I Wish To Start A Small Business In My Home Town (Kerala). Which Fiend Would Be Better?
See on Quora HERE.
I think Bhaskar Vijay Narkar had some great, specific points about tourism in Kerala, so that may be a good direction to go in. More generally speaking, thuogh, when starting a business, it is much easier to fill demand than create supply. Here’s the difference:
- Fill Demand – You look to your future customers to see what they want. You must promise to either solve a big problem of fulfill a great desire of theirs. You ask them what they want, and then give it to them. A good example of this is a grocery store—people always want and need food.
- Create Supply – This involves much more innovation, so it’s easy for entrepreneurial-minded people to come up with the next “billion-dollar idea,” and then try to sell it. You could argue that this is what human progress is all about, but it requires much more disruption, so maybe save it for further down the line. A good example of this is Apple—no one knew they needed an iPod until no one could live without it…
Here are some other guidelines that I think you can follow:
- Recognize that there is no superior industry. You can make money in any field as long as other conditions are good.
- Though Bhaskar is right that the fundamentals of business remain the same in any location, some entrepreneurs find incredible success just by taking an idea from one location to another.
Also, check out another answer I have here 7 Steps to Start a Business from Nothing. A short summary below:
- Determine your strength
- What inspires you?
- Get a mentor
- Learn from your competition
- Test before you invest
- Break even
- Harvest & adapt
Finally, don’t pick your field based on what you think will make money. There is money everywhere. Pick something that you will stay curious and passionate about, so you learn and put in the hard work!
If you want to learn more about my story—and how to plan a business—get a FREE copy of my Amazon #1 best-selling book here!