Self-made billionaires have one business strategy in common: They took enormous risks. There is no careful, cautious path that leads from humble beginnings to Bloomberg’s list of the richest people in the world.
Of the 100 richest people in the world right now, 27 inherited their fortune, according to an infographic generated by the startup organization Funders and Founders based on data from Bloomberg Billionaires Index. Thirty-six were born to humble households, if they have a family at all, and 18 have no college degree.
Why do some businesses succeed when others fail? While it may seem to be a matter of luck, in reality there are common mistakes that kill many small businesses before they ever get off the ground. Give your startup a fighting chance by avoiding these 10 top startup missteps.
Early last year, I decided to venture in the online business, with only 200Ksh; I set to fulfill my greatest desires of start my own firm. Having thoroughly researched about the internet I chose to start an online writing firm by the name Focuspointwriters at http://www.focuspointwriters.kbo.co.ke .
My efforts to grow my firm where noticed by my Dad; Antony Gachoki who gave me cash to purchase a flash disk and to support my internet usage over the cyber.
A business idea is a concept which can be used for commercial purposes or for the purpose of making profits hence earning a living.
The ability to come up with a business concept can be transformed into a viable business. Business ideas are always available through different sources. It is the application applied on these ideas, and the timing that makes the business either to fail or succeed.
HOW TO COME UP WITH A BUSINESS IDEA
- Identify a problem: You can think about how to make the area you are living in a better place with your own invention or starting a business that can help. The so called business should revolutionize the way people in that area live. The problem that you will see, will make you want to start a business that can help you stop or reduce such a problem. In so doing you will come up with the kind of business that you can start.
- Social media and internet: Technology has come up with a lot of advantages. You can Google through the net and visit various sites that will enable you see different business opportunities and how to start them. You will get all the information that you want from the internet. This will make you know different types of business and how to start them.
- You can come up with a business idea through improving on other people’s ideas. This is a situation where you copy a business from someone and try your level best to improve it as much as possible. The business will be the same but yours will have some distinct or uniqueness from the one you have copied. For example John might be learning an M-pesa shop, Sarah might start an M-pesa shop but in addition she might also be running a boutique in the same M-pesa shop.
- Magazines and newspapers also provide a good platform to earn knowledge and also use the same knowledge to start a business. You can see a business in a magazine or newspaper and you start or dig more information on the business and you start your own.
- Research can also help a great deal in coming up with a business idea. You can do thorough research by making use of your nearby library. You can talk to your friends and see what they recommend towards your idea. Also you can talk to professionals or people who have succeeded in that field of business and ask them more about the business.
- Brainstorming can also give you a business idea. Brainstorming is whereby you think and thing and make sure that your brain come up with something constructive. This is where you get your creative juices flowing.
You can also study the geographical area of where you come or the demographics of your locality and you come up with the best business that will be successful. Studying the geographical area will help you know what the people of your locality wants and the behavior in which they react while buying things. Sometimes, ideas will pop up at the oddest times. Seize upon any inspiration. This can be done through getting a small notebook to carry around with you and write ideas in. This way you can look at your notebook and later begin to develop your idea. Ask yourself, what types of businesses would you use? What are some common issues that your associated complain about that could be solved through a business.
In order to come up with a perfect business idea, you can visit business exhibitions or shows where you will get to learn new things and also talk with professionals. You can ask as many questions as possible concerning the business you want to start.