Most business owners world over have currently put their business ventures on hold as they wait for the economic storm to pass. This has resulted in companies scaling down on their employees in order to cut costs and survive the credit crunch. But if I am asked, this would be the right time to take advantage and start a small business.
We have been brought up to think that employment is the best source of income. But the economic meltdown has completely transformed this line of thought. If one is keen, it would be easy to identify a business opportunity to invest in and start making money. Identify what people need around you and provide a solution. By touching peoples lives then you can have access to their money. Mr. Goodluck Charles, an entrepreneurship lecturer, says “some of the greatest business ideas take shape during hard economic times.”
If you have a business idea, first do a market survey and find out if your business is viable. Then calculate and see how to mitigate your risks. Also examine your abilities and if there is a need to acquire skills, do relevant courses that offer training in the related field.
Though it’s not a guarantee that your business will succeed, not trying is a worse case. We like asking, “what if I fail?” and forget we could still ask, “what if I succeed?” It may be difficult but with motivation and determination you can make it in the business world. Business opportunities are many especially online, and people are out there with needs that require solutions, Goodluck adds, “an opportunity provides a solution to what people need.”