Look at things you are passionate about
Computers/Technology: I think creating a business in this field is a great idea because it’s constantly growing an expanding. If I were to focus a business around this model, I would focus on computer repair and technical support. I would also do computer repairs and upgrades, as well as install home networks. This would work well with my degree in computer networking.
Sports: One of my favorite hobbies is watching sports. But other than watching, I really enjoy playing sports like golf and basketball. There are many business opportunities when it comes to sports. You could manage a golf course or open a sporting goods store.
Photography: I really enjoy taking photos in my free time. Turning this into a business sounds like a great opportunity and would be really fun for me. You could open your own photography studio, providing professional photos for a variety of occasions. I wouldn’t mind working for a newspaper or freelance photographer and selling those great shots I get.
You can apply the 5 W’s when beginning to start your own business. Ask yourself these 5 questions. Who are my customers? Why am I starting a business? This gives you a great outline and can let you know if starting a business is right for you. If you have trouble answering one of these questions, then you may need to step back and re-think your current idea. Asking yourself these questions can help you develop a business plan as well. A huge number of businesses fail, and it’s important to be prepared before you make that big investment.
Building a Billion Dollar Company
Anything is possible, but creating a billion dollar company would take a ton of hard work and even more luck. Jacobs is in an industry that pulls in tons of money (the smartphone app business), so reaching his goal may not be impossible. In order to reach his goal, he needs to expand his business quite a bit. He can’t make that kind of money with a single smart phone app. He needs to produce a large number of high quality apps which get a large number of downloads. To do this, he will have to hire more employees and spend more time/money on things like advertising. All of these are investments that cost money.
Find a Mentor
Having a mentor is a great idea when starting a business. Taking advice from someone who has started their own business or have experience running a successful organization can be extremely helpful. Mentors can help guide you and get you on the right path to entrepreneurship. It can be a family member, friend, or someone who runs a successful business in your area.
Providing this information can help the potential entrepreneurs of Allen Country make better business decisions. Picking the proper location/industry, and hiring the right people to work for your business can be the difference in success or failure. Those looking to start their own business should use the resources available to them and do the proper research. Starting a business is a risky and potentially expensive investment. Many people spend their entire life’s savings to start their own company, only for it to fail in the first few months. You need to be well prepared.