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Question:   What business opportunities are there that I can start a business in and be profitable?

Answer:   There are many business opportunties and possibilities in going into business ownership and be profitable. If you have never owned a business, it is important to first consider the characteristics that make successful entrepreneurs. Even though these characteristics are prevalent in successful business people, they don't necessarily guarantee success. The first step is to evaluate yourself for successful entrepreneurship and determine if you have what it takes besides an opportunity and money. The characteristics of a successful entrepreneur are: a self-starter; is self-disciplined; has self-esteem; is persistent and determined; is innovative; is a visionary; is a risk taker - thinks like an investor and is investment-minded; is patient; is a decision-maker; is a leader; is an organizer; is a people person and is customer-oriented; is a problem-solver; is servant and steward-minded; is an effective manager of time and money; is responsible and accountable. Once you take an assessment of the above characteristics, evaluate what your assets and limitations are as an indvidual. For example, what are my educational and past work experience? Have you owned a business before? What do you like? What do you not like? Are you willing to work 16 hours a day, seven days week? What makes you happy? Do you have sufficient personal capital (savings) to start your own business? Can you afford to lose your initial investment? How good is your credit history? Do you have family members that will support your business vision? are you in a good state of health? what are your limitiation. The next step is to find a business opportunity that is a good product or serice; has a potential market or niche in the market; has longivity and promise for growth; is moderate to highly profitable; low volitality; requires little initial investment (start-up costs). Other concerns that need to be answered are: is state or city licensing required; do employees need to be hired; is the business location important? Is the business driven by technology--what are the driving forces of the industry; what about the forces of the economy in general? how long will the return of my initial investment take? what are the general liablility and tax factors that need to be considered? Is incorporation as a form of business necessary? What are the prospects of franchising the business idea? The next step is to consider opeing a new business, buy an existing business that is for sale, buy a franchise (be a franchisee), or franchise the business opportuntiy (be a franchisor). Always seek good counsel in business planning and a trustworthy advisor when deciding to start a business or making a significant investment in a business project.

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