5 answers
Jayden
Student
Rock Hill, South Carolina
1
Question
Asked
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If wanting to go into the business entrepreneurship field, what would be a good business to start?
I want to start my own business, but I'm having trouble actually knowing what business I want to have.
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5 answers
Aaron Cottle
Marketing
3
Answers
Daphne, Alabama
Updated
Aaron’s Answer
Here’s a question that’s 1000x more important than “What do I want to do?:”
What do you want your life to look like?
I guarantee if you answer that, you are halfway toward finding the business that gives you that lifestyle.
As a culture, we are starting to move away from the “hustle and grind“ in toward the “live a wonderful life“ lifestyle. That is for the better.
What do you want your life to look like?
I guarantee if you answer that, you are halfway toward finding the business that gives you that lifestyle.
As a culture, we are starting to move away from the “hustle and grind“ in toward the “live a wonderful life“ lifestyle. That is for the better.
Grant Diener, CPA
Consulting Manager at PwC
8
Answers
Philadelphia, Pennsylvania
Updated
Grant’s Answer
The business idea that is right for you will depend on your interests, skills, experience, and market opportunities. However, here are some general guidelines for choosing a business idea:
Solve a problem: Look for problems or challenges that people or businesses face and find a solution to them. The more significant the problem you solve, the greater the demand for your product or service.
Leverage your skills: Start a business that leverages your existing skills and experience. You'll have an advantage in the market and will be able to differentiate yourself from the competition.
Follow your passion: Starting a business can be a long and challenging journey, so it's important to be passionate about what you do. When you enjoy what you're doing, it's easier to stay motivated and focused.
Study the market: Research the market to identify gaps, niches, or trends that you can capitalize on. Look for areas where there is a high demand but little competition.
Consider your resources: Starting a business requires capital, time, and other resources. Consider your financial, social, and personal resources before selecting a business idea.
Look for scalability: Choose a business idea that has the potential for growth and scalability. You want to build a business that can grow beyond your personal efforts and has the potential to generate a significant income.
Solve a problem: Look for problems or challenges that people or businesses face and find a solution to them. The more significant the problem you solve, the greater the demand for your product or service.
Leverage your skills: Start a business that leverages your existing skills and experience. You'll have an advantage in the market and will be able to differentiate yourself from the competition.
Follow your passion: Starting a business can be a long and challenging journey, so it's important to be passionate about what you do. When you enjoy what you're doing, it's easier to stay motivated and focused.
Study the market: Research the market to identify gaps, niches, or trends that you can capitalize on. Look for areas where there is a high demand but little competition.
Consider your resources: Starting a business requires capital, time, and other resources. Consider your financial, social, and personal resources before selecting a business idea.
Look for scalability: Choose a business idea that has the potential for growth and scalability. You want to build a business that can grow beyond your personal efforts and has the potential to generate a significant income.
Steve Marks
Account Executive
5
Answers
Durham, North Carolina
Updated
Steve’s Answer
In addition to David’s excellent advice, I would add the following:
- what do you enjoy?
- what skills do you already possess that you are comfortable using as your primary means of earning income?
- what areas do you already thoroughly understand, and where can you add more value than the “status quo” in that industry?
- do you have any ideas for how to make things better in an industry?
- what problems do you frequently hear about that might intersect with a skill set or knowledge that you possess?
Entrepreneurship is a wonderful but serious endeavor! I wish you lots of success as you chart the path ahead!
Brainstorm your strengths, interests, and deep knowledge. Where do they intersect?
At this intersection, ask potential customers about their problems or intense pain.
Brainstorm your unique offering that will solve their problems.
Once this is done, call the potential customers back and see if they’ll pay you. (This is your moment of truth)
Think about everything David mentioned Re: business set up - LLC, tax implications, insurance, biz bank account, business plan, marketing and customer acquisition, customer experience, etc.
- what do you enjoy?
- what skills do you already possess that you are comfortable using as your primary means of earning income?
- what areas do you already thoroughly understand, and where can you add more value than the “status quo” in that industry?
- do you have any ideas for how to make things better in an industry?
- what problems do you frequently hear about that might intersect with a skill set or knowledge that you possess?
Entrepreneurship is a wonderful but serious endeavor! I wish you lots of success as you chart the path ahead!
Steve recommends the following next steps:
david kirk
Retired Computing Manager
480
Answers
Syracuse, New York
Updated
david’s Answer
Hi, Jayden,
Going into business is a big step, and I respect that you want to investigate thoroughly. My suggestions:
- decide on a business that you understand well. That is, you need to already know how to do the work well enough to be paid for doing it.
- evaluate the risks that are part of the work. For example, if you plan to do landscaping, you could possibly damage shrubs, break windows, disrupt underground plumbing or electrical items, or cause rocks to be tossed from lawn mower and hitting people. Knowing that may help decide what type of insurance to have.
- Investigate licensing and permit requirements, if any. For example, if you plan to remove trees, many towns require licenses to do that.
- investigate setup costs and project income possibilities for first six months to further understand the initial financial risks.
- investigate financial reporting and tax collection requirements. Consulting an accountant may be necessary.
You may have already investigated this, and there may be more, but my hope is that my comments may trigger further ideas to pursue. I wish you the best in pursuing your business.
Going into business is a big step, and I respect that you want to investigate thoroughly. My suggestions:
- decide on a business that you understand well. That is, you need to already know how to do the work well enough to be paid for doing it.
- evaluate the risks that are part of the work. For example, if you plan to do landscaping, you could possibly damage shrubs, break windows, disrupt underground plumbing or electrical items, or cause rocks to be tossed from lawn mower and hitting people. Knowing that may help decide what type of insurance to have.
- Investigate licensing and permit requirements, if any. For example, if you plan to remove trees, many towns require licenses to do that.
- investigate setup costs and project income possibilities for first six months to further understand the initial financial risks.
- investigate financial reporting and tax collection requirements. Consulting an accountant may be necessary.
You may have already investigated this, and there may be more, but my hope is that my comments may trigger further ideas to pursue. I wish you the best in pursuing your business.
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
350
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
There are books that can be helpful for knowing how you want to do things and have a vision and accomplish it, like What Color Is Your Parachute? and From Paycheck to Purpose. But if you are specifically also wanting useful basic information about starting a business, you can look into the free course Starting and Growing My Business (the workbook for the course is here: https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf), and the book Entreleadership by Dave Ramsey; they will give you ideas and you can make notes of other things to learn or keep in mind as you start thinking about the actual work involved in any kind of entrepreneurship. Both of these resources do have a Christian/religious angle to them, but they are useful whether or not you're so into religion; you can pick up what's useful and leave the rest.