Some important factors to consider before you build your own business

Young Entrepreneur. Image: workingwoman.org.uk

Do you have a dream to build a business for your future? Businesses not only need money as capital, but there are some important things you need to analyze carefully.  How to achieve success when you want to build your own business empire?

Perhaps you would like to be a young entrepreneur or a successful business woman. You certainly can, if you realy want it.

Building a business that is analogous to sail. When we sailed, we must take into account wind conditions. If the wind is moving in the direction that we want, then it will make our ships to reach the goal, but if the wind movement is not in accordance with what we expect, with the ability of a good sailor, then we keep the ship will arrive at destination.

Building a business that is analogous to sail. When we sailed, we must take into account wind conditions. If the wind is moving in the direction that we want, then it will make our ships to reach the goal, but if the wind movement is not in accordance with what we expect, with the ability of a good sailor, then we keep the ship will arrive at destination.

There are five forces analysis can be used to assess a business competition:

1. Threat of competition:

Whether the product can compete when it began to plunge into the market? What about consumers prefer to make your products? A fantastc Brand? Better features? A cheaper price?

2. Threat of competition on the supplier:

Are there a lot of suppliers who can support you? Or you just really rely on just one supplier?

3. Threat of competition on consumers:

Did a lot of consumers who can directly relate to your business? Or your business is only focused on a few targets alone?

4. Competitive threat to the replacement products:

Are many similar replacement product, such as a white shirt your product, there are a lot of similar products such as blue shirt, stripes, and so on. So competition product variations are taken into account in this business.

5. Competitive threat of competition similar companies:

Are there a lot of companies / businesses that sell similar products with you? Is your competitors are large businesses or small businesses only?

By using the five forces analysis above, we can know about the chances of success of our business. But we need to realize that in fact, almost impossible to find a low threat factor for the five factors, there must be the threat of competition is usually quite high in at least one of these factors. Therefore, as it was first discussed that it is the duty of the owner of the business was to determine a suitable strategy to address these threats and keep trying to steer business toward the direction you want to target the competition moves against the wind, although the path your business movements. 

A successfull business woman. Image: idiva.com

In the book "What I Did not Learn in Business School: How Strategy Works in the Real World" by Jay B. Barney and Trish Gorman Clifford expressed clearly that science theory is taught in business schools is often not relevant to the reality and cannot be used. 

The book is packaged in the form of a business novel, so light and easy to understand. So we like to read a case study, and can learn a lot about the problems in business, how to react, a strategy that should be used, and also how the analysis. I think the book is great for new people who want to venture into business.

So after assessing the threats of competition your business, whether you will be a man who lost and gave up because the wind moves the competition does not conform to what you want and make your business ships remain in place or even drowning. But there is always a chance that you will be a great businessman who has the skills needed to be able to continue to steer the ship (business) you to your destination even if the wind did not favor competition you?

If you have a strong will and a big dream to achieve your goals, then you will be a successful entrepreneur.

If you want to increase the strength in yourself, you can get inspired and motivated to achieve success in business and your life on a blog titled "Universal Inspiration and Motivation."