Before anything else, one fact remains:the kind of business you get into and the degree of risk you willing to take ultimately depends upon your character and the financial goals. It is essential therefore that from the start, you realize your risk taking capabilities, and determine how much you want to earn from your business, and how soon you plan to earn it.
After setting your business goald, the following tips on starting business may prove useful. These are borrowed from Prof. Andy Ferreira.
Tip #1: Look at what you enjoy doing. There may be a business opportunity there.
Tip #2: Look at what irritates you. Aproduct or service that alleviates it may make money.
Tip #3: Look at what people around you are looking for. There may be enough volume to make money on.
Tip #4: Look for what gets out of stock often. There are unsatisfied demands that can be served.
Tip #5: Look at what people do not need and are willing to give away.There may be someone willing to pay for it.
Tip #6: Look at what is making you money now. Ask why. There may be an opportunity to do better.
Tip #7: Look around in your neighborhood. The opportunities may be just outside your door.