Hi. I am planning to open my own business, but I want to hear advices regarding what business is perfect for first time entrepreneur? Any feedback will be appreciated. Thank you!
It depends on how much money you have, your skills and your contacts. There is nothing called a perfect business! Entrepreneurs are people who find solutions to problems and make money out of it so if there is a problem you want to solve and after doing research about it and finding that there are other people in need of this solution then there is some good chance of starting a business. I suggest you read as much as you can about startups and running small businesses and if you want to test the waters without any risk I strongly suggest you apply for startup competitions like startupweekend events to validate and act on your ideas and you never know these events might change your life just like it did to mine! my tip for you is to do as much of research as possible and plan accordingly and do something that you really love and believe in. It's not easy! and don't ever believe anyone who tells you otherwise!
To a first time entrepreneur, I would say this: Do something you enjoy, and find a way to deliver that to people.
In the end, entrepreneurship is simply about taking initiative and providing value to people. What this value is, or what problem you're solving depends entirely upon your own tastes and mind and ability. For example, the "problem" you're solving could be something like creating a personal brand as an artist and writing music people really enjoy and "need". But, all the same, maybe you have some brilliant, innovative, engineering-centric idea. In today's world, almost everything can be an intentional enterprise, and there are literally millions of things that entrepreneurship encompasses.
What's important to know is that building a business/brand/audience/etc. can be terribly difficult. But if it is difficult, let it be. Don't be intimidated. Break problems down into actionable steps. Focus on what can be done, on where you can gain ground, on what you can improve. Be willing to simply do the work. But do have enough self-awareness to evaluate what you're doing, and how well you're doing it (not always so easy). At any rate, let yourself twist and turn and learn and even fail along the way. That's how you make real progress.
Another thing I would note is that, unless you absolutely need to, don't fall victim to the narrative that you must raise money. Unless you absolutely need capital, just do. Do whatever you can. If you don't have the money to build what you want to, start by finding people who want/need what it is you want to build. If you truly want to be an entrepreneur, then just start. There are so many resources (including people willing to give advice) out in the world today, that you can bootstrap almost anything.
Most importantly, have fun and enjoy the process. Find good people who are doing the same. At the risk of sounding hokey, this is your life, and life is short - there's no point in doing things that don't make you feel like your true self, or don't make you feel alive.
There is nothing like the perfect business. You can't start a business without knowing anything about it. Look for an options that solves a problem, do lots of research but be convinced about the service/product. If you are not willing to go through all the process you are not going to make it.
Start a business because you know you can give value, not because you want to make money.
Try to get into something you enjoy doing. If you research that, you will see that is a very popular theme for what you are asking. Most people hate their jobs. Try not to be like that. Good luck!
Fail fast and fail safe. Learn sales and marketing skills if you dont have.
Starting is first step in business. Don't run after perfection. No business idea is perfect.
Business is the thing we learn by doing. So I suggest start what you love and want to do.
Think Big , enjoy the journey by achieving every day and celebrate
Global Entrepreneurship Week is going on right now, I suggest you visit their website and download a complimentary Expert Edition of "The Secrets of Wall Street - Raising Capital for Startup and Early Stage Companies" it's important to learn about raising capital sooner rather than later. https://genglobal.org/united-states/secrets-wall-street-raising-capital-start-and-early-stage-companies-expert-edition
All the Best, Charles
Austin,Congratulations on your decision to become a small business entrepreneur! If you are based in the U.S. highly suggest you make an appointment with a SCORE Business Mentor. SCORE is a volunteer organization with over 300 chapters and 10,000 volunteers. SCORE has been around since 1964 and originally stood for Service Core Of Retired Executives. SCORE 's mission is to grow and sustain small business. SCORE's sweet spot is one on one confidential mentoring on both starting and growing your business. There are no charges for mentoring as well as mostly free workshops. Check out www.SCORE.org.