Choosing a viable business venture is not as easy as many people tend to think. It is extremely difficult as there are many ambiguous issues which have to be considered before venturing into business. It is not a question of implementing any business opportunity which comes to your mind or has been brought to your attention. The issues to consider before venturing into business include the following among others;
You have to develop your own mission in life as you cannot go very far without your own mission clearly engraved in your mind. Your mission talks about your purpose in life. You cannot succeed in business if for sure you do not have any mission in life. I have on many times asked the participants in my Millionaire Highway Programs to tell me of their missions in life. I am always surprised with the total silence which follows my request. I then ask the same audience whether they have succeed in life. Here I normally get quite many confirming that they have succeeded in life. But they forget that it is extremely difficult to succeed in life without a mission. Many failures of new businesses are as result of business promoters not knowing exactly what they want to achieve in business. Many people find themselves in business without knowing why they are there. Some people venture into business by just copying and implementing other people’s ideas. Some people venture into the business because their colleagues and neighbours are in business. Others want to invest their retirement package in business with a hope that they will grow it. Others want to venture into business because other people have interested them into it. Others want to start a business to occupy their family members. Others want to venture into business because they have nothing else to do. You must therefore have a purpose or mission you want to achieve before you venture into business. You will only succeed in business when your purpose or mission is very clear in your mind.
Business is not a dumping area for failures in life
Business is not a place for failures in life as many people tend to believe. A failure in life is that person who is incapable of learning from his own failures. Business is a career for those who have chosen to achieve their mission through business. Business is only suitable for those who have a positive attitude towards it. In business you must be determined to learn from your own failures in order to walk towards your mission. This is important as many people do not want ever to confront failure in their life hence they miss out the chance of enhancing their wisdom through learning from their own failures. Many people who end up in business as a last resort because they failed elsewhere rarely succeed in it because they fear to fail.
Do you have blessings in business?
Success in business venture will be enhanced if you have unique blessings in life which are aligned to your selected business venture. You must have a genuine and natural interest in business in order to succeed in it. You must have a natural liking of people as business is about attracting, serving and retaining customers. You cannot like people if you do not have a natural liking for them. You need to have a positive attitude towards life and business. You must have an open mind about various life situations which will confront you in business. Therefore do not venture into a business unless you have natural blessings to capitalise on. For example I am poor in music , dance and drama and therefore I do not waste my effort in pursuing business opportunities in music , dance and drama. I will find it difficult to succeed in that area. I can only succeed in music, dance and drama through putting into the area too much of my effort and resources. Why should I then waste so much of my effort and resources in an area I am not gifted in? Therefore it is not advisable to venture into business line unless you have unique blessings which are aligned to your chosen business line.
You may have unique blessings in your chosen line but there are other issues to consider in your chosen business line. Do not enter a line or sector which is crowded with some many business operators or competitors. A crowded area is an indication of stiff competition and reduced profit margins. You will require a lot of resources and effort to win in a crowded and competitive market. You can only enter a crowded market if you have either a unique product or an innovative way which will upset or revolutionize the way business is currently being carried on in the sector. I lost a lot of money when I first ventured into maize, fruit, banana, poultry and fish farming without a strategy of dealing with the competition. I came to realize that unprocessed tilapia fish in market is the same irrespective of the source of supply. It did not matter whether the tilapia was from the open waters of the lakes and rivers or from fish cage or fish pond, the price was the same unless I found ways of adding value to it. I had to revise my strategy in farming in order to succeed in it.
Develop an effective plan
You cannot still succeed in business with only the above without a plan. Many of the failures in business are caused by lack of an effective plan to implement the selected business idea. You have to develop an effective plan to move you from your current state to your desired future destination. A plan should have priority areas which have to be focused on in the process of moving forward. Your effective plan should include the following among others;
- Summary of proposed business
- Legal structure and ownership of the business
- Understanding the sector
- Proposed management structure
- The customer analysis
- The competitor analysis
- Viability of proposed business.
I am not proposing that you must hire professionals to do a business plan for you if you cannot afford cost but you must have the above clearly in mind.
When you are still an amateur in business you need to approach people who are experienced in business to mentor and coach you in order to avoid costly mistakes. It is advisable to seek advice and support from experienced and successful business people who ventured into business before you. You will learn from them how they succeeded in business and of issues to avoid.
Therefore venturing into business is deliberate decision for those who decided to achieve their mission through business. It is important you consider all important issues before you venture into business in order to enhance your chances of success.
Author : John Muhaise Bikalemesa
Director: Big Drum Advisory Services Limited