You just got out of college and now want to launch your career in a big way. After taking a look at all the options available, you decided that building your own business will give the freedom to grow and follow your dreams.
After a careful thought, you came up with a long list of business options. Finally, you decided on one that suited your personality, education and skill. Good for you, but remember that it is just beginning of the long journey ahead.
Most people start off their business this way with excitment and determination without having any plan or strategy as to how his/her start-up is going to be run. In this day and age, whether you are going into supply chain consulting or bizhub dealership, you must do proper analysis. Gone are the days when people entered into business by gut feeling or by experience in the particular field in question. They did so because they had very little options in terms of finding data and doing a thorough analysis of that data to gain a better insight into the business.
It was a real risk at the time to start a business. The only best option was to learn by doing and adjusting your situation as went along. Fortunately for enterpreneurs of today, data is available on all fronts no matter the industry you want to enter into. Thankfully, there are business analytics tools that are also available to help you analyze the data.
The mistake most small start-ups make is that, they assume only big companies like NedBank or Sasol have to do data analysis. This is absolutely not true. If for nothing at all, your initial data analysis will give you a great insight into potential customers and suppliers. You wil be able understand changes in the tastes and preferences of customers.
Other areas that need attention include recruitment, marketing and technology.