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The Trading Game
Putting up a business is no joke. Keeping it afloat requires knowledge and skill, and making it profitable requires a lot of things perseverance and courage being two of them. If you're just starting your business, you would know the hard work required in preparing for it, making your feasibility study, and getting everything ready for your opening day.
But, with all the hard work you put in day in and day out, the fulfillment you get out of it all is worth every drop of sweat and sleepless night.
Before you drop everything and focus on putting up your own business, from research to actually opening it, you've got to consider a few very important things.
What do you love to do? Put up a business related to something you can do even in your sleep and love doing it. Consider something you're talented at and that which you can find fulfillment in doing even when you're dead tired.
Where you put up your business is vital in its success. If you've got a really great business idea, something no one's ever thought of before, but you put it where no one can see it at first glance, you would have wasted your money, hard work and your hopes.
High prices nowadays are everywhere. So if you've got a good product or service, match it up with the lowest retail/market price you can afford. Quality plus cost-effectiveness equal success in any business venture.
Say you're product is potato chips with toppings, if you put it in a clear zip lock plastic, no one's going to take notice of your product. It will probably find itself at the bottom of the rack, blivious to everyone checking out the chips section in groceries.
Okay, now that you've got the product, location, the right price, and the perfect packaging, next in line is how you're going to sell it. Are you going to create a sales force that will go around the country promoting your product or service? Will you employ an experienced marketing agency to help you attain your sales target? The important thing is to know when to sell it, where to sell it; and who to sell it to.
The next thing you have to consider before jumping in the entrepreneurial field is to check whether you have the dedication and focus to see it through the good times and bad. Are you the type who finishes the race no matter how arduous the journey and how long it takes?
Do you have the tendency to walk away when things get a little rough for your taste? Remember that outing up your won business takes a lot of guts and it also takes a lot of hardcore strength to handle losses, criticisms, and every other thing that can make you think you made the wrong choice.
If you can take all these and still sleep well at night, and wake up smiling every morning; go ahead, take the risk. Who knows? It might be your best decisions, yet.