In this post, I want to comment on business ideas for entrepreneurs who are just going to start their first business. It is important as a first-time entrepreneur, choose the best business idea. I will explain to you the businesses that as entrepreneurs have more chance of success and which as a first business you have to avoid.
BEST ENTREPRENEURIAL BUSINESS IDEAS
Here are some tips that can help you when undertaking for the first time:
The best entrepreneurial business idea that I recommend are franchises. These are business models that were already successful, and somehow, they found the recipe for success. With a franchise, you can increase your likelihood of success by up to 80%, unlike putting an inexperienced business. You can go to the franchise fairs to get an idea of how they work and the prices.
2. Well located businesses
In our list of business ideas for entrepreneurs, we have to consider the fact of having an excellent location. For example, in the last post of business ideas for Mexico, I commented that a bad business idea is to put a grocery store or small store. However, well located, it can be a successful business. Preferably, it must be together (or less than 50 meters) from a neighborhood, residential or fractionation. Therefore, as a beginner entrepreneur, think about the location of your business.
3. Online business
Starting a business online means setting up a website, and generating income by selling a tangible or intangible product (such as an ebook) or advertising. This business idea for entrepreneurs is recommended for the following reasons: 1) investment costs are very low, just by investing in a hosting service to store your information on the internet and buy a domain, in total a year can cost up to $ 60 dollars , 2) learn how to sell, and how to serve customers, whether by mail, phone or chat and 3) Learn the characteristics of the entrepreneur as being perseverant, not giving up, getting up before problems, etc.
4. Business in which you already have experience
There are many people who worked in a company for years, and now that they retire, they need to generate new sources of income. Therefore, in entrepreneurial business ideas , we must consider that all this experience is invaluable to start a business. For example, a person who worked his entire career as a sales agent, has these strengths: he has contacts, social relations, knows the industry, knows who the suppliers are, knows how to negotiate, etc. Also do not think you need to retire to do it. With 3 to 5 years of experience, you will have enough capacity to understand how that business turn and open your business.
5. Business with partners
Starting a business alone is difficult, because of the amount of tasks to be developed, the time, and the motivation to continue forward. A good business idea for entrepreneurs is to get a partner. It can be a friend, relative, or known to have the interest to start a business and / or have the necessary experience to implement it. Limit the roles, responsibilities and investment of each one before working with a partner. Have a clear definition of what they are going to contribute to the company, and how they will work as a team.
ENTREPRENEUR BUSINESS ERRORS
6. Invest too much money
A true story: I had a college colleague who had plenty of financial resources available. He decided to start his first business with an investment of 1 million dollars … in 2 years, he had closed and liquidated all the assets to cover his debts. With this, I want to explain to you that despite the entrepreneurial business idea that you have, do not invest too much money. Understand that the probability is against you, and that is why you have to fight against the irrational instinct to believe that the more you invest, the more you earn.
7. Pyramids, Multilevel, Make Easy Money
This idea of entrepreneurial business is the worst thing you can do. I know there are many people on the internet who offer to make easy money, for multilevel business, adwords or make money with 0 investment and 100% profitability in almost a day. The concept of this fraud is simple: you invest your money, and they give you a commission for each person you put in the pyramid. However, no product or service is sold. Simply the person administering it collects all the money from the payment to enter the system, and one day suddenly disappears. I recommend you to look for low-investment business ideas , which may take you more time to earn money, but do it honestly and legally.
8. Do not make a business plan
Many people (if not the majority) think that making a business plan is like a procedure; It only serves to ask for a credit and period. However, it is not about making a plan for the final product, but about the process of knowing how your business will work, and determining through financial analysis , whether it is viable in number or not, BEFORE investing a single cent. Therefore, among the business ideas for beginner entrepreneurs , you have to develop your business plan to be sure that it is worth your idea.
9. Work on something you do not like
The worst thing you can do is start a business with something you hate. I remember in a book by Robert Kiyosaki the story of a billionaire, who once a week went to Las Vegas to bet all the money he could. When they told him why he did it, he said that because money did not matter to him, because he earned it with a business he hated. He would have preferred to do what he liked, to make millions. This is the key to a good entrepreneurial business idea , do what you like. For this, I recommend watching the video to find the best business idea , where, through a methodological system that I designed, you can find the best business idea that relates to your interests and tastes.
10. Surrender very easily
The most important advice I want you to stay with is the following: There are going to be obstacles at all times; The job of the entrepreneur is to find a way to move forward, whether he has jumped, avoided, find another way … This is the symbolism that must have a mind focused on solutions. Any entrepreneurial business idea that you design will have its strengths and weaknesses, opportunities and threats. It is the mindset in solutions that makes the strengths and opportunities take advantage, and that your company remains afloat.