Assess!

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WHAT YOU HAVE AND WHAT YOU DON’T HAVE, WHAT YOU WANT AND WHAT YOU CAN

And one morning, you wake up saying: „That’s enough! From now on, I want to be master to my own, and to not depend on others. I want to start my own business!” But do you know what being an entrepreneur means? It is insufficient to look into your „neighbor’s garden” and say: „If he is doing well, why would I do worse than him?”. Going into business is not a matter of pride. It is a decision that radically changes your habits, way of life, and supposes being aware of and assuming some risks, starting from the correlation:

Do I have a viable business idea? This is the first question we should try to answer before we start. What does a „viable idea” mean? First of all it means an idea that meets the market requirements, which can cope with competition. An idea that can be implemented in practice and be profitable in the long run.

How do I find it?

  • First of all, I start with my self, i.e. my statute as consumer. I need to review what I like, and what I dislike under the quality aspect of products and services currently available. Then, I need to think what I would like to have very much, but is not yet on sale, and put down all these thoughts on paper.
  • I ask my family, my friends, other people I know, taking care to note their complaints, appreciations, wishes, and suggestions about certain products or services – by age or gender categories.
  • I go to stores, markets, service provision units– I analyze the sales procedure and premises, the reaction of customers to certain products and services or to the lack of such. I ask myself „What should be improved”, trying to formulate several versions of answer.

How do I know if the idea is viable or not?

After making the necessary conclusions based on the preliminary research, and formulating several answers that seem „to work”, I assess the opportunities and risks for each idea in the context of competitive environment, taking into account political, legislative, economic, and cultural factors. But to do this, I need information. Here are some sources I can apply to without incurring big costs

(Free, permanently updated database)

After assessing the opportunities and risks, there will certainly remain fewer ideas with a chance to resist on the market from among those initially selected. But that is not yet sufficient for starting business. The potential entrepreneurs’ dialogue with his/her self is just at the starting point. It is no use to have a „good” idea if you cannot put it into practice for reasons not related to the external environment, but rather to your own person and resources you have available. This being said, the idea should be compatible with what you are, what you can do, and what you can put in the fire.

What type of business is most suitable for me? The answer to this question has nothing to do with gender, but rather with the capacity of each of us, regardless of gender. For example, a woman can do very well in a tough business with construction materials if she has technical and managerial skills required, plus a strong will. While a man can be very successful in garments designing if he possesses creativity, commercial spirit, and feels the market trends. Thus, for stating “openheartedly” that a business fits you and that it is a viable one, you should:

  • first of all like what you do;
  • have the knowledge and skills necessary for launching your business;
  • want to improve your skills in the very area you have chosen as an option for unfolding your business;
  • be sure that you can associate with trustful people when needed
  • be certain that the resources you have are sufficient for starting up, bringing profits and promoting the image, both necessary for continuing you business
  • have no doubt about you choice.

Check how realistic you project is!

Are you ready to start up a business?

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