Online Business
Starting an online business is easy. But before venturing into any internet business, you need to carry out a self-assessment to know what you are. You need to know the kind of online business to begin, based on your skills, abilities and other personal attributes. You need to weigh yourself to discover whether you are ready to start an internet business.
Are You Prepared to Start an Online Business?
To find the answer to the above question and which online business is most suitable for you, you need to focus your mind on the following key areas:
1. Motivation
What motivation or driving force are you bringing into your business? The key to success in your online business is your strong desire and incessant enthusiasm to do business. The more motivated you are the more you are likely to succeed in your business. People who lack this driving force can never succeed. Motivation is the catalyst or the fuel that energizes you to perform every task that drives your internet business to success. Motivation is crucial as you plan to start an internet business.
2. Niche
Make Niche Discovery
What’s your niche? It’s very important to focus on a specific area of the market with the problems for which you can ably provide the solutions. Remember that being a jack of all trades and a master of none is one of the causes of failure for most people who start online businesses. Niche discovery is therefore so crucial if you intend to run a business online,
3. Skills
What skills are you bringing to the business? Skills mean business. What are you personally able to do? Is it web designing, article writing or computer programming? What else are you able to do? Your skills are a foundation on which you base yourself to perform the various tasks required to run your online business.
4. Knowledge
Knowledge is power but it can only help you when applied. Which knowledge in your niche are you bringing into your business? Remember that applied knowledge is what will make a difference in your internet business. Many people have a lot of knowledge. They know a lot and can pass it on to others. However, the majority don’t use it to enrich themselves. If you are knowledgeable about something but you haven’t used your knowledge to uplift your standard of living, better change your ways. Learn to apply the knowledge you have to succeed in your life!
5. Experience
Before you start your online business, what experience are you bringing to it? Have you been doing something over some reasonable time? For instance, if you are a computer programmer, for how long have you been doing it and how is your experience going to help you to run your online business?
6. Training or Education
Training
What training or education do you need to bridge the gap created by your weaknesses? You need to know early enough the key areas where you need more knowledge and skills so that you can take action to get them.
7. Support
What support are you bringing to your business? Is it networks of useful contacts, support of your partner, support of your family and friends or the financial support you already have? What else do you have to support you to start an internet business and succeed in it?
8. Personal Characteristics or Values
What personal characteristics or behaviours are you bringing to your business? Is it good health, endurance, flexibility, creativity, honesty, confidence, stress management, hard work or commitment? How are they going to help you to drive your internet business to success?
9. Time Commitments
Time Management
What time commitments are you bringing to your business? Managing an online business takes a lot of time. When you look into the time you currently spend on your social activities, job, family and others, how much time could you reduce on them to allow time for your internet business?
10. Financial Commitment
What financial commitments are you bringing to your business? Looking at your current financial obligations such as household expenses, loan repayments, savings, family obligations, hobbies and holidays, how much could you reduce on them to develop your business?
Conclusion
By carrying out a comprehensive self-assessment in the above areas, you will be able to deepen your understanding of your strengths and weaknesses, abilities, opportunities and threats that will eventually help you to start the sustainable online business of your dream.
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