There is a big misconception regarding first time entrepreneurship and that is the justification that it is okay to fail your first time simply because some well-known entrepreneurs failed and then hit it big.
What is not mentioned is the number of individuals who failed their first time as an entrepreneur and never got a second shot. Therefore, you might as well make it profitable the first time around.
Thus, to ensure higher odds of entrepreneurial success, you must choose the right business.
Here are 4 tips how:
1. Don’t Let the Economy Determine What Business You Should Start
The first thing that entrepreneurs think of when starting a business is our current economic condition. Although it is hard to bypass the thought of a horrid economy and the subsequent effect on your new entrepreneurial venture, it is imperative that you not let the economy sway your decision.
This will especially prove true when the economy turns in the next few years and you are left with an average business that was overly defensive and a lot of regret.
2. Let Google Assist You In Your Choice of Business How do you truly determine market demand for the product and / or services you plan to offer?
One way to do it is to use the Google Keyword Checker. This basic site will tell you how many people are searching monthly for your product or service.
Another key element that the Keyword Checker brings to the table is the use of adjectives.
For instance, you may want to open a business selling blue widgets, but upon looking up how sought after the product is on the web, you find out that green widgets are searched for times as often as blue.
3. You Cannot Avoid Sales, Instead You Must Embrace It and Not Let It Determine Your Business Choice
A willingness to engage in sales separates the men and women from what will be future job seekers.
Entrepreneurs hate sales because for some reason they tend to be more afraid of rejection than your average Corporate Joe or Jane. Why this reason is, I cannot tell you, but to avoid human interaction, entrepreneurs will completely alter the business that they are going into.
What they don’t realize is that regardless of industry, sales is part of business and, thus part of entrepreneurship.
4. K.I.S.S. Keep the concept simple (or, to use the real phrase, Keep It Simple, Stupid). A rule of thumb for first time (and any entrepreneurs) is that if you cannot explain your business in two sentences or less, it’s most likely not going to sell.
It is very rare that people reinvent the wheel with entrepreneurship. As a matter of fact, you can count them on your fingers: Bill Gates, Steve Jobs, Sir Richard Branson and ?
The odds of hitting Pick 6 are better. In entrepreneurship, especially when choosing your first business, go for a base hit, not a home run your first time at bat.