Have your own

Step # 6. Have Your Own Business To Grow Your Money

Having your own business is the best way to become financially free. It is again that time of the year when many students move on to join the ranks of employment, but why must the choice be limited to these option?

I point you out to another option to earn money. Why not become an entrepreneur and eventually graduate to becoming an employer instead?

Having your own business or entrepreneurship, not employment, is a better option. So why not look for entrepreneurial opportunities rather than job opportunities? Let me share you some tips on my research on how to start your own business.

Opportunity Seeking

Look at what you enjoy doing. There may be a business opportunity there.
Look at what people around you are looking for. There may be enough volume to make money on.
Look for what gets out of stock often. There are unsatisfied demands that can be served.
Look at what is making money now. Ask why? There may be an opportunity to do better.
Look around in your neighborhood. The opportunities may be just outside your door.

Opportunity Screening

Is the opportunity in line your values? If they are, go for it.
Is it big enough to net you cash income bigger than the daily minimum wage? If so, go for it.
Is it a one-third deal? Of so, do not go for it. Deal-making is not entrepreneuring.

Opportunity Seizing

Do not worry if the scale of the business is small. It will grow for as long as you continue to listen to the customer and love what you are doing.
Use other people's money on top of your resources. Do not expect other people to add to your resources if you did not put in your own resources.
Do not worry about the absence of money. Your time, ideas and passion can be your resource contribution.
Do not think that money is the only resource needed. Passion, time, ideas and strategies are equally important.
Do not have partners who do not share your values and vision.
Do not let the enterprise or business run by itself. Just like babies, they need constant care and attention.
Do not worry about failure. For as long as you learn from them and there are more victories than defeats.
Do not start big. Start small. A home-based venture selling to neighbors is a good start.
Do not wait to do a full feasibility study. By the time you finish the study the market may be saturated and gone. Start the business but keep listening to the customer and the environment.
Do not be afraid of changing the way the new business is being developed, if the current ways are not giving results.
Do not incur more fixed costs. Incur more variable costs.
Do be patient and determined. For as long as the business is moving upwards, it will eventually become big.
Do not greedy. Take bites that you can chew and swallow. But make sure it is enough to keep body and soul together.

I hope that the above tips on how to start business or having your own business are helpful to you and can help open your mind to do better and go forward to achieve financially free through business.

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