Whether you are planning to start an online business or a physical business. Whether you want to sell products or services or anything. You must understand the business before starting the business.
In this guide, I will try to cover some basic business concepts which will help entrepreneurs, small medium enterprises or enterprises to have a clear understanding before taking any steps.
I will use an example of opening a shop as a business, you can apply the concept of this physical shop to an online shop too. This is totally based on my 30 years of business experience but I have tried to make it simple for you to understand.
How to Start a Business?
Before starting any business it is important to understand your capabilities and
If you have enough money to start a business it is not necessary that you will succeed in business, you need to do proper work before starting a business. Let us understand the working to start the business.
First of all before starting the business you need to understand the gap.
Understand for the problems and provide the solution, this will be your business.
know your competition and how many competitors are there.
Look at the market size
Analyze the market share.
When you try to sell your products or when you start a business in a big market where the big players are already there, you will not be able to survive. Because big businesses will try to take over your business within a few days. In red ocean you will always have uncertainty. Therfore follow the blue ocean for your business. If I explain, I must say Smart Phone Market is huge and there are various players, if you introduce a new smart phone brand, apple and Samsung will kill you within few days.
Blue ocean is full of opportunities with less problems, low risk and minimum and no competition. Your survival and growth is possible. Blue ocean is huge. You can launch your business or products in this ocean will less risk of failure. Take a unique idea and work hard on it, if the idea is not yet started by anyone then you will be having high chances having a unique business.
Income and Expenses
Marketing is key, consider it as an investment.