or has been out of phase with the current civilization and therefore isn’t economically feasible. For example, let’s say you love posting letters and you wanted to build a post office just because of that, sending letters while making money, you will be living the dream right? But if I recall correctly the last time anyone gave letters a thought was like two million years ago. Business is about problem solving, not necessarily having fun. You are hungry you need food, Mama Iyabo’s Joint solves that, you need clothes, you call Gucci’s head office, that’s how business works, you solve a problem.
So if you know what is good for you, you will consider doing something more practical, of course practical could still be your passion but sometimes (most times) your passion is what you do after you are rich not when you are trying to be, unless of course your passion is educating children perhaps, or providing water in draught stricken areas, in that case these problems always exist and they can to be solved by building schools and selling water, they bring in revenue to you in return. People need and want for these problems to be solved, so they will gladly give out their money to see that the problem is gone. Let’s look at what makes a business qualify as ‘worth it‘ and not some fancy passion that would put you in a pit in no time.
Identify A Problem
The first step to becoming an entrepreneur is finding a gap in the economy and then filling it, it could be a product that isn’t present in some geographic locations or a service that can change things for the better, filling any gap in the economy is synonymous to tackling a problem in people’s everyday lives. But it usually isn’t referred to as a problem in the business world, a money making prospect is referred to as a ‘business opportunity’.
Think about it, anything people are missing out on and they could afford is an opportunity for anyone willing to provide them with the product or service. A great example is of a skin products company, before the idea of starting out her company came the Nigerian founder who is living in the UK discovered the skin products available aren’t agreeable with her skin. So she started concocting mixes together till she got what worked for her. Her fellow black co-workers got really impressed by her skin (I wasn’t there but I can imagine they are all female) and urged her to divulge her secrets, and what do you know, the idea of bridging that gap came to her. She industrialized the product and is now selling across two continents.
Make Your Target Market Aware Of What They Want
Sometimes people don’t realise they need stuff until you bring it to their doorstep, most inventions got to customers that way. It’s basically the whole point of marketing, generating awareness for your product or service and making it available to your target customers. When marketing is done right it drives a tremendous amount of sales, (it means you become rich). Just in case you are like me that started out as a science student and ended up reading stuff like this on the internet, there is a difference between sales and marketing, so yeah.
You Can Try Plain Old Trade
It doesn’t hurt to buy goods and resell at a profit, of course it doesn’t sound like you will inspire the next breakthrough in Silicon Valley doing that but that’s how most of our great ancestors made money, and a lot of people still do, think Jack Ma.
Goods come in different varieties, categories, shapes and sizes. You have a ton of options to choose from, clothing, food items, sport equipment, raw materials, electronic gadgets, phone accessories, etc. Buying and selling has never been easier in human civilisation thanks to online shopping, if you sign up on one of those Chinese websites you will be amazed at how much good products they have at incredibly cheap prices and they are original too (surprisingly).
Invest In The Future
If you are really bent on trying to ruin your life and want to go for entrepreneurial enterprises that give you that rush of adrenaline from fear the wrong decisions would end you or just the satisfaction that you are doing something groundbreaking, why don’t you try investing in the future? This means everything you will be spending in that business is not coming back anytime soon. Investing in a tech that is still developing, or hiring professionals from various fields to work together in order to research and develop a product, are instances of investing in the future. Electric cars are a good example, although still not very popular but they are starting to sell.
The business may not even exist yet at that point but you feel it has a huge potential or role to play in the coming years, then by all means jump into it.
Passion is not a requirement to get involved in something that will have a huge potential and impact, nor is it a pressing requirement to becoming really rich. Be logical, stay focused and choose something practical.