The Journey of Becoming a Small Entrepreneur
Ibtisam Faheem × February 24, 2018
The term entrepreneur normally refers to establishing and running your own business, but ‘business’ does not necessarily mean a vast nationwide or worldwide business giving you millions of profit. You can even establish a smaller business up to what you have and what you can do. In fact biggest millionaires started with smaller amounts.
Pakistan is a developing country which needs development even in every field. A developing country unlike the developed countries can give you more ideas to start a business.
Idea for a Small Business
The first and foremost thing behind your business strategy is to have an idea. The idea should match your skill, finance and your intention to achieve your goals.
If You’re Skillful
If you are skillful person, but fiscally are not strong enough to invest, then you can utilize your skills to start a business. For instance if you are talkative and have ability to convince people, you may enter into contract with companies for marketing their products. Or if you’re a house wife and good in art, cooking, dress designing or even at dress making; you can definitely utilize your skills either by selling your products or opening a training centre at home.
If You’ve Money
On the other hand, if you have money to invest, but you don’t have skills to utilize, then saving in an account is not the only option here. You can contact with any of your family members or friends who are skillful, but don’t have any money to establish a business.
If you can’t take risk to invest establishing a business, it’s good to invest in a running business on profit and loss sharing basis.
Today is the era of technology, if you own a vehicle that might be car, bike or even auto you can become partner with riding companies like uber, careem, wooride, etc.
How to Develop an Idea
You may take guideline from following steps to develop an idea:
1. Analyze Relevant Markets
First of all analyze need of your product or skill in the market relevant to your proposed business. What are the requirements and gaps in the market and how you can fulfill those needs and requirements? What is the scope of your idea and how much demand is in the public?
2. Note Down Your Ideas
Make notes of the analysis you have made of identified needs or areas that can be improved and the way whereby you intend to improve the same.
3. Analyze Comparatively
One of the best ways to predict about your business is to make competitive analysis as to how your business will stand up against your competitors in the market. Is your business able to fill in the gaps left by others?
4. Survey of Market
Do visit the market physically as well as through online surveys using relevant websites. Different websites such as Survey Monkey allows you to create an online questionnaire and send the URL to your targeted audience.
5. Develop your final product
Here is the time to step in the ring. Whatever your business idea is, whether you’re going to make a product or utilize your skills or invest your money; take a step and enter in the market.