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I don't think entrepreneurs start businesses based on a pro/con list. I believe they start businesses because of their passion for it.
If you have to think about it very hard, you're probably not a real entrepreneur.
I'd disagree with the passion part. Plenty of businesses out there that are successful are simply because the owner works it. Not sure too many guys have a passion for plumbing or towing cars.
Elon Musk .........yeah that guy has passion for whatever idea he explores.
Frank the tow truck guy, not so much.
Both guys can be successful but the passion part isn't the same.
Around where I live so many very small businesses and stores do not fare well, even in good neighborhoods. Owners lack basic common sense. Obvious mistakes: hard to knowif it is open, lights are so low. Bad sign or no sign...strange name for the business no one understands. Quirky unfriendly owners, no social skills or thick accent. Exterior of building is shabby or inappropriate. (Night club in a bank building?) Prices too high or not marked. I know of one man who opened a shop without a sign, address or phone number or website. And on and on. Its like they don't want business...is it a front? Some owners are merely idling the time away. Online only works, if you are with Amazon or another seller or you have a easy to use informative website.
Around where I live so many very small businesses and stores do not fare well, even in good neighborhoods. Owners lack basic common sense. Obvious mistakes: hard to knowif it is open, lights are so low. Bad sign or no sign...strange name for the business no one understands. Quirky unfriendly owners, no social skills or thick accent. Exterior of building is shabby or inappropriate. (Night club in a bank building?) Prices too high or not marked. I know of one man who opened a shop without a sign, address or phone number or website. And on and on. Its like they don't want business...is it a front? Some owners are merely idling the time away. Online only works, if you are with Amazon or another seller or you have a easy to use informative website.
You’re talking retail. Many small business to business firms can be successful. Retail sucks.
I'd disagree with the passion part. Plenty of businesses out there that are successful are simply because the owner works it. Not sure too many guys have a passion for plumbing or towing cars.
Elon Musk .........yeah that guy has passion for whatever idea he explores.
Frank the tow truck guy, not so much.
Both guys can be successful but the passion part isn't the same.
my thoughts exactly
if medical devices thing does not work out I have to own a simple business which is dull non glamorous but essential and not easily automated
Not sure too many guys have a passion for plumbing or towing cars.
You would be surprised actually, speaking as an occasional tow driver it's more fun than most people realize. The majority of tow company owners own a company because they have a passion for it, not because of a lack of options.
I was always told it will be easier getting financing for buying an existing business especially if you can show a solid path the expanding the business, especially expanding sales. Increase sales with little out lay wins financing.
You would be surprised actually, speaking as an occasional tow driver it's more fun than most people realize. The majority of tow company owners own a company because they have a passion for it, not because of a lack of options.
Ummmm yeah.........that business looks like 100% hassle. Towing wrecked cars to towing illegally parked cars seems like "fun"
I was always told it will be easier getting financing for buying an existing business especially if you can show a solid path the expanding the business, especially expanding sales. Increase sales with little out lay wins financing.
Depends on the assets, many businesses are "good will" and banks don't put a lot of value on that.
Buy any type of practice (dental practice for example) and the bank values the chairs/tools/xray machines/inventory but the rest is the value of the client list is good will.
the illegally parked ones can be a pain, recovering cars from strange places is fun, working crashes can be fun at times. rolling a car back on to its wheels never gets old. there is much more to it than the BS tv shows would have you believe.
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