By Jimmy Muhinda ..
Which business is more profitable than others? Where should I put my money?
These two common questions have often been asked by several people and the appropriate answers never seem to satisfy. Looking at singers and the different genres of music they sing, one realizes that so many of them are coexisting in the same space.
Because they are very many singers, those who have been able to create a niche for themselves are doing extremely well. Every genre of music has well known faces that represent it and talking about it without mentioning them is doing a great disservice to that genre.
The above questions would be similar to asking what genre of music one should pursue in one's music career.
Human beings have several needs that whoever satisfies them will make loads of money out of them. Just like we love several musicians yet their genres are different, we are a target market for several products and services.
What everyone should realize is that success can be got by targeting any products and services in any sector. All sectors have stagnant, struggling, declining and successful people/ organizations/ enterprises/ companies.
Similar to rental premises where people are continuously moving in and out, several people/companies /organizations/ enterprises open up daily just as others close shop.
What the above scenarios tell us is that THE PERSON drives the business into the sky or into the ground. Are you the right person to do that type of business? Do an honest analysis of what you can and can't do.
Build a core team that can help you do all that you cannot personally do. Undertake research or have it done to understand the business you intend to engage in. Build your management capacity to enable you ably direct your team towards the goals you want achieved.
Because there is always no or minimal competition in new ventures/innovations, the first people to invest in them will become very rich if they succeed in satisfying people's needs.
Do anything existing in a much different and better way and customers will be glued to you. Find out what is lacking in the existing market and make it your daily task to provide it.
Anything you do or want to do is being done by several other people so you might not find it easy to do something new. You can however easily do things differently if you decide to start and sustain a profitable business.Be easily noticed and an authority in whatever you decide to do!