Outside-In

        Most people select a business based on their perception of a product or service.  They may have prior experience in the business, or they just think the business would be fun, like turning a hobby into a business.  Or, they may have a perception of demand for the product or service based on their personal tastes.  This is what I call an Outside-In approach, which can lead a potential business owner down the path to failure.  A specific product or service should not be part of the initial screening process for selecting a business.

        I recommend an Inside-Out approach that matches your strengths, weaknesses, and resources, to a business model that can achieve your goals.  Many new businesses owners are not properly prepared for their role in operating a new business.  

        The saying, “Do what you know and love, and you will be a success,” is true only if you are talking about daily activity which has nothing to do with a product or service.  If you are not qualified for your daily role in a business, you will fail, or be very unhappy. 

        One example that guarantees failure is opening a coffee shop in a location where a coffee shop has already failed, expecting to succeed because you have a specific flavor of coffee to offer that you prefer.  Your personal taste will not guarantee success.  I’ve seen this and similar cases happen over and over again.  These failures can be prevented. 

        I often have friends and relatives ask me about a “Great Opportunity” they have discovered.  It is usually based on an activity or food they really enjoyed.  When they ask me what I think of this business idea, I can only respond, “For whom?”  No business is right for everyone, and any business can fail with the wrong owner.

        I wrote Business Fits because after years as an entrepreneur, small businessman, consultant, and coach, I realized that many entrepreneurs are not prepared for starting a business.  They didn’t know what they didn’t know.  They often picked a business for the wrong reasons.  No other book addresses this issue.

        Business Fits addresses all aspects of running a business.  I discuss how a business makes money and why some businesses are destined to fail.  I also discuss the advantages and disadvantages of new independent startups, buying an existing business, franchises, and other business opportunities. 

        Business Fits is available as an eBook or a paperback on Amazon.  To learn more about Business Fits: How to find the right business! Go to http://BusinessFits.com

       

        God bless President Trump and guide him to make America great again.