Before starting up any business, the first question every entrepreneurs have to ask themselves is what business he or she shall start. Most people believe that choice based on three main factors as follows.
The most important fact that impels in choosing a business to start is passion. People like Steve Job, Jack Man and so many others chose their passion to start business. Their passion drove them to success. So you may wonder if you can do a business without passion or not. I would say ‘yes’. Here in Myanmar, some Myanmar startups are doing business which are not in their field of passion. They do because it is a way to generate income easily. So there is a risk if he or she can make that business sustainable or not.
Although your passion is launch a spaceship, you can’t do it because it is not a marketing demanding product. The another important fact that impels on choosing a business is market demand. There are many entrepreneurs and entrepreneurs-wanna-be who came back from over sea and trying to start lots of business which type is successful in other countries. Some people start e-commerce website since 5 years ago. Some people started 3D Printing houses. There are so many type of business people started in Myanmar. The challenge they found is what they do are lack of market demand. It make them stuck in the middle of no where. Some people try to survive until the market demand it. Some people just stopped.
Budget is also a must thing to consider to start a business. But now there are so many way to have a budget. You can have an investor or more. You can get a funding or grant if you are doing social related entrepreneurship business. However well-known entrepreneurs in Myanmar suggest you to start on your own money. The first reason is it is hard to get the investment or funding. The second reason is you have to share the ownership of your business. Many startups in Myanmar are too hard to share the ownership. Entrepreneurs from rich family get funding from their family. Entrepreneurs with small money do things slowly. Only few entrepreneurs seek for investment.
So what are the factors that you shouldn’t consider when you suppose to start the business.
There is a saying, ‘Don’t decide when you are angry’. I shall say ‘Don’t choose a business with greed’. Some people follow easy-money way. Till faith and luck are on your side, you will reach to a level in your business. But the question to ask yourself is if you are happy or not.
No problem solving
Every business or idea should solve a problem. If you are business is not solving any problem, it is not an entrepreneurial job. You can launch a bar or KTV if you have a load of money. But is it solving any problems? It rather create many problems in society.
You’re not good at it or you don’t have passion
Don’t choose a business if you are not good at it. Many are starting e-commerce business. They may call you to join as a co-founders or give you a level. But the question to ask yourself is if you are good at it or not. If you are not good at it or you don’t have passion on it, you will fail.
There are so much rooms left in Myanmar business field. You can start so many business. Based on the fact I mentioned, I hope you may be able to find out what you can really do.