Balancing Business Studies with Work: just keep these things in mind

In the previous article it was mentioned that various factors are required to start a successful venture. Look at the picture.

In the last two issues, the elements of entrepreneurial mindset, right product/service and right market were discussed.

Mastering the Balance

This article elaborates on the third factor which is having the necessary knowledge about the business. After you have chosen the right product/service and the right market, this is an important factor required when starting a new business.

Having knowledge about the business to be started is the most essential thing for the success of the business. If there is a company similar to the one you want to start, the best way to learn about that business is to work in one of them for a while. If a similar business does not exist in the market, such business should go to the market in which it operates and operate in such establishment.

Choosing the Right Category

In which segment of similar business should the entrepreneur work? My opinion is that an aspirant should work in the sales department of the organization. Because the most important thing to learn in a business is sales. While working in the sales department, one can understand the customer demand, pricing, cost, lead time, season etc. The importance of this factor in the success of a budding business cannot be overemphasized. This is the only way one can learn about his future business while getting paid. Unfortunately, this is something that many would-be entrepreneurs avoid when starting their business.
The last factor, capital requirement, will be elaborated on in the next issue.