Another way of looking at this article is as tips to creating your own business. Business needs, among other ingredients, money to create it and to maintain it. If the business is a success, it will, over a given period of time, bring in more money than it takes to create and maintain it.
Creating a business calls for time and commitment. It calls for passion. Anybody old or shrewd enough to know the value of money would wish for money. We all know that wishing for money would not bring the money. There is need to organize something in exchange for goods or services.
This organization of product or services, in sufficient quality and quantity, and offering it for monetary reward is business. Properly done, it can lead to business success. In going into any business, it is necessary to ask and get answers to some questions.
The first of these questions relates to knowledge of self. What are your passions? If you were not held back by other commitments, such as your day job, what would you be doing? Sports? Writing? Fitness regime? Offering services? The list is almost endless. It helps to be in an area of business where you are passionate or at least interested. When the going gets rough, as it surely will, your passion or lack of it could mean the difference between soldering on or giving up.
Next is the Knowledge. You may not have all the knowledge you need when you start out in business, but, do you know where to get it? Can such knowledge be paid for? (outsourcing). Is the product or service already out there? Can you market it better, at a lower cost? What is it about your product or service that makes it different from other products or services already out there? In practical products, such as web design, it helps to realize that your finished product may lack the finesse of experts who have been there and may be, who have done the same things over a period of time.
Last is the big M. Yes money. How much would it cost to start this project? If the business is not bringing the results you expected, how long can you keep it going? Suppose the business is not performing well, would you know why? If the business is bringing in returns as planned, what next? This area is about budget and cash flow. Would it help to obtain independent advice?
Any genuine business carries a degree of risk. A lot of the time, all the factors that influences a business cannot be known. There is that little extra that goes into business success. It is your hunger for success. Your passion. Your commitment.
Matthew Shofoluwe is a publisher and entrepreneur.
His hobbies include writing, reading, sightseeing, traveling and a fascination with the internet. For achievement motivation, do visit his website at http://www.Success-Junction.com
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