Decide
Which Business is Right for You
If you do not have a firm idea at
this point as to the type of business you want to be in, that's
all right. This is a good time to begin the process of laying
out your options and evaluating them objectively. Even if
you do have a specific business in mind, it is a good idea
to take a step back at this point and consider the world of
alternatives.
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Small Business Alternatives
The Standard Industrial Classification
Code (SIC) had been developed to categorize businesses into
major groupings. These classification codes are typically
four digit numbers. The first two digits describe the general
business activity an enterprise is engaged in. The second
two digits refer to its specific business activity. All economic
activity is grouped into one of ten broad categories. They
include the following:
- Agriculture, forestry &
fishing
- Manufacturing
- Construction
- Finance, Insurance & Real
Estate
- Mining
- Retail Trade
- Wholesale Trade
- Services
- Transportation, Communications
& Utilities
- Public Administration (Government)
Notice that there are less than
a dozen major business categories - including government services.
Almost any business you can conceive of will fall into one
of these very broad categories. The common thread among all
businesses is that they derive revenues from providing either
a product or a service to their customers.
Making the Right Decision
Most business start-up decisions
are not made in a very scientific or even objective manner.
Previous experience, capital requirements, personal and business
contacts, advice from friends and family, risk tolerance,
and existing opportunities all work together to influence
the start-up decision. Frequently, an opportunity will present
itself and a budding entrepreneur will feel compelled to act
on it.
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Of course there is nothing wrong
with acting on a favorable opportunity. You are doing yourself
a disservice, however, if you do not evaluate the opportunity
very carefully against other potential alternatives. It is
generally not a simple matter to change your course once you
have started down a path and committed time and resources
to a business concept. It is important that you take the time
to carefully evaluate your business alternatives in advance
of making any significant commitments.
Ideally your decision should be
based on your personal interests and aptitudes. If you do
not have a high level of passion toward your business, you
will find it difficult to motivate yourself to action. The
prospect of money alone is generally an insufficient motivator.
You should follow your passions and find a way to make them
pay off. Of course there is not a robust market for all passions,
but there may be a modest market for almost anything. The
Internet is making it easier to identify and exploit global
markets in niche specialties. Don't give up on your dream
too quickly.
Choosing
The Right Business Name
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