Straight forward, witty and timeless. #TellItLikeItIs, is a blog for our generation 
This one is for those of us who don’t fit into the 9 – 5 routine and know that quite well. In reality, we’d prefer to be working on our own objectives rather than contributing to another individual’s enterprise (aka: a job).
The world events of the past two years (2020/21) have been an inspiration to step forward toward that goal of owning your own business venture. With the instability of global economies and thousands of jobs lost worldwide due to the current pandemic, it seems like an opportune time to consider going into business for yourself.
Branching out into the world of entrepreneurship for the first time can seem a bit scary. There is a lot to think about, start – up money and funding being principal among them. But aside from this, there are important questions too; where do I set up my business? What challenges will there be? and of course WHAT sort of business venture do I go into? (this list of questions can go on and on).
Choosing the right business venture for you is the first step and is definitely not a ‘one size fits all’ sort of thing. It can be simple especially if you follow your passions. If you put your all into your business idea and it’s something you truly believe in and desire to work towards, then you’ve got the first step figured out.
For those of us who don’t have an idea in mind, this first essential step can pose a real challenge. It may seem a little overwhelming just to get started, but If you certainly can’t work for another individual, have a burning desire or deep seated passion to be creative, prefer to be your own boss and be in control of your economical future, stay right here.
Here are tips I hope will help you with Choosing the best business venture for you.
- Hone in on your skills, experience, and passions.
You can take a minute to reflect and meditate on what you are really good at, what you are really passionate about and what you feel in your gut you want to pursue. Turn your passion into payment, Have you found it yet? Good, let’s continue.
- Assess the time factor
Ask yourself how the work you want to pursue fits in with the lifestyle you want to have. Are you the type of person who wants to spend several hours at home and with your family? Do you want to have a lot of time to yourself to relax, rejuvenate, or pursue other projects? These are important questions to ask. Starting a business requires a lot of time, effort, and energy. For most start ups, you need to be willing to put in at least a 60 hour work week at the start in order to see the results later on. If you are up for this then you are on the right track.
3. Test your idea.
Now that you’ve found the business idea you’re passionate about and you’re willing to put in the work, but you have to know if this will be financially beneficial for you. For instance you may ask: is there enough demand for the product or service you’re offering? What challenges will you face? (you can find this out by talking to other entrepreneurs in the same field). Will this be profitable to me?.
Starting a business is a very intricate process and we’ve only just touched the surface. But rest assured if you are determined and driven (all characteristics of a great entrepreneur), with a strong support system, then go ahead and take the steps needed to turn your dreams into reality.
Written by: Andrea Louis
For: Generation Y Dominica
Generation Y Dominica 