Designing A New Business And Steering Their Own Destiny Essay

705 Words Oct 20th, 2015 3 Pages
Millions of people around the world relish the dream of owning a business and steering their own destiny. Yet, the road to starting a new business is fraught with difficulties. Beyond scouting the perfect location, hiring a competent staff, and building a saleable product, there 's the formidable task of establishing a brand. Over 90% of new businesses fail, a vivid illustration of how difficult it is to start a new business.

Flipping: An Alternative Plan

Nonetheless, there are alternate ways to become an entrepreneur. One example is buying and flipping an existing business. The advantage of buying a floundering, but established business are multiple. It already has a working infrastructure, existing, customer base, and a brand presence within the community. With significant business skills, insight, and a fresh pair of eyes, you have a great chance of propelling and piloting the operation to the next level.

Picking A winner

Finding the right business requires extensive research, an eagle-eye, and spot-on intuition. First, make yourself acutely aware of current business and consumer trends. Next, study the industries which have the products or services best suited to satisfy coming or existing trends. Finally, check out these industries locally, and decide those best suited to take advantage of the current opportunities and those who are not. The latter companies are potential targets. Use due diligence to research each business and determine which might view a buyout…

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