Analyse the industry that you wish to get into. Getting into an industry with high growth potential, such as the travel and education industries, will give you a better chance of success. People love to travel - look into the mirror, don't you love travelling?? As income goes up (we are going to become a high income nation come 2020, said Ajib Kor) more and more people will spend on travelling. Education is recession-proof. Come what may, people will still send their children to college. On the other hand, it wouldn't be wise to go into an industry that is already mature, saturated with competitors, and with declining growth rate. Try selling groceries - most likely you would fail or you would earn much less than what you could have earned elsewhere.
Analyse your work experience. Do you have the necessary and relevant experience to go into a particular industry? Chinese say, "Don't know, don't do". And you have to believe them - they are great entrepreneurs!!! LOL!!! If you wish to go into an industry which you do not have previous experience, go find a job in that industry first. Learn the ropes of the trade before starting your own business. When you are already in business, learning can be a very expensive affair. Very high tuition fees you would have to pay!!! So the trick is - "learn first before you go in, not go in first then learn". This will reduce your risk (remember? Entrepreneurs are not gamblers, they take calculated risk).
Analyse your buyers. Who do you intend to sell to? Are your customers corporate buyers or retail buyers? Corporate buyers means your customers are businesses like yourself. B2B, business to business, dig? Retail buyers means your customers are individuals like myself. B2C, business to consumer. Corporate buyers tend to be more rational in their purchase. If you can prove to them that your product can help them save money or earn more money, they will buy from you long term. Retail buyers like myself are more prone to being irrational. Product may be fantastic but I won't buy from you - why? I don't like your face (yeong shui!!!!). It's much harder to sell to retail buyers because so many things influence their purchase decision. For corporate buyers, only the bottom line counts.
There are other matters which you may want to analyse. Above is just a short list of three. For example, you may want to analyse your own financial commitments before you plunge into starting your own business. It takes time to generate income from your business but meanwhile you still have to pay for your car, apartment, and sending your kids to school. Some people never bother to do any analysis at all - What process???? And they too can be successful. Some people do a lot of analysis and ended up as non-starters. They never get to the point of launching their business!!! Nevertheless, sitting down and doing some analysis will reduce the odds of you failing. So, before you jump, take some time to go through this process. It may help you to make a safer decision - to go into a business of your own or not. To be or not to be. Good luck to you!! (You may put your thoughts in the comment box at the bottom of this post, tq.)
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