How do I start with my new business?
I am eager to start my own business and enter the market, but I am facing a problem in deciding what kind of business would that be.
I can't decide what type of market interests me or what types of market are the most profitable and are worthy for me to take the risk and enter them.
can I please get a clarification on how to find what type of market to enter?
Youre the only one who can answer these questions. Everyone 'wants to make money' but theres an enormous difference between 'I think owning a business would be good' and being passionate about a craft/service/product whatever. If you cant decide on what business interests you, you shouldn't be in business in the first place.
Owning or running a business is the hardest thing you will ever do - it takes tremendous dedication and a willingness to go without sleep for extended periods of time. When you say you want to enter the market with no direction thats like going to a used car lot and saying you want a car. - OK what kind of car do you want a truck or a race car?
The first problem you have is that you think there's such a thing as a profitable business from the jump. Anything can be profitable - and YES you're going to need to take risks. So this 'market' you're talking about isn't real. Supply and demand dictates that the market fluctuates, its econ 101.
Secondly - You need direction. Right now you are in a ocean with no compass. No one can tell you "Oh go into computers I hear the market is really good" Don't base your future on phony empty BS from people you don't know. That's like betting your life savings on the horse from some guy at the horse track with a 'hot tip'And there are planty of people out there willing to sell you snake oil. Be wary of crooks with silver tongues and phony smiles.
So whats the answer? RESEARCH. Sit down and think about what really inspires you, what youre interested in and what apeeals to you. Start by considering partnering with someone in that feild, or industry and get a feel for what its like. Then gain some experience, and THEN consider doing it yourself. You cant go into something blind. If you need help - feel free to connect I'm always available.
I can't pretend to know what the good markets to enter into for Lebanon would be. I will say this, successful business startups come from an idea to solve a need. I am sorry to say that the idea of following your passion is not a reason people will do business with you. I could no more tell you to burn your cash in a fire pit than to say just follow your passion.
Totally agree with Jeff. Starting your own business is a lot of work and passion will keep you going through the tough times. Also, think about problems that you personally deal with. Are there ways to solve that problem that others are not doing or that you could do better? Once you come up with some ideas, talk to people that have the same problem and get their feedback on your solution. Good luck and have some fun with it!
When I started doing what I do it was for one reason: I needed to hire someone several times over the years in a previous job who could provide the service I now provide, and couldn't find someone. I therefore unknowingly identified a gap in the market, which eventually I decided I would try to fill. Jeff's answer is a good one. Perhaps your best plan would be a combination of the two, if that makes sense?
The first question to answer is this:
What are you most passionate about? What do you love to do? Then think about business opportunities related to your passion.