Soliciting Business Ideas
Most billionaires and millionaires started out small in business, with a business idea, determination, financial intellect and some with an ounce of luck they made that business an empire.
Not all people are business minded but all wants to get rich, I remember one acquaintance of mine mentioned to me that he prefers to be an employee or work for others till he retires than going into business for he said it is not his thing.
I have several friends that went abroad to earn more so they can save to start a business when they come back home. Most want to go into a business but do not have an idea what business to start.
Most often my friends ask me what are some good businesses to start or if I want to be a partner. They have the capital to start the business. I have my own business ideas but based on my experience I have had with failed business ventures tied with partnerships, I was hesitant to give my business ideas. These failed business attempts were on a web and software development company, analog audio and video conversion to digital media service and a car wash and detailing shop. The life span of these businesses was only 1-2 years and none got me back my investments. Honestly I don’t want to get tied to another business partnership venture with friends or relatives co-owning the company. I prefer that I manage my own company and have them as investors or partners instead of co-owning the company.
I gave this piece of advise to my friend instead. I have my own business ideas which I’m passionate about and have general knowledge of, but you should go into a business that you know and have passion for. Start with a hobby, something you like, something you are a master of. The passion factor is what would make the business a success. I said you can start a car wash and detailing shop, restaurant, internet cafe etc. But if you do not have passion for that business it would likely fail. Small businesses rate of failure statistics shows 8 out of 10 fail in 1-3 years.
I recommended reading entrepreneur and business magazines, read books and research on the internet. There are dozens of successful entrepreneur who made it big with what they have passion for.
I think most of the successful entrepreneurs didn’t share their business ideas when they were starting out but shared them along with success stories after.
As for my business idea I just need to build up capital these coming months and come up with a business plan first then work out the registration.
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