Sometimes before we can get into the formalities of starting a business such as trademarking your company name, getting licensing and tax in order, you first have to look at yourself, the person starting the business.
In order to know what business you can start by conducting a personal evaluation and analysing your industry to take stock of yourself and your situation. As once you know what motivates and inspires you. You can match the business you want to start to your personal aspirations.
By knowing yourself, and working in a job that caters to your strengths will make things easier for you therefore you have to understand why you want to start a business? Is it for money, freedom, creativity, or some other reason? And what skills you have.
This will help you narrow down your focus. Also knowing where you are in your life will help you know how much capital you have to risk or whether you’re able to take on a full or part-time venture. As at certain stages in our lives we have different responsibilities to attend to.
Conduct a SWOT analysis on yourself to figure out your strength, weaknesses such as what you like to do or whether if you will be dealing in product or service in your business and what are the opportunities and threats to that.
These types of questions will help you plan and think as in order to start a successful business, passion alone isn’t enough you also have to be realistic. And look back at the man or woman in the mirror, so to speak. If you can master this then there is no limit to what you can do in your business.