“I have Kshs 500,000. Which business should I start?” This I just an example of the many questions I receive from people who want to know which business they should start. The amounts of money in the questions may differ but in essence, it is the same dilemma represented. People want to go into business but they do not know what to do. I find it very hard to answer this. In fact, it is impossible. Most entrepreneurs did not start a business because someone else told them what to do. They just committed to a process of discovery. Human nature is such that we want a quick fix. We often want someone to point out what we should do. We then do it and hopefully get the fairytale ending of how it all worked out and a feature in the newspaper.
Unfortunately that’s not how it works. Starting a business requires deeper commitment to the process, experiences, challenges etc. It is not the same as someone pointing out to you or giving you direction on what share you should look at buying or plot to invest in. So, to the many people who write to me asking me about this, I cannot give you the answer that you’re looking for – it does not exist. To you and those who continue to wonder, where to get started, what I can offer is what this process entails. Though often the specific destination cannot be pointed out e.g. start a cake business, maybe sharing of experiences on the direction many have taken will help you get there.
First, it may help to identify what you actually enjoy doing (Click to Tweet this). I don’t really have to like a plot of land in order to buy it. But business will require a staying power that can only be sustained by actually enjoying what you do. This does not mean that you will wake up every day jumping for joy about going to work. There are some days you will not want to get out of bed. However behind all that, fundamentally, you do enjoy what you are doing. How do you know that you enjoy something? You have moments when time seems to pass as you are engaged in that particular activity. You just find that you are operating on a motive that is not rationale. For that moment, it is not about the rational decision about the money that you may get. You are simply enjoying what you do. This is also what may be referred to as passion, though many people have started businesses without knowing exactly what they were passionate about. They knew how to do something, they started doing it, and along the way they discovered what it is they really liked or what aspect they were passionate about.
Whilst knowing how to do something may be a starting point for some, it does not mean that you limit yourself to your formal experience. Just because you’ve been a lawyer all your life does not mean that the only business option for you is starting a legal firm. You may be the lawyer who bakes cakes. The communication skills that you used while practicing law will come in handy, though in a different way. To identify opportunity, we really have to let go of traditional titles. Even if you were a CEO of a top firm in your past life, it does not mean that you cannot start a garage if that’s where the opportunity is. In the typical corporate setting, CEO’s would look to become CEO’s or regional CEO’s elsewhere. It doesn’t work that way in business. I have a friend who is an ex-banker and now running a successful chain of salons. Growth is not by virtue of a title.
Next, it helps to look at the opportunities. What problem are you going to play a part in resolving, or what solution are you going to provide? I may have realized I know, enjoy or am even passionate about baking cakes. Even if I have simply decided that’s going to be my starting point for whatever reason, match this to the opportunity. Have you seen room to sell cakes at work? Is there demand where you live? Have you noticed a supermarket or restaurant that is always running out of cakes and clearly needs more supply? Basically, what is the gap? We all remember when everybody decided that selling quail eggs was the business to be in. The herd-mentality does not often work. Many people started this because that was the thing to do. Many failed at it. It’s easy to identify what to do if you are simply going to follow the herd. That is because it requires no thinking, and it is the easy answer to get to. “Herd” businesses are the lazy option. If you decided to do quail eggs, it should still be based on the fact that you have identified the gap. Perhaps this is even the time to consider it when all the fuss has died down. Like as you may, you can’t try everything. You can’t bake cakes for everybody. So this helps you zone down on where you are going to invest your resources e.g. money and time.
I know many entrepreneurs who have discovered their passion by being so irritated at something. One of the case studies we use in our entrepreneur program is about a lady who was so irked by the bad customer service she received in restaurants, that it led to the beginning of a business to address this. So your irritation can be the opportunity. Remember, at the end of the day, starting is half the battle. You can have loads and loads of information and still do nothing with it. Start. Get that first client, go talk to someone who has done what you think you want to do. That will teach you more than any textbook can.
The Centonomy Entrepreneur Training program provides tools and coaching to entrepreneurs who are about to start their own business, as well as those who are already running businesses. If you’re looking to run and grow your business successfully, click here to register for Entrepreneur Training.
Waceke Nduati-Omanga runs programs on Personal Finance Management, Entrepreneurship and Career Success.
Find her at waceken@centonomy.com| twitter @CekeNduati| Facebook /CekeNduati
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