Going into a business without being motivated or prepared for the challenges involved is like one heading for a rock.
Being motivated does not mean having any doubts. Everyone has doubts, even successful entrepreneurs do. Proper motivation means confronting and conquering your doubts before turning it to the fulfilment of your dreams. Your motivation has to start before, during and after you start your business. If you can accomplish, you will be on your way to success.
BENEFITS OF OWNING YOUR OWN BUSINESS
- You set the term of your own employment
- You are free to build your business according to your talents and test
- You will benefit from your own handwork; the fruit will not go to a boss or a remote shareholder
- You will be less vulnerable to outside forces behind your control, such as layoffs, transfers, mergers, mandatory early retirement, firing, or company policies
- If you are truly successful, you have the opportunity to earn more money than you can as an employee.
- When you have the business operating well, you can choose your own time off.
SIX TYPES OF BUSINESS
Other than forestry business, miners, fisheries, and farms, most businesses fall into one of these six broad categories
This can be a small supermarket store, a clothing shop, a recharge card outlet or a boring business selling goods directly to individual consumers or groups. The number of goods sold to customers is generally small.
Wholesale (middlemen) like beer distributors often purchase goods directly from a manufacturer and then resell to retailers. The purchaser and reseller of these goods are normally in large quantities.
These are enterprises that don’t supply tangible goods. They include hair salons, telephones call centres, shoe repair shops, professional services (Law, medical, accounting, teaching, etc.)
Anyone who produces something is called a manufacturer, whether the product is a massive computer or furniture. Manufacturers are often called converters because they take raw materials and change or convert them into finished products.
Transportation companies move or freight people from one place to another. Normally, transportation business are categorized as trucking (contract, common carrier, and packaged like ups) air water or pipeline
A construction business builds the thing. If it builds houses and buildings, it is a vertical construction business whereas roads and airfields are built by firms in the horizontal construction business.
It is important for you to consider the type of business you want to go into. For example, with most small retail and service businesses you must be able to deal with the public and to succeed, you must enjoy what you are doing. If you choose manufacturing or construction, you should possess the required experience and knowledge in those fields.