Business Sphere

As a business advisor and consultant, I have realized that all business enterprises started first as a thought, an idea, or an insight of the owner.

So, in starting a business, there are three basic tips on generating money-making ideas, as follows:

image from www.sxc.hu

1. Know Thyself. This is the famous Greek aphorism, and an ancient one. It was even inscribed in the pronaos (forecourt) of the Temple of Apollo at Delphi.

In starting a business, as in searching for life’s meaning, Know Thyself is still the basic dictum.

To know yourself is to know your talents, skills, experience, abilities, traits, training, and personality. Do you have the experience to start a business? To run and manage it? Can you stomach a crisis and solve problems? Do you have the skills to deal with people and to sell your products?

The success or failure of the enterprise is dependent, to a large extent, on the capability and know-how of the owner.

2. Know The Business Environment.  This includes studying the opportunities in the place where you want to put up your business. What are the type of businesses that are successful? Those that met with failure?

The saying: “Find a need and fill it” is still applicable.

3. Know The Market.  The market is the heart of any business.

Knowing the market means knowing who the target customers are, their needs and preferences.

Questions like: What does the market buy? Who buy? At what price are they willing to buy? How frequent are they buying? are very significant in making decision.

Without a market, there’s no business.

In conclusion, once you have generated money making ideas, putting up a business will just follow. It’s now time to generate your own business ideas and make it work.