If you have decided to start a business, but have no clue what business would be right for you, this Emerging Market Newsletter is for you.
Whether you're resigning or retiring from employment, going through a change of life transition, a graduate choosing entrepreneurship over employment, or have been in the job market a while and are tired of waiting for recruiters to get back to you, you don't want to want to thoughtlessly jump into entrepreneurship.
You may want to start a business to have the freedom of time, location, and association; working when you want, where you want, and with whom you want. Maybe you're life has been misaligned and working for yourself will give you the freedom to align work and life to be able to spend time with people and in pursuits that matter most to you. It could be for the potential of earning more than a job would pay and; finally investing your knowledge, skills, and experience in building something of your own. You may want to start a business to have an asset and legacy you can bequeath to your beneficiaries and serve your community now and in posterity.
Whatever your motivation for starting a business, you want the business to be right for you.
Here is a simple exercise taken from our Turn Your Passion into Profit Course, that will help you to determine how to choose a business that's right for you based on what you are passionate about, proficient at doing, and can profit from:
Look at the Passion-Proficient-Profit Matrix below. In the PASSIONATE circle, list 5 things you absolutely love doing.
In the PROFICIENCY circle, list everything you are skilled at doing.
A word of encouragement: You have many gifts, talents, skills, and experiences to choose from. Don't restrict yourself to those gained through formal education, employment, or entrepreneurship. There are things you have done since childhood, others you worked on for a short while in a previous role, and others still, you may have acquired through home and community volunteering. Include everything you know you are good at doing.
In the PROFIT circle, write down everything you currently do or see yourself making money out of.
In the area where the PASSIONATE, PROFICIENCY, and PASSION circles overlap, write down up to 3-5 pursuits that meet all 3 attributes (Passion, Proficiency, Profit).
Now that you have narrowed down 3-5 pursuits, ask yourself, "What would it take?" and continue the process of choosing a business that's right for you.
Need help in the next step? You will find The African Entrepreneur's Start-Up Checklist a great resource that will guide you through understanding what you need to start a business, and equipping you to be able to start and sustain a successful one.