I'm interested in starting an entrepreneurial venture, what business should I choose?

March 02 2005 - Syracuse Post Standard

Tracy:

There are three business options you might want to consider. The first option is creating a business where you have technical expertise and experience. A corporate graphic designer might start their own graphic design business or a lawyer might start their own law firm. The second option is purchasing a franchise such as Dunkin Donuts where you run your own franchise business under the umbrella of an established company name and structure. The third business option is studying the market and finding a unique niche where a business service or product has marketability. Not all businesses are created because the entrepreneur starting it has direct experience in the field. Michael Gerber, author of E Myth Mastery, advises potential entrepreneurs to ?explore the critical roles of passion, purpose, and practice in the success of any enterprise?. I?d suggest purchasing this great book before you start any entrepreneurial venture.

Ann Marie:

In my case, I went with an industry that I already had some experience in. You may want to consider a business that you have worked in and really enjoy as well. If you are already interested in the industry and are good at it, then that is a great beginning. The most important thing is that you should really have a passion for it. If you don?t love it you may have trouble staying with it when things get tough. A second thing to consider is timing. When I started the Agency, I had experience as a model, but there also happened to be a void in the marketplace as far as Agencies went. There really wasn?t anyone representing talent full time. It was a good combination of experience and timing. Put together something you love, good timing, hard work and you have a mini recipe for starting a successful business.

Julie: I think you have to take your own personality into account when making this decision. Some people start ventures purely for the business opportunity, but personally I would have a hard time putting the time in and making the sacrifices for something that I didn?t enjoy in the first place. You will have days when the phone isn?t ringing and your bank account is dangerously low, and the fact that you are doing something that you love is the only saving grace.

Certain businesses might be more conducive to your personality and temperament than others. For example, we use a wonderful on-demand courier to deliver our gifts. Sometimes we have 20-30 gifts going out but sometimes it?s only 2 or 3, and that?s in addition to whatever his other clients have going on. He seems to thrive on the uncertain nature of the business, but I think it would make most people crazy. The lesson? Know thyself.