Tim Berry has an interesting post on deciding what business to start. There is even a nice, short video (worth watching) on SBTV.com in which he is interviewed on this question of choosing a business. Below is a snippet from the post on how to decide on a business:
Look in the mirror. A good business to start is the one that matches who you are, what you know how to do, what you like to do and the resources you have.
It’s not like there are good businesses or bad business. There are businesses that….
1) You can do;
2) You want to do; and
3) Where somebody wants what you’re selling.
Those things come together in what’s the good business for you.
As far as the new business I am in the process of launching, I can answer Yes emphatically to the first two points (can do and want to do); the third is unclear because I am going into an industry open to innovation (consumer internet) and won’t really know until I get out there. I believe my products and services will fill needs and will likely have to tweak and change things as feed back comes in.
It is that challenge; that I have to go out and sell it and prove that this consumer business that I want to build (point two above) At the end of the day, is the core job of a majority of entrepreneurs. Going out and getting sales. And more sales. And then repeat sales.
David Miller
1 response so far ↓
Ian Mooers // March 19, 2008 at 4:32 am
My ebay business fits that model, and especially #3. Take the $8.00 bulk bin that I picked up at the thrift store. I pulled out a Lord of the Rings Castle set up with about 25 figures. It will trade for over $100.00. I pulled out an Imaginext Battle Castle and that will get about $40 bucks. Not bad, for an $8 investment. I knew nothing about this junk when I brought it home. I like the thrill of the hunt. I always have. My parents owned an antique shop and we used to hunt flea markets on the weekends. I still have that bug and at least now I make a few dollars. After doing this for a while, I now know what sells. So, those 3 come together nicely for me. I often see that in the entrepreneurs I meet with. Although, with # 3 it is usually more of a market guess than actual proof. Or hope. But, isn’t that the essence of entrepreneurship?? Having hope that you can go out and find the sell? Make it all work — get all 3 lined up?
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