Every business starts up with the aim of fulfilling a need in the society. Any aspiring entrepreneur, who is yet to identify a need to fill, is not yet ready for business. This is because need satisfaction keeps you in business, and the moment you fail to achieve that, the market turns against you.
Starting up a business requires a level of preparation from you as a person.
It’s about identifying a means of satisfying someone else’s need. Come to think of it, what keeps an employee on the job? It is the ability to satisfy the work desires of the employer. Like wise, if you must remain in business, look for a problem you can continually solve. Consider your business as another person’s problem that you are opportune to solve for money.
Businesses are activities that provide goods and/or services in
exchange for money or other goods and services
Although many small businesses fail within the first three years of operation, starting well excludes you from that list.
Finally, a good understanding of consumers’ need irrespective of the form it takes, keeps your business on track.
Find a strategic niche you can satisfy profitably.