Good day to all,

I am an aspiring entrepreneur and I studied management. I have knowledge with respect to theory but lack much experience in business. Presently, i just want to know what is my first step to take. How do you begin? Do i choose a product or service, how do i know what industry to go into or do i monitor the different markets then come up with a need in an industry. Where should my ideas come from and what is the best strategy or approach should i take in beginning this journey.
Any feedback will be greatly appreciated
 

JohnHolling

Serial entrepreneur, Investor, Mentor
Member
Hi @Inquisitive3.0, Welcome to the forum!

What a great question, and what an exciting time. Without knowing you or your skills, it's tough to give you very specific advice, but here's what I know from years of entrepreneurial experience...

It's important to find something that's a balance of your skills and what you love. Don't start a business unless it lights your fire! For example, I'm good at writing, so I've taken on several writing projects over the years, but I don't really enjoy writing, so it's a chore to do it and not fulfilling. I could never do it as my primary business.

On the other hand, after starting and selling several businesses, what I love most is helping entrepreneurs to do the same. So now I consult for startups. It's what drives me.

Market research, finding a need, and planning are all necessary, but your best starting point is finding your passion. Do that first, then find a way to monetize it in a way that makes a successful business.

That's my two cents. If you have specific questions, keep posting in the forum. It's a great place to find help from experienced people who care.

Cheers!
John
 
Hi @Inquisitive3.0, Welcome to the forum!

What a great question, and what an exciting time. Without knowing you or your skills, it's tough to give you very specific advice, but here's what I know from years of entrepreneurial experience...

It's important to find something that's a balance of your skills and what you love. Don't start a business unless it lights your fire! For example, I'm good at writing, so I've taken on several writing projects over the years, but I don't really enjoy writing, so it's a chore to do it and not fulfilling. I could never do it as my primary business.

On the other hand, after starting and selling several businesses, what I love most is helping entrepreneurs to do the same. So now I consult for startups. It's what drives me.

Market research, finding a need, and planning are all necessary, but your best starting point is finding your passion. Do that first, then find a way to monetize it in a way that makes a successful business.

That's my two cents. If you have specific questions, keep posting in the forum. It's a great place to find help from experienced people who care.

Cheers!
John
Thanks for the feedback. So then i am left with the question how do you find your passion in business? I feel as though there are so many things you can do in business. Additionally my area of study is really broad so it has become a great obstacle as well.
 

JohnHolling

Serial entrepreneur, Investor, Mentor
Member
Aside from business, what do you like to do? What means a lot to you? What gets you excited when you think about it?
 
Aside from business, what do you like to do? What means a lot to you? What gets you excited when you think about it?
Well that is the problem all I know is school. As such, I have not really been out there in the world and i have not experienced different fields, but yes i think it's where my quest has to begin in terms of finding out my passion/ purpose.

Thanking you
 

JohnHolling

Serial entrepreneur, Investor, Mentor
Member
You're still thinking in terms of "fields," which means areas of business. Start with your personal life. Do you have a hobby you love? Do you really enjoy meeting new people or helping people? Was there a topic in school that interested you above all the others? Rather than trying to think of what you can do for a business, begin with what you like to do, and then think about how you can do that in business.
 
Heyy, @Inquisitive3.0 I'm doing the opposite path. I have started a software company and dropped out the information systems school. After some years, I've figured out that I was lacking technical knowledge, so I started studying management. I'll finish the college soon. But let's go to the point of your question...

I like @JohnHolling's view, yet I think I can sum it up (a little bit). Finding your passions is a beautiful thing, it's really awesome when it happens. But we must also experience diverse things to find our passions, and also to find out what we don't like at all. I don't know how John figured out he doesn't love to write; yet I bet it happened when writing.

Also, you might see I've emphasized the plural form of "passions". Yes, we don't need to be "monogamist" about our passions in life (except when you're marrying that passion). A person have multiple passions and multiple skills, and John is pretty right when he said you must find the "balance" between skill and passion!

I think the business school makes us too passionate about business in general that we can't tell the kinds of business we like from the ones we don't. I used to like making software in the past, but now I like any kind of business because what I really love is to manage. If you're like me at this point, maybe you should look for opportunities in fields where a company needs to be well managed; where it's complex to do and it's not for everyone to do so; where the management isn't obvious for everyone.

But if you're not like me, and don't know your passions, there's only one way to find. You must experience new things; try them out until you know whether you like. A good starting point is trying something you're skilled in; sometimes we easily develop certain skills because we like it. And don't be afraid to don't like a thing! Of course, as John said, be sure it's not something you don't like before you start a business; you have cheaper ways to try something to know whether you love it or not.

Ohh, before I forget, you asked how to find opportunities. I'll do a short tip by now: Do an exercise and look around you, where you live, and think about what's lacking. What's scarce. In addition to thinking, you can ask it for people, it's way better when you hear people about it. Also, think about what's abundant; what's over supplied. Then try to figure out how to offer the scarce things, and if you can use what's over supplied, then it's even better. I can talk more about it, if you want to go deeper!
 

djbaxter

Administrator
You're still thinking in terms of "fields," which means areas of business. Start with your personal life. Do you have a hobby you love? Do you really enjoy meeting new people or helping people? Was there a topic in school that interested you above all the others? Rather than trying to think of what you can do for a business, begin with what you like to do, and then think about how you can do that in business.

^^ Exactly. Excellent advice.

Added: And then I read the reply from Bruno Moreira-Guedes. More excellent advice. Great stuff guys!
 

Bvolm680

Member
Good day to all,

I am an aspiring entrepreneur and I studied management. I have knowledge with respect to theory but lack much experience in business. Presently, i just want to know what is my first step to take. How do you begin? Do i choose a product or service, how do i know what industry to go into or do i monitor the different markets then come up with a need in an industry. Where should my ideas come from and what is the best strategy or approach should i take in beginning this journey.
Any feedback will be greatly appreciated

I think that this is a great question, while I think being an entrepreneur is not the most difficult task it does take practice. However, if you do believe in your abilities and think that you can take on this journey deciding what you want to do is a great start. This is the most pivotal aspect of your business. Too many products and services in small business today aren't even wanted or needed by the market, and end up as a waste of time and money in the dream of an unsuccessful entrepreneur.

However, when thinking about a new product or service my team and I like to target "pain points" in different sectors of the market. You can find these issues in markets that you enjoy or just know of. For example pathogen detection aka preventing food poison and serving fresh safe food is a new pain point in the agriculture sector. People demand clean food and sometime as we have seen with Chipotle companies fail to adhere to these standards and lose a lot of money. A perfect area to attack.

However, once the pain point is picked you need to make sure that your end user needs or even wants your product.While this may seem like a stupid question as I said before the unneeded product is a curse that has found many entrepreneurs. If you haven't I would suggest you read into "Lean" startup and business strategies.

I hope I had some decent input and hope you find your path well.

Cheers,
-B
 
Considering a business starts with planning on what type of business are you interested about? Your knowledge in terms of your choice of products and services you wish to market and your financial capacity or your starting capital must be considered.
 

bea999

Member
Hello, everyone!

Amazing thread! Helpful information. Thanks :)

Well, I am on the way already. The main advice which I can give is to choose a field where you can feel confident. What I mean is try to understand which field is your and will be your one in the long run. What I learned from my experience, it is important to consider:1) what do you like, about what you are passionate. 2) what will exist in the market in the long run or have to make sure that there will be in the long run. 3) your skills, knowledge, character and abilities to absorb a lot of new information. For instance, let's say if you are passionate about the cars. That is more reasonable to go into the car business than go into beauty industry even if there are more chances in this industry from the beginning. The reason is that going into the industry which is not your will make you more stressed and will take double time to learn. Also, you will learn what is not that interesting for you. But that is my opinion. I think it is important, to be honest with yourself and evaluate your abilities to learn in the each business industry.

Of course, you have to also consider competition within the market, investment and so on. But I suggest first analysing your own skills and ability to adapt quickly to business.
 

megawoman

Member
Good day to all,

I am an aspiring entrepreneur and I studied management. I have knowledge with respect to theory but lack much experience in business. Presently, i just want to know what is my first step to take. How do you begin? Do i choose a product or service, how do i know what industry to go into or do i monitor the different markets then come up with a need in an industry. Where should my ideas come from and what is the best strategy or approach should i take in beginning this journey.
Any feedback will be greatly appreciated
 

megawoman

Member
We all agree that this is a great question...we often get lost in a sea of option because we have too many.

To arrive at a solution it is often good to ask yourself these questions:
  • " what is the one thing I can do all day without getting bored"
  • Is that something I like doing just for myself or to benefit others.
  • Would I be happy getting out of bed every morning to do this thing, even if I'm making less money than I am now.
  • would that satisfy my heart.

These questions can also help you find your passion.
 
According to me it is important to know your skills and knowledge. If you are not sure about what business you can do and rather than trying to think of what you can do for a business, ask yourself what you like to do and once you finalize know what kind of business is best for you that gives you profit and income.
 
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