Business plan 3 - Starting a business
A business as they say is an organization or enterprising entity engaged in commercial, industrial or professional activities. A business can be a for-profit entity, such as a publicly-traded corporation, or a non-profit organization engaged in business activities, such as an agricultural cooperative. Business can also be a hobby practiced for an extended period of time that yields or evolve into income generating activity. The main point here is not business anyway, it is starting a business. Allow me say this, it is hard, dreading, time consuming, require patience, skills, and commitment because it has lots of challenges, pains to go through, its hard/difficult. In some reasons, business does not earn much money rather employment does more good especially when a business has no demand, has no customers and product has no consumers.
Choice of business
Choice of business counts because most businesses are meant to bring in income. The best type of the business however, is the one that solves problems, not easy because everyone can just start and do it which creates flooding of market. How do you a business is solving problem? Almost all businesses do. It also good to start a business that adds value to itself as it grows, change with the public needs and interests and evolves with time. If you own a banana plantation, you are solving food issue at immediacy, but in long term you could go into stems which produces fibres for making rags, papers, bags etc. The later products always have higher costs to start and requires more skills to do. Or take products like cassava with later products like polythene papers, shopping bags, Jerry cans etc.
Turning hobby into business
What if I earn enough? people with enough cash spend them on charity type business. They are the ones that build water, roads, electricity especially for poor places that cannot afford such. What if you just graduated and have no job? what if you love a job you have been in for the whole of your life? what if a hobby generate more money than your income? what if a hobby makes you too busy that you cannot do other things? Well, to me, a hobby is things you do out of love for the love of it. You only do when you have the time however, when it earns lots of money, then it might force you to go into business. That means hiring more people with the right skills to help solve or fill the gaps.
My choice for you