Starting a Business tends to fall into two categories, either a “Push” or “Pull” type:
1 Pull type – Often almost started by default – the classic example is, when a hobby or part-time activity makes the transition from an interesting activity to financially viable and from some additional money to replacing the full time job
2 Push type – Often after a disruption, like loss of job when a change of direction is required. Setting up your own business is one option.
The key point is to ensure that the reasons for Starting the Business, do not distort the operation and viability of the new Business. Whether the Reason was Push or Pull – it is vital that a hard and objective look is made so as to answer the questions:
“What is different about our Business?” and “What is it that Customers are buying?”
“How can we satisfy Customers profitablity?”
“What do we want our business to look like in 2-5 years time?”
Only when you have answered these questions,can you build on a firm basis to grow your business.
Working for yourself and building your own business is great, exciting and very motivating but it is not an easy option.