What business should I open?
This is a question that usually comes to our minds first when we start imagining ourselves as an entrepreneur.
This same question is one of the most common ones I receive as a Business Coach and Business Consultant.
And it comes with questions about capital, market, location, and chances of success.
- What business should I open with small capital?
- What business is missing from Greece?
- What business should I open in a village?
- What are the chances of success for a catering establishment, for a small tourist unit on an island?
As simple as the question is, its answer requires time, thought, and planning.
Because a business is not just an economic activity. We should know from the beginning that a business is based on 4 pillars: identifying opportunities, managing resources, creating change and creating value.
The 4 pillars of a business’s success
Recognition of opportunities
A business starts by recognizing an opportunity, identifying a new need in the market, a new technology, or a new approach to an existing type of business. In other words, we need to be able to clearly describe what we will offer or produce better than the competition.
Resource management
The success or failure of a business often depends on the effective management of resources. When we say resources, we mean financial resources and people. An entrepreneur must select the appropriate resources – in financial capital or in human resources – and manage them effectively.
Create a change
Business is not just a process of producing and selling goods or services. It is primarily a process of creating change. Business can change people’s lifestyles, create new jobs, and contribute to economic growth.
Value creation
Value can be economic, social or environmental. The entrepreneur must create value for customers, employees, suppliers and society as a whole.
What business should I open? Targeted questions for big profits
Using these 4 pillars we can ask more targeted questions.
Opportunity recognition
- Is there a real need in the market for the product or service I want to offer?
- Is it a product or service that people are willing to pay for?
- Is there competition in the market? Who are my competitors?
- What talents or skills will help me achieve my goals?
Resource Management
- Do I have the necessary financial resources to start and grow the business?
- What sources of financing can I take advantage of?
- Do I have the necessary skills and knowledge to manage the business?
- Do I have the right team of people to help make the business successful?
Create a change
- How will my business make a difference in the world?
- What are my company’s mission and values? What is my company’s philosophy?
Value creation
- What is my business’s competitive advantage?
- How will I create value for customers, employees, suppliers and society as a whole?
What business should I open? Business Plan
Having answered these questions you will have laid the foundation for creating a Business Plan .
The simplest and most helpful Business Plan that you can make inexpensively and easily to start with is to discuss your idea with a person in your environment that you trust and describe to them what you want to create through your business.
But you should continue with thorough research, seek out the right partners, and carry out careful planning to increase your chances of success.
Business coaching using management methodologies such as SMART & SWOT analysis will effectively help you identify the skills and talents you need, set goals, and avoid getting carried away by procrastination or any obstacles.
An experienced Business Consultant will give you the scientific framework for whether your business has a chance of success or not. He will also guide you in meeting the challenges faced by a new business, such as financing.
If you have a business idea but don’t know how to implement it, contact the Business Best team so we can help you.
Don’t forget that the business is the person who creates it! It’s his values!