I am often asked by friends and people who know me on how to start a business. Well, I do not proclaim to be an expert but I am asked because I am available to them.
The questions that one should answer before thinking of starting a business are:
1. Am I really interested in business?
2. What am I looking for in business?
3. Why do I want to go into business?
4. What are my short term plans and long term goals?
5. Am I prepared to spend long hours on it?
6. What is the capital that I am comfortable investing, assuming that my business will be a loss?
7. Do I easily feel discouraged and then let the business die off naturally?
Well, those are just basic questions. Many people think that doing business, especially an online one, is VERY EASY. Let me tell you, it is harder than going into real world retail. In an online business, you only have pictures and words to capture the attention of your buyers. Your competitor is literally just a click away. How can you hold your buyer's interest day in and day out?
As in real world retail business, online business has its season too. There are good times and there are bad times. Can you weather through the bad times?
Also, as an etrader, let me tell you, you are on your own. If you expect people to help you, you will be disappointed. Ask yourself, can you manage the business alone, doing all the sourcing, advertising, marketing, promotion, sales and shipping while balancing the books ALL ALONE, unless you have a partner?
If you can, then any help that are offered to you is a bonus. But never start out expecting that. Also, business is a long term commitment that needs nurturing. Can you provide your time and energy on your new venture?
I believe if these questions could be answered honestly, you will know if business is really your cup of tea.
The questions that one should answer before thinking of starting a business are:
1. Am I really interested in business?
2. What am I looking for in business?
3. Why do I want to go into business?
4. What are my short term plans and long term goals?
5. Am I prepared to spend long hours on it?
6. What is the capital that I am comfortable investing, assuming that my business will be a loss?
7. Do I easily feel discouraged and then let the business die off naturally?
Well, those are just basic questions. Many people think that doing business, especially an online one, is VERY EASY. Let me tell you, it is harder than going into real world retail. In an online business, you only have pictures and words to capture the attention of your buyers. Your competitor is literally just a click away. How can you hold your buyer's interest day in and day out?
As in real world retail business, online business has its season too. There are good times and there are bad times. Can you weather through the bad times?
Also, as an etrader, let me tell you, you are on your own. If you expect people to help you, you will be disappointed. Ask yourself, can you manage the business alone, doing all the sourcing, advertising, marketing, promotion, sales and shipping while balancing the books ALL ALONE, unless you have a partner?
If you can, then any help that are offered to you is a bonus. But never start out expecting that. Also, business is a long term commitment that needs nurturing. Can you provide your time and energy on your new venture?
I believe if these questions could be answered honestly, you will know if business is really your cup of tea.
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