How do I Know What Kind of Business I’d Be Good at?

Introduction

I’m often asked how to know what business someone would be good at. The truth is, there are many factors that factor into this question, but there are some general guidelines that can help you assess your aptitude as an entrepreneur. In this article, we’ll break down the differences between business ownership and entrepreneurship so you know how to best assess your skillset.

What’s the difference between business ownership & entrepreneurship?

Business ownership is the act of owning a business. Entrepreneurship is the act of taking a greater than normal financial risk to start a business.

An entrepreneur is always a business owner but a business owner is not always an entrepreneur.

What are the traits of an entrepreneur?

• Strategic. Entrepreneurs have a vision for their company. They’re able to take an idea and turn it into a plan of action that includes goals, milestones, and deadlines.
• Creative. Entrepreneurs are innovative thinkers who can turn an ordinary idea into something unique and exciting—the kind of thing that excites customers enough to buy the product or service offered by the company they create.
• Innovative ideas need not be complicated or difficult; sometimes, they can be simple things like adding new flavors to ice cream or creating new ways for people to enjoy their favorite music outdoors without having headphones on (like what we do at this business).

How do I assess my industry aptitude?

Assessing your industry aptitude is a big part of knowing how to start a business. The more you know about what the industry requires, the better equipped you’ll be to make an informed decision about whether or not it’s right for you.

• Look at your current skills and knowledge. Do they match up with what this new business venture would require? If so, that’s definitely a good sign!
• Consider your personality as well—do you have any traits that might make this kind of work difficult? Are there any ways in which starting this type of business would conflict with who you are as an individual?
• How do customers get treated by businesses within this industry? Is there anything that stands out about how these businesses treat their customers differently than others do (or different than other businesses could)?

How do I apply my work experience to business ownership?

• How do I apply my work experience to business ownership?
• What are my strengths and weaknesses?
• What skills do I already have that will be useful in business ownership?
• What skills do I need to learn?

The most important question to ask yourself when considering a new business venture is: what are your goals for the future? This includes thinking about things like salary, location, hours of operation, and other factors related to your lifestyle. If you want a steady income or good health insurance benefits then maybe owning a restaurant isn’t right for you.

If you are good at managing people and processes, starting a business may be for you!

If you are good at managing people and processes, starting a business may be for you!

Managing people and processes is key to running a business. If this is something that comes naturally to you, then starting a business may be for you.

If you’re able to manage employees effectively, it will be much easier for your company to grow quickly and profitably. You can also save money by building automated systems that do the work of multiple employees at once.

Conclusion

I can’t answer the question of “What kind of business should I start?” for you. But with these tips, hopefully, you will have the tools and knowledge to make an informed decision that feels right for you. At the end of the day, it all comes down to your personal interests and values—what can YOU do best?

If you want help figuring out what kind of business could work for you look into our New Business Incubator program here!