Posted by: ujl December 26, 2015
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Don't think about "Faida" right away. It takes time and innovative mind. First you need to understand the fundamental of business:
1) Financing (Raising actual money to start the business)
2) Investing (Buying equipment, computers, utensils, etc for business use)
3) Operating (Doing the business)
Before doing any business, you need to understand what interest you. First, make a list of what interest you. What are your strengths? What makes you excited? Is there anything that takes your dream away? Do a thorough self-investigation. Business is not a static field and you cannot always rely on one tactic in order to be successful in business market. Market is dynamic. Products you sold yesterday could be obsolete tomorrow especially electronic items. Therefore, one has to be very innovative.
Here is my suggestion for you. Make a list of what interest you. It doesn't have to be on a grand scale. Start with small things like toys, momos, pre-paid cell phones etc. Also, one of the VERY IMPORTANT THING: what kind of people live in your area? Hispanics, African Americans, Caucasians, Asians, South Asians?? Go to the demographics of your city and find out what kind of people live in your city. This will be your target market. You cannot make everybody happy in business world, therefore you must understand who your target population is. After figuring your target population, you need to do little research on their buying patterns and buying behaviors, for example Hispanics people have big families and they have small children who needs baby stuffs like toys, child bikes, etc.
Don't expect to be on profit on your first year! Business growth requires time and at times needs risk from your part. Best Wishes and Happy New Year!
1) Financing (Raising actual money to start the business)
2) Investing (Buying equipment, computers, utensils, etc for business use)
3) Operating (Doing the business)
Before doing any business, you need to understand what interest you. First, make a list of what interest you. What are your strengths? What makes you excited? Is there anything that takes your dream away? Do a thorough self-investigation. Business is not a static field and you cannot always rely on one tactic in order to be successful in business market. Market is dynamic. Products you sold yesterday could be obsolete tomorrow especially electronic items. Therefore, one has to be very innovative.
Here is my suggestion for you. Make a list of what interest you. It doesn't have to be on a grand scale. Start with small things like toys, momos, pre-paid cell phones etc. Also, one of the VERY IMPORTANT THING: what kind of people live in your area? Hispanics, African Americans, Caucasians, Asians, South Asians?? Go to the demographics of your city and find out what kind of people live in your city. This will be your target market. You cannot make everybody happy in business world, therefore you must understand who your target population is. After figuring your target population, you need to do little research on their buying patterns and buying behaviors, for example Hispanics people have big families and they have small children who needs baby stuffs like toys, child bikes, etc.
Don't expect to be on profit on your first year! Business growth requires time and at times needs risk from your part. Best Wishes and Happy New Year!