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If you've money but no particular business in mind, how can you get enough information on the best business to get into?

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تم إضافة السؤال من قبل Fida Abo Alrob , Sr. Copywriter , Imena Digital
تاريخ النشر: 2014/06/30
amer jayyousi
من قبل amer jayyousi , Business Development Consultant , freelance

if you need to start a business you should look deep into your experience ,any business you start you should be experienced in and have a good knowledge of your market .

starting a business with no prior experience is suicidal.

Khatim Abbas Seed
من قبل Khatim Abbas Seed , BUSINESS CONSULTANT , Google

Very mind –stirring question Fida!

 

You have the money? Great! Now, wait! Be patient, careful and thorough without losing your sense of adventure and creativity to invent or innovate.

You've the greatest of obstacles to entrepreneurship moved out of your way, don’t put obstacles yourself. Don’t rush into thinking that having capital will make any business idea revel in success.

 

  1. Consult your mind and your character. Will you be the captain of your business? Then you must choose of a type of business that fits your character? Will you be the business owner only and leave day-to-day leadership to someone else from day one? Then, your scope of choices should involve the choice for the best leadership too.
  2. Conduct generalist brainstorming research about "gaps in the market". What's new, hot, successful, durable, international, expandable or secure, depending on your own imagination of how your business should be like in3-5 years.
  3. Don’t limit yourself to your local or national borders. See what others are doing oversees and take the possible advantage of being first in your own territory.  
  4. Know your future competitors and current inspiration sources. Visit the website and if needed physical locations of existing companies that you wish you've started. There is no shame in copying and improving existing idea's and being a starting probably inexperienced entrepreneur, you will learn a lot from others about what you can and cannot do, without re-inventing the wheel.
  5. Network with people, visit business seminars at your local chamber of commerce, join business clubs, connect online, visit universities (yes, universities!) and don’t disqualify anyone from being a source of inspiration.
  6. Narrow down your research to specified sectors or markets of choice and make your research thorough this time.
  7. Consult country, market and sector reports from official entities to entrench yourself in the statistical side of your endeavor.
  8. Write down your business ideas in non-official formats and see whether it makes sense, once written down.
  9. Write a feasibility study. Does it still make sense?
  10. Draw up a pilot business-plan. Does it still make sense? 

 

If yes, then congratulations you're on your way to conceptualize what used to be a dream/idea.

Sidrah Nadeem
من قبل Sidrah Nadeem , Global Marketing Manager , Hill & Knowlton

  1. You can research on probable business you can/should start based on market needs if you have the time and will to do so.
  2. Team up with a firebrand with phenomenal ideas and vision and work out your share in the end product.
  3. Invest in a business that has excellent growth prospects but lacks proper funding.

SAHL HIJAZI
من قبل SAHL HIJAZI , Purchasing Manager , BINZAFRAH GROUP

Your question not easy to answer, first of all, I should read myself well, ( risk seaker/ Or risk averese ),one I decide I can direct myself how I can invest, If so , I should proceed for well digging market analysis, including Global market . To be specific : information can be given from different sources: Bank Consultancy , business relationship, Trade & industries ministry at your country which can give you a huge data about what you may looking for. My advice to you If you have no market expertice try to find partners to minimize Unsystematic risk& keep your capital with minmium loss.

Mohd Asif Ahmed Asif
من قبل Mohd Asif Ahmed Asif , Head Incharge , Telangana Star Communication

if you have money then go for franchisee opportunity business.  The franchisor will choose business according to your budget and place where u want to start the business.  They have so many new products to launch in the market. But the the only thing is very tough to heard is they will share the profit.

If you choose a franchisee business then no need to worry about logistics and transportation, purchasing issues. They will provide you a software to order  the products online and it will come to your doorstep to do sales

Only we have to take pressure of sales.

 

I suggest you go into the retail business chain it will sure give you survival and money

Rami El-Ashi
من قبل Rami El-Ashi , Business Development Manager , Gas and Oil Technologies (GOtech)

Do not chase the money. Chasing the money may only work if you enjoy the industry or business. Otherwise, I suggest choosing a niche which you have full interest and attempt to validate a product or service in that niche. If you can sell10-15 customers, then it may be worth digging deeper into that sector. Otherwise, move on to the next niche you are interested in.

 

Having money to begin with is a blessing and a portion of that money should be used to help you validate quicker. FB ads usually do the trick. You can reach you target market very quickly and see who will bite. 

George Abdallah
من قبل George Abdallah , WORLDWIDE FINANCIAL CORPORATION , Worldwide Financial Corporation

MAKE A MARKET RESEARCH AND SEE WHAT BUSINESSES DO WHAT

WHO IS ACTIVE AND THE COMPONENTS ARE THEY AVAILABLE LOCALLY OR MUST BE IMPORTED

AND THE CLIENTS OR BUYERS WHAT DO THEY WANT OR NEED, ETC... A FULL MARKET RESEARCH THEN DECIDE

Shoukat Ali Malik
من قبل Shoukat Ali Malik , Specialties Moderator for Bayt.com community program, , Bayt.com (Middle East # 01 Job website)

Dear Fida A.A  In this situation you should have to invest your money with the best investment fund company.

 Fida A.A

Fida A.A Jr.Community Manager at Bayt.com

Unfollow

 

Haseeb Khalid
من قبل Haseeb Khalid , Sales and Promotion Manager. , Medi Urge

Brainstorming even then if you are not sure go with wind.

 

Study and select what is essential business like more profitable business in your country and have potential in your area. 

 

zafar abbas minhas
من قبل zafar abbas minhas , Freelance Writer , DAILY MASHRAQ

no need to think much,,,,,, go for all time profit industry,,, FOOD INDUSTRY

Daranivasan Anandaraman
من قبل Daranivasan Anandaraman , Business Analyst , ADP

To get information, study the hype cycles, market reports, sales reports, govt reports, understanding people's needs/issues. For this I would approach a market research organization in that country.  If I do not have enough information then,

  1. Would decide whether I would like to take risk or play it safe with few questionaires and understand my mentality to invest
  2. If needed to play safe, would like to invest in existing FMCG/Retail/Energy industry
  3. If needed to take risk, I would look into other startups that are doing good and split my money into few startups so one of them can do good.
  4. If I have enough money, then I would surely go into other countries for business expansions at massive scales

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