5 Crucial Tips To Turn Your Small Business Opportunity Light Bulb On

by Arturo F Munoz
(San Francisco Bay Area)

5 Steps To Start Exploiting A Business Opportunity

5 Steps To Start Exploiting A Business Opportunity

In an earlier post I promised one of my guests, Yoshio Cisneros, to offer some practical advice on how to get going down the path of starting your own business.

I can summarize the most fundamentally crucial concepts in 5 steps.

Let There Be Light

FIRST, you need to enter into a frame of mind that can accommodate everything that I had said in my earlier post to Yoshio. So, if you've not yet done so, go read Yoshio's post now and my response. Then come back here.

Step 1 is to consider that your habits will have to change as you become more enterprising, and this will necessitate a renewing of your mind. Begin with reading a small book called "The Effective Executive" by Peter F. Drucker. Although written for a managerial audience, it is excellent material for preparing you for effective business behavior.

SECOND, if you're an employee, do not quit your job but find a way to expand your skill set by taking on new and challenging projects.

The object here is to exercise your aptitude for being enterprising while using the resources of your employer. This is crucial as you will require far more discipline and will have more narrow margins of error once you undertake a venture of your own on your own time.

THIRD, start thinking in terms of desperate buyers.

Who do you know who you'd like to serve who is DESPERATE to receive the kind of help that you want to offer? Often this can be learned by asking yourself one key question: "If I had to volunteer for 20 hours per week at some non-profit organization, where would I volunteer?" Identifying who matters most to you to serve will help reveal to you who you should spend more time focusing on to understand them better.

FOURTH, start your research the moment that you discover these desperate people who you'd like to serve.

Find out 2 things from them: 1) What they need and 2) What they want. They're not the same thing. And be prepared to realize that you'd be in a better position to know what they need than they, while they will always know what they want far better than you.

Giving them what they want that they may receive what they need is the whole reason for going into business for yourself. This last sentence alone is worth a million bucks.

Finally, FIFTH, put down on paper your findings and ask yourself, "What makes me so unique that I could speak to these people, who I so very much care for, about giving them what they want, that I may have a chance to serve them what they need?"

You will need to know yourself -- your skills, your passions, your strengths and weaknesses -- very well, so that you can build a very precise description of the value that you will bring to the table in any discussion that you engage these desperate buyers in.

These 5 steps for starters will help you carve a niche in your mind that you could serve while still employed at a job.

As you move from research and mental discipline to planning the execution of a project to launch a trial run of a business of your own, your confidence in what you're about to accomplish will grow exponentially. So will your passion for your work.

You will begin to see only your final objective, and work at a job will become just a way to pay the bills, while your own business project will become the whole reason for waking up every morning.

In time you will trade one for the other.

I call my site Starting Your Own Business Overnight not because you can launch a business literally within 24 hours, though that is a true possibility, but simply because you can have an overhaul of your mind and turn yourself into an entrepreneur from the inside out the moment that you embrace these 5 steps that I've given you. That you can do overnight.

Do this and you won't go back to thinking like a wage slave, nor will you continue to behave like one, if you apply yourself to the tasks that I've shared with you.

Begin by exploiting the business opportunity of the mind, which is your key and most unique resource. In a word, be decisive. The rest will take more hand-holding.

I'll elaborate on the latter in other posts.

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