You have the start-up capital, now which business to tap into?

You have the money? Great! Now, wait! Be patient, careful and thorough without losing your sense of adventure and creativity to invent or innovate.

You’ve the greatest of obstacles to entrepreneurship moved out of your way, don’t put obstacles yourself. Don’t rush into thinking that having capital will make any business idea revel in success.

Here are some tips:

  1. Consult your mind and your character. Will you be the captain of your business? Then you must choose of a type of business that fits your character? Will you be the business owner only and leave day-to-day leadership to someone else from day one? Then, your scope of choices should involve the choice for the best leadership too.
  2. Conduct generalist brainstorming research about “gaps in the market”. What’s new, hot, successful, durable, international, expandable or secure, depending on your own imagination of how your business should be like in3-5 years.
  3. Don’t limit yourself to your local or national borders. See what others are doing oversees and take the possible advantage of being first in your own territory.

    Knowledge, Passion & Profitability

    Knowledge, Passion & Profitability

  4. Know your future competitors and current inspiration sources. Visit the website and if needed physical locations of existing companies that you wish you’ve started. There is no shame in copying and improving existing idea’s and being a starting probably inexperienced entrepreneur, you will learn a lot from others about what you can and cannot do, without re-inventing the wheel.
  5. Network with people, visit business seminars at your local chamber of commerce, join business clubs, connect online, visit universities (yes, universities!) and don’t disqualify anyone from being a source of inspiration.
  6. Narrow down your research to specified sectors or markets of choice and make your research thorough this time.

    Which business

    Which business

  7. Consult country, market and sector reports from official entities to entrench yourself in the statistical side of your endeavor.
  8. Write down your business ideas in non-official formats and see whether it makes sense, once written down.
  9. Write a feasibility study. Does it still make sense?
  10. Draw up a pilot business-plan. Does it still make sense?

 

If yes, then congratulations you’re on your way to conceptualize what used to be a dream/idea.

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