One common thing I have discovered about many business failure is the lack of knowledge about the business.
Where there is no insight our business perish.
I was in a enterprenuer seminar and the moderator asked a woman what "what business do you wants to venture?"
Woman: poultry business.
Moderator: OK. Can you list atleast three drugs that is used on chicken?
Woman: no idea.
You see that, this woman wanted to start up a business that she knew nothing about. If she had entered into that business without proper research, the poutry business will surely collapse.
Dont just enter into business. Go and first learn everything about the particular business before you enter.
You must ask your self some of this questions before you venture into business.
- Why do I want to enter into this particular business?
- Do I have what it takes to succeed in this business?
- What are my findings about this business (research)?
- What are the skills that I must possess to make this business thrive?
- Who are my target market (customer)?
- Who are my competitors?
- What needs can my products or services be able to solve.
- Wha
Sincere answer to this questions gives you an overview of what you are about to enter.
Remember, nothing happens by chance but by preparation and hard work .
Nothin