So you’d like to start a business! That’s a great idea, but where do you start? The best place to start is deciding what you are going to sell. A business takes resources and uses them to create either a product or a service to sell to people.
Resources can be any one of a list of things. For example, if you have a business producing aprons, your resources would be the cloth, the sewing machines, cash to start your business, premises from which to operate, and the people who sew the aprons.
Your business can either produce something, like the example above in which aprons were produced, or your business can provide a service. An example of a business that provides a service would be a car washing business.
The important tips that are to be considered are:
- Distinguish between a business that produces a product, and a business that provides a service.
- List resources that would be required for various types of businesses.
- Understand the important role of the business’s potential market in making decisions about a particular business idea’s viability.
- Identify market opportunities in a given example and develop business ideas from them.