It is rare when the first business becomes the only one for life. Usually this is just a start in the world of entrepreneurship.
Even if this happens, the original enterprise can change so much over time that at its peak it will be a completely different company, very different from the original idea (but this rarely applies to small family shops and cozy cafes).
The thing is that an entrepreneur is constantly gaining experience and learning from his mistakes. Over time, he can find strong flaws in his business, so adjusting or completely changing the business model is a completely natural process.
However, when there is little experience, every little thing will take quite a lot of time, and the main task will not be to improve the enterprise, but at least just to break even. Therefore, it is important for a novice entrepreneur to take into account some of the nuances.
1. Simplicity of business
This is an extremely important point. Many new and great solutions have failed or sold at a loss when the difficulty turned out to be much higher than expected. The classic types of business are relatively easy to calculate, so this is most often the case with online businesses.
A new project on the Internet, created alone, can potentially be very promising, but it may soon become clear that its implementation will require the creation of a team of good developers and a marketer. If the entrepreneur is not ready for this, for example, due to a lack of budget or due to some of his own convictions, then the project will either be closed or sold at the start.
But offline entrepreneurship can also be fraught with hidden nuances. If you start your journey alone, without an experienced companion or mentor, then choose the most transparent and proven schemes with the ability to quickly receive your first income: services, service, resale, etc.
2. Fault tolerance
Once the first requirement is met, fault tolerance is easier to achieve. The fewer parts that can fail, the more stable the company. Of course, provided that the third requirement is met.
3. Demand
It goes without saying that without demand for your product or service, nothing else matters at all.
4. Low competition
At first glance, this may be problematic. It seems that today there is high competition in all areas of business. This is partly true, but in fact, you can always find your place in the chosen niche, no matter how busy it is. Outdated industries are disappearing, and new ones are taking their place, and this should be used.
Also, your company will have to find a way to stand out from the crowd. Moreover, you can stand out not only with creative solutions and the desire to be in trend, but vice versa, with a commitment to the old school and traditionalism, which many clients will actively welcome.
5. Low entry threshold
Ideally, when opening a first business, it is better to do without loans. And also without serious investments of available personal funds.
The general impression is that budding entrepreneurs who use credit feel less free to make decisions, rarely take even moderate risks, and are generally more concerned with loan repayment than with company development, although the former is hard to imagine without the latter.
When there are no loans, and your own investments are minimal, then you are not very worried about the failure of your undertaking, you take risks easily, and your mind is free for new ideas.
6. Extensibility
In fact, this is not such an important factor for the first business. Even if expansion is problematic, but the business is successful and at the peak of profitability, then there is the next, seventh factor.
7. Ease of selling a business
A successful offline company is still easier to sell than an online business. But there is also a demand on the Internet for good projects that bring a stable income. In any case, the ease of selling a business must be taken into account even at the time of its creation.
If you take into account all these basic nuances, then you will save yourself unnecessary headaches and will be more optimistic about your future as an entrepreneur. The main thing is not to rush and not try to bite off more of the pie than you can swallow.