The motive behind the idea of publishing the biography and autobiography of the rich is basically to facilitate your understanding of the principle of life success that we teach. It is our belief that by seeing its effectiveness practically through the lives of those who were once in poverty, but became very distinguished, world class citizens, as a result of their desire to succeed, which compelled them to follow the step-to-step rule of life success; this we believe will invariably expedite your own desire to observe, imitate where necessary and conform to the principles.
Even though Napoleon Hill was not listed among the richest people in the world, he was respected and honoured as being one of the earliest teachers of the principle of life success. He was said to be the founder of the Science of Success and exerted a strong influence on people in the area of success virtually more than any other person in history. He has been the most influential man in the area of personal success technique development, and the author of the widely read book, “Think and Grow Rich”, which has helped millions of people, and has been important in the life of many successful people. Wikipedia Encylopaedia recently revealed that two very accomplished people have stated in writing that Hill’s book “Think and Grow Rich” is directly responsible for their success. The first was Art Williams who is listed on the Forbes 400 list as being worth over $1billion. The second is Truett S. Cathy, the founder of Chick-Fil-A restaurant (a privately held corporation). He stated in his book that he read Think and Grow Rich in high school and it changed his life. Mr. Cathy is also on the Forbes 400 list with his fortune estimated to be worth $900 million. Both succeeded enormously in attracting like-minded individuals to work with them throughout their careers, one of the necessary ingredients for achievement as described in detail by Hill as a “Master Mind Alliance”. The book, “Think and Grow Rich” is one of the best-selling books of all times: more than 30 million copies has already been sold and is still in demand till date.
Napoleon Hill was born to a humble family on October 26 1883 in the town of Pound in rural Wise County, Virginia. His mother died in 1893, when he was ten. His father remarried two years later. When Hill was 13 years old, he worked as a newspaper reporter to finance his way through Georgetown University Law School, but soon had to withdraw for financial reasons. His outstanding reporting for the paper brought him to the owner of Bob Taylor’s magazine. At the age of 25, Taylor employed Hill to write a series of success stories of famous men; the first of whom was Andrew Carnegie. The turning point in Hill’s career began in 1908 when he met with the industrialist Andrew Carnegie, who at the time was one of the most powerful men in the world.
Hill intrigued Carnegie so much that Carnegie had to commission him to do a 20 year assignment: Interviewing over 500 of America most successful men in order to find through their experiences a success formula that would work for the average man.
Hill wrote in his book, “Think and Grow Rich” that, “The secret was brought to my attention by Andrew Carnegie more than half a century ago.” He wrote “The Canny, lovable old Scotsman carelessly tossed it into mind when I was but boy. Then he sat back in his chair with a merry twinkle in his eyes and watches carefully to see if I had brains enough to understand the full significance of what he had said to me”.” When he saw that I had grasped the idea, he asked if I would be willing to spend twenty years or more preparing myself to take it to the world, to men and women who, without the secret, might go through life as failures. I said I would and with Mr. Carnegie’s corporation, I have kept my promise”. Napoleon Hill also wrote that, “it was Mr. Carnegie’s idea that the magic formula, which gave him a stupendous fortune, ought to be placed within reach of people who do not have time to investigate how men make money…He believe the formula should be taught in all public schools and colleges, and expressed the opinion that if it were properly taught it would so revolutionize the entire education system that the time spent in school could be reduced to less than half.”
Although, the mission Carnegie gave Napoleon Hill was without pay and only offering to provide him with letters of reference, yet Hill was interested in spending over 20 years in researching the life of the successful people in America; not only for the purpose of fighting against poverty in the life of people, he too was interested in knowing “how wealthy men become that way”. While on the assignment, he was supporting his family by holding a period as advertising manager of La Salle Extension University of Chicago, and editing and publishing the Golden Rule Magazine. Among those Hill interviewed were John D. Rockefeller, Charles M. Schwab, Thomas A. Edison, King Gillette, Theodore Roosevelt, Wilbur Wright, Dr Alexander Graham Bell, William Wrigley Jr., John Wanamaker, and many among others. Hill once remarked, “I spent twenty-five years in research…” He eventually interviewed 504 of the nation’s most successful men. Hill, together with Andrew Carnegie published what they considered the Philosophy of Achievement in the year 1928 in a book they titled “The Law of Success”.
In 1930 he published “The Ladder of Success”. And in 1937, he published the famous book,” Think and Grow Rich” which is still in print today. In 1939, Hill published “How to Sell Your Way Through Life”; and in 1953, “How to Raise Your Own Salary”. In 1960 he published “Success Through a Positive Mental Attitude”. His final work, “You Can Work Your Own Miracles” was published in 1971, a year after his death.
After Hill had spent 25 years interviewing 504 successful men and women in America, he was convinced that riches are not beyond people’s reach only if they know the laws and the desire to pursue it. He said, “I had learned, from years of experience with men, that when a man really desires a thing so deeply that he is willing to stake his entire future on a single horn of the wheel in order to get it, he is sure to win”.
Concerning the laws of success discovered by both Napoleon Hill and Andrew Carnegie, Hill wrote, “The Secret was passed on to thousands of men and women who have used it for their personal benefit, as Mr. Carnegie planned that they should. Some have made fortunes with it. Others have used it successfully in creating harmony in their homes”. “I have never known anyone who was inspired to use the secret who did not achieve noteworthy success in his chose calling. I have never known any person to distinguish himself, or to accumulate riches of any consequences, without possession of the secret. “From this His fact” he said “ I draw the conclusion that the secret is more important, as a part of the knowledge essential for self determination, than any which one receives through what is popularly known as “education”.
Hill explicitly made known to us that; the secret to which he refers cannot be had without a price even though the price is far less than its value. He said, “There is no such thing as something for nothing!” But, “when riches begin to come they come so quickly, in such great abundance, that one wonders where they have been hiding during all those lean years”.
Hill called his teachings, “The Philosophy of Achievement”. In one of his biographies, he was said to organize Napoleon Hill Foundation, a non-profit educational institution dedicated to teaching others the science of personal achievement. He died in 1970 in South Carolina.
QUOTE FOR TODAY
“Desire is the starting point of all achievements, not a hope, not a wish, but a keen pulsating desire” – Napoleon Hill.
Friday, February 29, 2008
Wednesday, February 27, 2008
HOW TO BUILD YOUR OWN MONEY MACHINE
Too many people are trying to start their home businesses with anordinary employee's way of thinking. This has become a common reason why not long after sitting down and giving a fair look into even the most lucrative business opportunity they bump into, they put it away and decide not to take any chances. What has happened here is that the most lucrative business opportunity has been looked into by an ordinary 9-to-5-worker, who appears NOT to be business-minded. If you are like most people, you have probably considered starting your own business yourself. But above all, you have to understand that to make into a successful Entrepreneur, you have to change your way of thinking.
1. DO NOT EXPECT FAST CASH! Working as an employee is a save haven for those afraid to take chances in their own business, their only way to get 'fast' cash, a supposedly sure cash at the end of 25 to 30 working days.This kind of cash they believe will always come in as long as they work from 9 to 5 for their boss. But as you probably already know it, as soon as they stop working, the money stops too.True entrepreneurship- minded people know that it takes time to develop a successful plan for their businesses. It takes time to build a strong and solid business, which delivers on going income through many years.True Business Entrepreneurs hold on to this truth, "We reap what we sow, but the harvest is never in the same season as the planting." Change your way of thinking: DO NOT EXPECT FAST CASH!
2. AIM FOR JOB SECURITY OR FINANCIAL SECURITY? Employees would rather have job-security. Why? Simple: the income is secure. As long as you loyally work from 9 to 5, you will for certain get your cash! The problem with a typical job is that when you stop, the money stops. The stark fact is: one day you might get fired without notice or retire sooner or later. Companies get broke and have to release their employees; talk of downsizing or rightsizing. No matter what the situation, as soon as you stop working, the money will stop coming. So much for secure income...!A job with secure income is necessary for those who have not set up their own business yet. But a true Business Entrepreneur won't settle merely for job-security. He aims for much more, such as financial security. No, he won't have fast cash. And no, he won't have any secure income yet - at least not in the beginning. And often, he won't have any income at all from his new business for the first few months. Business entrepreneurs think of the big picture. What they do is building assets from which money will come in month after month, year after year from work he is doing now! The money will not come now. It might not even come for the next few months. But as soon as his business is up and running, it will keep generating income for him, even when he chooses to stop working! And THAT is financial security! Change your way of thinking: THINK OF THE BIG PICTURE: AIM FORFINANCIAL SECURITY!
3. GENERATE PASSIVE INCOME Financial freedom is not measured by how much money you earn by working, but how much money comes in with only little or no work at all. This later kind of income is called passive income. This fact has been known for decades by real wealthy people. Successful and wealthy entrepreneurs do only little work and sometime sit is even possible to do the work only once but still generate recurring income on it. Imagine a song or a book writer. They write their songs or books once but get paid forever on it. This do-it-once-get- paid-forever type of income is called residual income.Most people who have attained financial freedom have other peopleworking to generate income for them. Earning money by other people's effort is called leveraged income. As hard as it may seem, to create leveraged income, you need to have your own business where other people work to generate income for you. Whether it is a traditional business, franchise, small business, internet based or home based. Employees work to generate secure income. Business Entrepreneurs work to build assets with income streams which generate for him on going passive income (either residual or leverage income or both). In otherwords Business Entrepreneurs work to build himself -what I would call-a 'money-machine' which is designed to generate ongoing income.Whereas the Employee can not stop working because otherwise he will lose his income, the Business Entrepreneur will have money coming inconstantly, even when he chooses not to work, simply because it is his assets that generate residual and leverage income for him. Change your way of thinking: TAP INTO PASSIVE INCOME BY GENERATING RESIDUAL & LEVERAGED INCOME!
4. INVESTMENTSIt is common for people who seek job security to hesitate to invest.The reason is understandable: for most of them the risks of investing in a business are just too much to handle. A true Business Entrepreneur understands that in order to build -what I would call- a 'money-machine' , investments are necessary. There is just no such thing as business without investment. He knows that it takes time and effort to develop a successful business. But he also knows that investing money is just as important! Sometimes it takes the Business Entrepreneur a year or two before he can finally reap the big success. Sometimes even a bit more. It takes a couple of years of investing time, effort and money. But this is not too hard for him to handle. A true Entrepreneur thinks long term. He knows that in the end, his working and money investing will finally pay off! A Home Based Business Entrepreneur would only have to invest few hours a week for a couple of years and he would only have to make low budget investments into his home based business. And at the end of the time of working and investing, our Entrepreneur would have turned it into a significant amount of residual income stream! I'm not talking about money that comes in today and is gone tomorrow but income that keeps coming in month after month, year after year...money that -as Gery Carson of SFI has put it- "when you've left this planet continues to provide for your spouse, children, or grandchildren. "By then you would think that all your valuable time and money you have spent would be worth it. Commonly an ordinary employee, who fears too much to invest, works hard to receive his pay check every month. Most likely he even retires broke. Before he knows it, he leaves the planet with nothing to leave for his family. A true Business Entrepreneur is prepared to invest. He knows by investing in his business he is building assets that would generate passive and residual income for him throughout his years on this planet and the years of his grandchildren. Change your way of thinking: THINK LONG TERM: START INVESTING!
1. DO NOT EXPECT FAST CASH! Working as an employee is a save haven for those afraid to take chances in their own business, their only way to get 'fast' cash, a supposedly sure cash at the end of 25 to 30 working days.This kind of cash they believe will always come in as long as they work from 9 to 5 for their boss. But as you probably already know it, as soon as they stop working, the money stops too.True entrepreneurship- minded people know that it takes time to develop a successful plan for their businesses. It takes time to build a strong and solid business, which delivers on going income through many years.True Business Entrepreneurs hold on to this truth, "We reap what we sow, but the harvest is never in the same season as the planting." Change your way of thinking: DO NOT EXPECT FAST CASH!
2. AIM FOR JOB SECURITY OR FINANCIAL SECURITY? Employees would rather have job-security. Why? Simple: the income is secure. As long as you loyally work from 9 to 5, you will for certain get your cash! The problem with a typical job is that when you stop, the money stops. The stark fact is: one day you might get fired without notice or retire sooner or later. Companies get broke and have to release their employees; talk of downsizing or rightsizing. No matter what the situation, as soon as you stop working, the money will stop coming. So much for secure income...!A job with secure income is necessary for those who have not set up their own business yet. But a true Business Entrepreneur won't settle merely for job-security. He aims for much more, such as financial security. No, he won't have fast cash. And no, he won't have any secure income yet - at least not in the beginning. And often, he won't have any income at all from his new business for the first few months. Business entrepreneurs think of the big picture. What they do is building assets from which money will come in month after month, year after year from work he is doing now! The money will not come now. It might not even come for the next few months. But as soon as his business is up and running, it will keep generating income for him, even when he chooses to stop working! And THAT is financial security! Change your way of thinking: THINK OF THE BIG PICTURE: AIM FORFINANCIAL SECURITY!
3. GENERATE PASSIVE INCOME Financial freedom is not measured by how much money you earn by working, but how much money comes in with only little or no work at all. This later kind of income is called passive income. This fact has been known for decades by real wealthy people. Successful and wealthy entrepreneurs do only little work and sometime sit is even possible to do the work only once but still generate recurring income on it. Imagine a song or a book writer. They write their songs or books once but get paid forever on it. This do-it-once-get- paid-forever type of income is called residual income.Most people who have attained financial freedom have other peopleworking to generate income for them. Earning money by other people's effort is called leveraged income. As hard as it may seem, to create leveraged income, you need to have your own business where other people work to generate income for you. Whether it is a traditional business, franchise, small business, internet based or home based. Employees work to generate secure income. Business Entrepreneurs work to build assets with income streams which generate for him on going passive income (either residual or leverage income or both). In otherwords Business Entrepreneurs work to build himself -what I would call-a 'money-machine' which is designed to generate ongoing income.Whereas the Employee can not stop working because otherwise he will lose his income, the Business Entrepreneur will have money coming inconstantly, even when he chooses not to work, simply because it is his assets that generate residual and leverage income for him. Change your way of thinking: TAP INTO PASSIVE INCOME BY GENERATING RESIDUAL & LEVERAGED INCOME!
4. INVESTMENTSIt is common for people who seek job security to hesitate to invest.The reason is understandable: for most of them the risks of investing in a business are just too much to handle. A true Business Entrepreneur understands that in order to build -what I would call- a 'money-machine' , investments are necessary. There is just no such thing as business without investment. He knows that it takes time and effort to develop a successful business. But he also knows that investing money is just as important! Sometimes it takes the Business Entrepreneur a year or two before he can finally reap the big success. Sometimes even a bit more. It takes a couple of years of investing time, effort and money. But this is not too hard for him to handle. A true Entrepreneur thinks long term. He knows that in the end, his working and money investing will finally pay off! A Home Based Business Entrepreneur would only have to invest few hours a week for a couple of years and he would only have to make low budget investments into his home based business. And at the end of the time of working and investing, our Entrepreneur would have turned it into a significant amount of residual income stream! I'm not talking about money that comes in today and is gone tomorrow but income that keeps coming in month after month, year after year...money that -as Gery Carson of SFI has put it- "when you've left this planet continues to provide for your spouse, children, or grandchildren. "By then you would think that all your valuable time and money you have spent would be worth it. Commonly an ordinary employee, who fears too much to invest, works hard to receive his pay check every month. Most likely he even retires broke. Before he knows it, he leaves the planet with nothing to leave for his family. A true Business Entrepreneur is prepared to invest. He knows by investing in his business he is building assets that would generate passive and residual income for him throughout his years on this planet and the years of his grandchildren. Change your way of thinking: THINK LONG TERM: START INVESTING!
Monday, February 25, 2008
ENTERPRENEURSHIP
Do you have what it takes?
There are some basic skills that you, as a potential business owner, should have. If you don't have them then you need to at least have a friend or family member who does or be willing to hire someone or consultant to do these things for you. These skills include (but certainly aren't limited to):
* Financial management and accounting - If you don't have the skills now, you either need to take the time to learn, or have someone else you can depend on to handle this side of the business for you.
* Marketing - You have to be able to sell yourself or your business. If people don't know about you then you won't get any business, and if you don't have any business then, technically, you aren't really in business. So, marketing is a very important part of your skill set. Fortunately, it is also an easy skill to farm out to experts.
* Management skills - You must have the management skills and organizational skills to man the challenges of running your own business. If you have no management experience at least start reading management books of all types that would apply to your business.
* Determination, enthusiasm, energy - No one ever said being your own boss was easy! In fact, you'll probably work harder than ever --you'll just get to reap more of the benefits. You have to have the energy to make your business succeed. If you have any doubts then maybe you should rethink the idea. If you read the success stories behind many businesses, you'll see the recurring theme that the business owner had no doubts that he or she would succeed, or that the thought of failing never entered their minds.
Identifying your talents.
For some, coming up with the business idea is the easy part. They simply turn a hobby, or something else that they love doing, into abusiness. In some cases, this works great. In other cases, it doesn't work so great. Why the difference? Because you can't just try on the trousers when you want to buy the whole suit. In other words, there are a lot of different things to consider when you're trying to come up with an idea for a business that will fit you. Those people that have made a go of it by converting their hobby into a business were lucky in that there was a market for their business in the first place. It doesn't matter how skilled you are, if there aren't people who want to buy your products(i.e. a market) then you're not going to be able to support yourself doing it. It will still be a"hobby." It still makes sense, however, to start a business that is based on things you know and are good at. You just can't stop there. It is also possible to start a business based on something you know nothing about. In this case, however, you probably should try and learn as much as you can before you get in too deeply. Or, consider buying a franchise that offers training, or an existing business from someone you can give you adequate information. You can also try working in the industry for a few months to pick up information. You may be surprised at how much you can learn even in low level positions.
Where are your strengths
Finding your strengths will involve more than just naming off the things you know you are good at. Sometimes your own mental images ofyourself aren't really as on-target as you might hope. So, in addition to some self-study, you'll also need to ask your friends, family, or current co-workers to tell you what they see as your strengths. If they consistently say you're a real "people" person then you might want to explore businesses that will make use of that quality. If they consistently say your strength is in problem solving then maybe some type of consulting would be the best route to go.Here are some questions to consider in this time of self and peer-based evaluation.. .
* What do you like to do?
* What do you have experience doing?
* What do you think you are good at?
* What does everyone else think you are good at?
* Do you have special education in the area(s) you are interested in?
* Do you have the right mindset to run your own business? (i.e. Doyou have expectations of challenge, hard work, long hours, and littlemoney to begin with?)
* Are you willing to put in 60 hour weeks to make your business work?
* Are you resourceful?
* Are you a high-energy person?
* Are you a dreamer or more down-to-earth?
* Can you bounce back from criticism and rejection?
(More thanjust a few times?) Simply write down your answers to the above questions.
Finding business ideas that fit your talents
If you answered these questions, then you should at least have an idea of the direction you should take. What I want to do is help you discover and evaluate the ideas that appeal to you and best fit you as an individual. Any list of business ideas you find will basically boil down to three types of businesses. Those business types are:
1. Manufactured products that you build and sell yourself
2. Distributed products or services that you buy wholesale and thenresell at a higher price
3. Services that you provide
For those three business types, there are typically four possiblestrategies. The strategies you might use include:
1. Inventing a completely new product for a completely new market
2. Inventing a completely new product for an existing market
3. Improving on an existing product and selling it to the existingmarket
4. Selling an existing product to a completely new market
Coming up with an idea for any of these areas requires some observation skills and creative thought. Start with the things you know about and enjoy and look for ways to make improvements, or sell them to new people. Be observant everywhere you go. Look at how existing businesses operate and make note of the problems you see.
Can you come up with a way to eliminate those problems?
Can you see a wayto improve the service, product or marketability of it?
Do you seetrends in the market such as larger retired or unemployed populations?
Are there special products or services that that increasing marketwill need?
Brainstorm with friends, write everything down, and study your list often. Make notes as you think of them. Ideas multiply into lots of new ideas. Evaluate these ideas based on what you like and what you know about. Once you've narrowed the list down to the finalists, readon to find out how to evaluate those ideas. Evaluating those ideas
Now is the time for a little market research, investigative study, and general digesting. A view from above. Begin with a bird's eye view of each idea. Remember what we saidi nitially about not just trying on the trousers if you want to buy the whole suit? Well, now's the time to try on the whole ensemble. Here is what you have to look at:
* Is there a market for your idea?
* Does the market have money?
* Is there a lot of competition?
* Can you come up with the funds it will take to get the businessstarted?
* Do you know how to market and sell the produce/service?
* Can you easily get the product or service to your customers?
What is the best way to get it started?
You have the general idea of the marketability of the idea, but whatis the best way to get the business started?
Can you begin as apart-time home business, or does it require more manpower and space?
Is a franchise possible or can you buy an existing business?
What is the income possibility for the idea?
Can you estimate the amount of income you can expect from eachbusiness idea?
In order to do this, you have to have a good idea of the level of demand for the product or service, as well as a good feel for what the competition is charging. You also have to realistically estimate your production capabilities.
Are there additional needs and costs related to the idea?
Do you know enough about the type of business or will there be a significant learning curve? How much time and money will be devoted tolearning about the business?
Can you afford to take that time?
If youare starting the business as a part-time business from home, you mayhave the luxury of trying some different businesses. If you'requitting your day job and are looking to replace that income then you need to make sure you do all of the home work to make the best decision possible.
Other deciding factors
There are few more things to consider when thinking about starting your own business. They include:
* Your own level of commitment - Consider the extent or length towhich you would go to make your business work (i.e. travel, commuting,relocating, etc.)
* Your family's support and approval of your idea - Having thesupport of your family is very important to the success of yourbusiness, as well as the stress levels you endure in working to makingit happen. Make sure you have the support you'll need both emotionallyand from a work-load standpoint.
* Zoning restrictions for the location you are looking at - Makesure you know the restrictions on the types of businesses you intendto venture in (particularly if you are operating your business out ofyour home.)
* Your willingness to seek outside help if you need it - Don't hesitate to get professional help for your business. There are many resources that can provide you with great ideas and information that can help manage more efficiently and perhaps even find that "edge."
* The compatibility of the business with your life style - If you're a night person and hate mornings then you probably don't want to open a doughnut shop. Make sure your business idea fits theschedule you work best in.
* The level of personal satisfaction you will get from thebusiness - Sometimes you really have to think about what you wouldenjoy rather than what you can make the most money at.
There are some basic skills that you, as a potential business owner, should have. If you don't have them then you need to at least have a friend or family member who does or be willing to hire someone or consultant to do these things for you. These skills include (but certainly aren't limited to):
* Financial management and accounting - If you don't have the skills now, you either need to take the time to learn, or have someone else you can depend on to handle this side of the business for you.
* Marketing - You have to be able to sell yourself or your business. If people don't know about you then you won't get any business, and if you don't have any business then, technically, you aren't really in business. So, marketing is a very important part of your skill set. Fortunately, it is also an easy skill to farm out to experts.
* Management skills - You must have the management skills and organizational skills to man the challenges of running your own business. If you have no management experience at least start reading management books of all types that would apply to your business.
* Determination, enthusiasm, energy - No one ever said being your own boss was easy! In fact, you'll probably work harder than ever --you'll just get to reap more of the benefits. You have to have the energy to make your business succeed. If you have any doubts then maybe you should rethink the idea. If you read the success stories behind many businesses, you'll see the recurring theme that the business owner had no doubts that he or she would succeed, or that the thought of failing never entered their minds.
Identifying your talents.
For some, coming up with the business idea is the easy part. They simply turn a hobby, or something else that they love doing, into abusiness. In some cases, this works great. In other cases, it doesn't work so great. Why the difference? Because you can't just try on the trousers when you want to buy the whole suit. In other words, there are a lot of different things to consider when you're trying to come up with an idea for a business that will fit you. Those people that have made a go of it by converting their hobby into a business were lucky in that there was a market for their business in the first place. It doesn't matter how skilled you are, if there aren't people who want to buy your products(i.e. a market) then you're not going to be able to support yourself doing it. It will still be a"hobby." It still makes sense, however, to start a business that is based on things you know and are good at. You just can't stop there. It is also possible to start a business based on something you know nothing about. In this case, however, you probably should try and learn as much as you can before you get in too deeply. Or, consider buying a franchise that offers training, or an existing business from someone you can give you adequate information. You can also try working in the industry for a few months to pick up information. You may be surprised at how much you can learn even in low level positions.
Where are your strengths
Finding your strengths will involve more than just naming off the things you know you are good at. Sometimes your own mental images ofyourself aren't really as on-target as you might hope. So, in addition to some self-study, you'll also need to ask your friends, family, or current co-workers to tell you what they see as your strengths. If they consistently say you're a real "people" person then you might want to explore businesses that will make use of that quality. If they consistently say your strength is in problem solving then maybe some type of consulting would be the best route to go.Here are some questions to consider in this time of self and peer-based evaluation.. .
* What do you like to do?
* What do you have experience doing?
* What do you think you are good at?
* What does everyone else think you are good at?
* Do you have special education in the area(s) you are interested in?
* Do you have the right mindset to run your own business? (i.e. Doyou have expectations of challenge, hard work, long hours, and littlemoney to begin with?)
* Are you willing to put in 60 hour weeks to make your business work?
* Are you resourceful?
* Are you a high-energy person?
* Are you a dreamer or more down-to-earth?
* Can you bounce back from criticism and rejection?
(More thanjust a few times?) Simply write down your answers to the above questions.
Finding business ideas that fit your talents
If you answered these questions, then you should at least have an idea of the direction you should take. What I want to do is help you discover and evaluate the ideas that appeal to you and best fit you as an individual. Any list of business ideas you find will basically boil down to three types of businesses. Those business types are:
1. Manufactured products that you build and sell yourself
2. Distributed products or services that you buy wholesale and thenresell at a higher price
3. Services that you provide
For those three business types, there are typically four possiblestrategies. The strategies you might use include:
1. Inventing a completely new product for a completely new market
2. Inventing a completely new product for an existing market
3. Improving on an existing product and selling it to the existingmarket
4. Selling an existing product to a completely new market
Coming up with an idea for any of these areas requires some observation skills and creative thought. Start with the things you know about and enjoy and look for ways to make improvements, or sell them to new people. Be observant everywhere you go. Look at how existing businesses operate and make note of the problems you see.
Can you come up with a way to eliminate those problems?
Can you see a wayto improve the service, product or marketability of it?
Do you seetrends in the market such as larger retired or unemployed populations?
Are there special products or services that that increasing marketwill need?
Brainstorm with friends, write everything down, and study your list often. Make notes as you think of them. Ideas multiply into lots of new ideas. Evaluate these ideas based on what you like and what you know about. Once you've narrowed the list down to the finalists, readon to find out how to evaluate those ideas. Evaluating those ideas
Now is the time for a little market research, investigative study, and general digesting. A view from above. Begin with a bird's eye view of each idea. Remember what we saidi nitially about not just trying on the trousers if you want to buy the whole suit? Well, now's the time to try on the whole ensemble. Here is what you have to look at:
* Is there a market for your idea?
* Does the market have money?
* Is there a lot of competition?
* Can you come up with the funds it will take to get the businessstarted?
* Do you know how to market and sell the produce/service?
* Can you easily get the product or service to your customers?
What is the best way to get it started?
You have the general idea of the marketability of the idea, but whatis the best way to get the business started?
Can you begin as apart-time home business, or does it require more manpower and space?
Is a franchise possible or can you buy an existing business?
What is the income possibility for the idea?
Can you estimate the amount of income you can expect from eachbusiness idea?
In order to do this, you have to have a good idea of the level of demand for the product or service, as well as a good feel for what the competition is charging. You also have to realistically estimate your production capabilities.
Are there additional needs and costs related to the idea?
Do you know enough about the type of business or will there be a significant learning curve? How much time and money will be devoted tolearning about the business?
Can you afford to take that time?
If youare starting the business as a part-time business from home, you mayhave the luxury of trying some different businesses. If you'requitting your day job and are looking to replace that income then you need to make sure you do all of the home work to make the best decision possible.
Other deciding factors
There are few more things to consider when thinking about starting your own business. They include:
* Your own level of commitment - Consider the extent or length towhich you would go to make your business work (i.e. travel, commuting,relocating, etc.)
* Your family's support and approval of your idea - Having thesupport of your family is very important to the success of yourbusiness, as well as the stress levels you endure in working to makingit happen. Make sure you have the support you'll need both emotionallyand from a work-load standpoint.
* Zoning restrictions for the location you are looking at - Makesure you know the restrictions on the types of businesses you intendto venture in (particularly if you are operating your business out ofyour home.)
* Your willingness to seek outside help if you need it - Don't hesitate to get professional help for your business. There are many resources that can provide you with great ideas and information that can help manage more efficiently and perhaps even find that "edge."
* The compatibility of the business with your life style - If you're a night person and hate mornings then you probably don't want to open a doughnut shop. Make sure your business idea fits theschedule you work best in.
* The level of personal satisfaction you will get from thebusiness - Sometimes you really have to think about what you wouldenjoy rather than what you can make the most money at.
Subscribe to:
Posts (Atom)