Whether you want to start a home business, internet business, or part-time business there are always risks. If you invest your time, money and efforts into a small business you have taken the risk to never see a benefit of those labors ever again. Any one person with the entrepreneurial spirit dreams of working for themselves, acting upon an idea and benefiting from that in monetary gains.
The fear of failure is the negative emotion that will stop someone in their tracks when seeking a life as an entrepreneur. Some push through those fears, risk it all and profit from their persistent attitude. Others keep a more skeptical mind frame taking the low risk approach and profit just the same. Low risk may not bring on substantial profits unlike putting it all on the line but in the long haul is the safe approach.
The Risks We Face As Entrepreneurs
1. Most entrepreneurs think they have to come up with a marvelous idea that will make them millions. There are ideas out there making millions of dollars already, why waste your money and time on a new idea. We want to get up and running fast.
2. What is popular this year may not be so popular next year, this is called “trending.” Invest in a business that you know is rock solid.
3. You want to find a business with minimal competition, unless you have the knowledge to beat the competition. Rest assured to know that the knowledge is out there but research products that are in high demand with a low competition rate. Meeting the demand, with a supply in a particular field where the supply is low, will be your key to success.
The Business to Come
1. Become an advisor, offer your assistance through specialties you already have acquired. Outrageous amounts of money are paid to people with knowledge. Market your knowledge and sell it. Entrepreneurs that make a successful living typically do not have the time to know every detail about a product, but have the means to pay someone who does.
2. Home businesses are very lucrative and reduce your initial start up cost. I have a friend who knew absolutely nothing about owning a recording studio, but he had the space in his basement after his children went to college to have one. He quickly contacted some sound engineers, and asked them what equipment he should use, how to sound-proof his rooms, and how much he should charge? With some creative thinking, an initial start up cost of $6000, he is currently charging $200/hr for his services, and has long earned back his initial start up costs. Take this idea for your own, it works, and be competitive with your pricing.
3. The internet is full of opportunities waiting just for you. Are you a creative writer, there are websites that will pay you for your ability to write articles or blogs. Take surveys, some surveys offer a profit of $25 or more, if you take 1 survey an hour, ask yourself do you make that at your day job? Promote products, affiliate marketing is one of the most lucrative occupations on the internet.
So get out of the rat race, break away from the fear of failure, and let your entrepreneurial instincts guide you. Low risk businesses are everywhere you turn. If you have decided that you are ready to take the next step on your path to success, remember that nothing worthwhile does not come without a considerable effort.