Tuesday, June 27, 2006

The instant success myth

The instant success myth

Before you quit your day job get the plain straightforward facts on the home business hype. The question is: Are you prepared to chart the labyrinth that lies ahead?

Statistics prove that a vast of majority of all new businesses fail. The primary causes of this failure are undercapitalization and poor planning. The truth of the matter is the average potential entrepreneur becomes an impulse buyer. Similar to buying popcorn and hot dogs in the movies simply because it is flashed across the screen, tantalizes the senses and induces the purchase.

Starting a home-based business must be more organized and well planned than that. Certainly you may happen upon a great idea. But, do you have what it takes (financially, emotionally and professionally) to see it through. Just because the idea may be a terrific one, it doesn’t mean that you can make it succeed simply by buying into it. All ideas take HARD WORK and CAPITAL. The less capital you have the more hard work you will have to contribute.

Remember, to be successful you do not have to reinvent the wheel just find more uses for it. Or, perfect the uses we now have. Like they say at a well know company we do not make ‘the product’ we just perfect it. The Wrights may have invented the airplane but look where Boeing and McDonald Douglas, etc. have taken it.
It is no overnight magic. It takes work. Lots of it. Forget the hype. The reality is, nothing in life is that easy. While most of the ideas are practical and fairly simple to implement, do not expect to quit your day job and rake in the profits on a shoestring capital overnight.

Much work goes into establishing yourself as a premier entrepreneur. There area a few tips which can ensure that you achieve your expected goal. Firstly, if all else fails you must LOVE what you are doing and have the capital and patience to stick it out. Secondly, (and personally I think this should be first but sadly most people do not see it my way), you must find something that is in demand. Something the Public or a segment of the public big enough to meet your income goals or requirements need and is willing to pay for.

My first business was a convenience store. I was excited and had many convictions as to what I would sell. An old experienced businessman and a banker friend advised me against it. “Sell what the people want and not what you want,” was their echoed advise. I did not listen and of course I failed. My advice to you just starting up with no idea of what kind of business to get involved in is, find a niche and fill it. NOTE I did not say find what is HOT! You can get burned. There is a difference. A niche is an area not being filled and is in demand, or, an area with a large enough market share to facilitate your income demand. What is a market share? Simply put: If there are 600,000 people needing and BUYING Gravel Flying Pads ANNUALLY and there are 10 companies supplying it, then the market share is 60,000 for each company.

Read articles on the area you intend to venture into. After all you have worked hard for your money. Not to throw it away on some whimsical notion. Remember you can succeed. If you truly believe in your idea there are ways to test them. This article does not cover the scope of that topic. Do not let limited cash become your stumbling block or your great wall. Your idea is your capital. You too can succeed.

- by Rudolph Strachan

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