding the right idea

Provided by SME.com.ph

Want to start your own business but don’t know where to start? Here are four tips on how to find a suitable direction to venture into.



  1. Start with your hobbies


Do you have a particular interest that you are very passionate about? A number of entrepreneurs began their businesses centered around some interest or hobby. The advantage of this approach is that your passion will already be there, so it is easy for you to stay interested in the business idea.


Many computer distributors, for instance, started because their owners loved assembling their own PCs together, and decided to make money out of their interest. And many restaurants and bakeshops emerged from their owners’ passion for cooking and baking!


If you have a particular hobby that you are truly interested in, and which you wish to share with the rest of the world, then perhaps this is a good place to start when choosing a business idea.



  1. Work with your experience


Did you work for the family business? Did you work at a particular industry that you are now very familiar with? Did you do extensive research in a certain kind of business?


These are potential starting points for a business venture. Why? Because knowledge is a powerful tool for entrepreneurs, and the more you know about an industry, the better your chances are for deflecting risks.


Many successful entrepreneurs pursue businesses that are related to businesses that they have worked for or have had experience in handling. This way, they already know the standard operating procedures as well as opportunities for innovation that are inherent in these particular industries.


It pays to leverage your knowledge by starting a business that is based on what you already know.



  1. Work with your peers


Your friends and partners can be a strategic source of support and information. Do they know something about running a particular kind of business? Then make the most out of this and set up your own business, using your social network as your resource base. Your friends can provide useful tips on what you can and cannot do. They can point you towards suppliers of materials, distributors, and even potential markets. They may even provide financial support. More likely, they may even become your first set of buyers when you finally start running your business!



  1. Play with the trends


Have you noticed certain trends which are just about to grow? Styles, recreational pursuits, kinds of foods…


Having a keen eye on what are about to emerge in the local market is a good source of ideas for business. After all, if you do your job properly, you will be riding a rising wave that can assure you of rapid growth.


So how do you learn about the latest trends? Observe. Read a lot. Scan magazines, newspapers and TV current events programs. Mingle with different social groups. And it helps to have a sharp eye for seeing these emerging trends!



There may be many other sources of leads for businesses that you can jump into. But these four can already keep you busy as you start on your road to entrepreneurial success!



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