There are so many reasons for wanting to start a business, and most of people get to the point where they no longer feel satisfied working in another person's business. Before deciding to start a business, start with your why: that thing that makes you dissatisfied with the status quo and makes you hungry for more.
"Before deciding to start a business, start with your why."
Which of the following applies to you?
You want freedom from daily routine.
You want to do what you want when I want.
You want to increase your income and standard of living.
You want to have creative freedom.
You want to fully use your skills, knowledge and education.
You have a product/idea/service that people need.
You want to have more time with the family.
You want to take advantage of good tax breaks for business owners.
You are a Type B person and work best alone.
You want to be your own boss.
You want to be in control and make the decisions at your workplace.
Each one of the reasons above are great reasons for wanting to own a business. However, not many people understand or think through the process of starting a business. The first step to take before starting a business is to investigate the type of person you are and the kind of business that would help you feel fulfilled and reach your goals
In the Investigation Phase you take a look at yourself and also your business options. There are careers that are suited to personality types, so the first thing you must discern is “Which personality type am I?”
This is an introverted personality who is serious, quiet, thorough, orderly, matter-of-fact, logical, realistic, and dependable. They take responsibility, are well organized, know what should be accomplished and work steadily toward it disregarding distractions. They are careful calculators, and 20% of this group become accountants.
These are also introverts and are cool onlookers. They are quiet, reserved, observing, and analyzing life with a detached curiosity and have unexpected flashes of original humor. They’re usually interested in cause and effect, how and why mechanical things work, and in organizing facts using logical principles. They usually are craftsmen, mechanics, or handymen with about 10% becoming farmers.
These people are extraverts who are good at on-the-spot problem solving, don’t worry, enjoy whatever comes along, are adaptable, tolerant, and generally conservative in values. They tend to like mechanical things and sports, and dislike long explanations. They are best with “real” things that can be worked, handled, taken apart, or put together. About 10% of this type go into marketing or become Impresarios.
These are another extravert group and are hearty, frank, decisive, leaders in activities and usually good in anything that requires reasoning and intelligent talk, such as public speaking. They’re usually well informed and enjoy adding to their fund of knowledge. They may sometimes appear more positive and confident than their experience in an area warrants. They’re sometimes called “judgers” and “thinkers” and 21% of this group become legal administrators.
To go into each personality type would be far too complicated, but to give you an idea of the roles that personality types could fall into look at the following list. Beside the categories we covered in depth here are some simply broken down into Introvert or Extravert Personality.
Introverts choose careers that satisfy being:
Extraverts are usually:
The second part of the Investigating Phase is looking at your business options. When choosing the business you want to start consider the following:
Do you like to work with your hands or brain, or both?
Does working indoors or outdoors matter?
Are you good at math, writing, puzzles, blueprints, installing things or fixing things?
What interests you? What are your hobbies?
Do you like to work alone or as part of a team?
Do you like to plan things, or go to events?
Do you like machines, computers?
Do you like to drive or operate equipment?
Do you like to travel, collect/display things, give/attend shows, or take pictures?
Make a list of your likes and dislikes. Keep a diary of things you do that relate to business and rate each entry from 1 to 5 based on your interest. Then prepare a list of your strengths, weaknesses, opportunities and concerns. After doing all that, you should have a list of candidate businesses that are right for you. Then you can make a list of the “potential businesses” you can venture into and rate them from 1 to 5 based on your own chosen criteria.
Some criteria could be :
Is the business idea feasible
Are my start up costs low?
Does the idea meets my objectives?
Will make enough money to replace my income?
Is there is a “niche” market of existing customers
Will it produce residual income for my future financial goals?
How will it affect my work life balance?
Do I have a support system (mentors, potential investors, team members) that will help kickstart my vision?
After completing this exercise, you will be well on your way to starting a business you will enjoy and grow into as you continue to press forward. What's next? Now it is time to create a business plan.