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Business 101: What New Entrepreneurs Should Consider

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As unique as every adult is, we share a commonality wherein we have once dreamt (or continue to dream) of becoming our own bosses. It’s possible to make this dream into a reality with entrepreneurship — the career choice that doesn’t discriminate against any person.

However, just because anyone can become their own boss doesn’t mean that we are prepared for the position. A few characteristics that aspiring entrepreneurs should possess are confidence, discipline, forward-thinking, the ability to work alone, and the tenacity to go beyond one’s comfort zones.

If you have all of these, then you have met the first step. Following this is the need to make smart business decisions from the get-go.

Products and Services Offered

There are several routes to choose from when deciding on your business’ offers. First is the most common option: the convenience goods. This choice is popular among companies that are starting because these are the goods that consumers purchase habitually or without much thought. A few examples of convenience goods are toiletries or pantry staples. However, these goods can be bought impulsively as well, like batteries, razors, or candies — items usually found near cash registers.

Another option, and perhaps the riskier route to take, is the specialized or specialty goods route. These products are unique for several reasons. For instance, they could be unique because of the functionality or brand name that offers it to the public. An example of this is heat and control technology. Items like bucket and drum heaters aren’t used by the people all that much. Instead, certain sectors like the food or oil industries seek out suppliers they can buy in bulk from.

The last example requires the most marketing effort, which is any unsought goods. These are products or services that consumers don’t think they want until they come across certain instances that remind them of the goods’ existence. Examples of unsought goods are smart devices, insurance, and graveyard plots.

Business Model

business model

You’ve decided upon your product or service. Now, it’s time to select your business model. It is the format of operations that your business will follow over time.

Like the products and services, there are plenty to choose from. But most models can be categorized as either a traditional or contemporary/hybrid business model. Nowadays, a popular choice is e-commerce. Entrepreneurs who decide to operate online are given a wider reach and more flexibility when conducting their business. Customers from all over the country, or even globally, can access their shops and peruse their catalogs. Moreover, there are no opening or closing hours, which will give both the owner and buyer more freedom to act accordingly in the long run.

Regardless of the choice you make, your business model will dictate the following things: your sources of revenue, customer or client base, and the ways you’ll accept payments. In some instances, it may even affect the place where you conduct your business. Hence, there is a need to carefully consider all of your options before making your final decision.

With these two factors, you can prepare for the business that will make you the boss.

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