Some people dreams of having their own business. The first question they ask, “Which business is profitable?”
This is a great question, because nobody can answer it. Because if they can, they won’t tell you, they’ll do it themselves. It makes sense, right?
Even entrepreneurs like Jack Ma, Steve Jobs or Richard Branson won’t be able to foretell that their business is going to be a billions dollar company. Nobody knows. They just did it, and did everything they can to stay in business.
A better question would be, what should you sell? First, you need to find an idea. Usually a business comes out of a frustration. There’s a problem, you find the solution. Then you offer your solution to the market place. If people is willing to trade their money for your product/service, that’s a good sign.
After you’ve found your idea, if it’s a product, you need to find a way to manufacture it. You may need to find a designer to design your packaging. You might want to patent your intellectual property for protection.
Then you have to market and sell it. You may want to bring it to a trade show, sell it door to door, sell it on the internet, put some ads, etc.
Will it be profitable? Well it really depends on how much effort you give, market acceptance, how much is your customer acquisition cost, how much margin do you able to take, etc.
When you decide to embark in an entrepreneurial journey. It is like the way of the sword, you live and die by the sword. It means you have to be willing to take all the risk and consequences that comes with it.
For example, you probably won’t be able to find balance in life. Because once you step your feet in the world of business, the clock is ticking. Every end of the month you have to pay the bills. The cash will dry soon , unless you can make a lot of sells and profit.
You may won’t be able to hangout with your old friends, you have to keep your belt tight, you have to work 24/7, 365 days.
That’s why you should do a business while you were still young. You still have the energy. You have the time. If you fail, you won’t drag important people with you, because you are probably still single.
When you don’t have a lot of money, the dividing line between success and failure is very thin. And most entrepreneur falls to the wrong side. I know I did. I lost all my capital, that I’ve worked for. Luckily I able to pay my debt.
The journey was exhausting mentally and physically. It hurts. Yes, that is the risk you have to take. But you need to pick up yourselves and walk again.
Now, will you idea become the next million dollar idea. I hope so.