Choosing The Line Of Business That Will Work For You

Your Success Much Depends On How You Jell With Your Business

A business, as an investment, usually involves a huge commitment of financial resources, time and energy. Investments are made with the intent of reaping good returns. The sad experience, though, is that not all investments succeed. In the case of business ownership, the statistics are even more scary: an estimated 50 - 80% of small businesses fail.

You certainly don't want to be among this ill-fated majority. That means you must be well-prepared, starting with a careful choice of the business to pursue. If you just dabble into what you aren't shaped for, chances are high that you'll throw money, time and energy down the drain.

It is the truth that individuals are different and each is best-equipped for certain activities. The risk of failure is reduced if you embark on a business that you naturally fit into and have a flair for. Before you begin a business, do a proper assessment of your fit, taking account of the following factors:

1. Your Passion
If don't have a passion for what you do, the likelihood of success is remote. If your business doesn't blend with your natural interests, the passion to drive it will be difficult to evoke and sustain. Consequently it will be difficult to inspire yourself to withstand the rigors and challenges that must be confronted in business. Your best bet: stay in the area you have a strong passion for.

2. Your Natural Talents
Related to passion is natural talent. For some people, certain things come naturally. The proprietor of a successful private educational institution is likely to be someone with the talent to teach. Some are in interior decor or fashion business because they have an eye for style, colors, dimensions or harmony. What is your own talent? Follow your talent if you can identify it; a business built around it is more likely flow naturally, leaving you at your best to perform well and achieve your goals.

3. Technical Expertise
A sound technical foundation will also be a good springboard for a successful business adventure. If you have acquired technical skills in any field, strongly consider a business that is rooted in this. You may stand a better chance of success when you have a strong knowledge base to back your business.

4. Hands-on Experience
In addition to technical expertise, practical experience in the field of the business you choose will mean that you operate in familiar territory, which strengthens the prospect of success. Understanding the dynamics of the business and its market will place you on a good footing. If there is a field in which you have accumulated considerable experience and practical understanding, building your business on this foundation will give you a relatively safe berth and minimise the (sometimes costly) errors that are part of the learning curve.

You must realize that how successful you can ultimately be depends on how well you run a business and how much work you do. Whatever line of business you get into, a lot will depend on your vision and the depth of your commitment to your goals. While the listed factors will give you some leverage, they will not guarantee success. It is also possible to do well without the benefit of prior experience or expertise, especially if you have the passion to succeed. If you've chosen a business where you lack experience or expertise, commit to every action that will help you quickly learn the ropes. Taking advantage of your strengths will however minimise your risk of failure and give you the leverage to accelerate quickly.

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