Ask M & M: What kind of a business should I start? – Jackson
Dear Jackson: This is one of those questions that you will be the only person that will be able to answer.
Generally speaking one should engage in something you know something about. There are always exceptions to any rule. As one can hire a manager, buy a franchise with proven systems in place, take on a partner with skills you lack, or get some needed training. Remember, nothing replaces experience.
Any business is really an investment in your own human capital. You will be spending a lot of time in the business. Your time is worth money. How much time does one invest without a return? Would you invest your money in a stock you aren’t familiar with? Why should you invest your money starting a business you know nothing about?
Choosing a business in something you know about will pay benefits in the long haul. When starting a business many things will go wrong. Choosing a path with the least amount of resistance makes sense. If you can try your idea out, speak to business owners in the same field, do your research, and make some evaluation about yourself and your ability to make this go.
In the end; “Experience tells you what to do; confidence allows you to do it.”- Stan Smith At the end of the day, in my opinion, businesses that seems to survive are ones that the owners are passionate about and willing to put in the time and effort needed to make it go. Why would you want to own a restaurant if you don’t even like working in one? Better yet, once you have opened one up you find out you don’t like it.