The process of setting up and managing a business is no easy task. It requires lot of courage, determination, hard work, dedication and sincerity. To add to this, there are certain businesses which are far more complex than the others. Either there is a bit more risk involved in the business or the business is in niche area which is not that developed or there is lot of infrastructure and/or capital required.
For this reasons, there are a few business ideas which are considered less lucrative than the others. This blog helps in discovering which all businesses fall under this category of ‘not good business’.
Challenges faced by entrepreneurs
The day you decide to become an entrepreneur, the road ahead becomes full of challenges for you. Once you successfully overcome one challenge, you are faced with another. As a matter of fact entrepreneurship is known for being a challenging journey.
One such major challenge is for an entrepreneur to figure out if his business idea is actually salable or not. Yes, entrepreneurship may be your passion. But at the end of the day, this passion has to get converted into turnover for you. Only then will you get the satisfaction of working hard day in and day out. Hence, for all the budding entrepreneurs, this is a small take away message for you that you should always consider the commercial viability of the business.
Common illustrations of bad business ideas
Now that you must have thought about the commercial viability of your business, it will be worthwhile to dwell a bit deeper into what could possibly constitute a bad business. Let us see some of the common examples of bad business:
- Business which, once set up may take the business in altogether different direction where you don’t or never intended to take;
- Business which already has many active players. You would much rather prefer doing such a business where there are not many competitors in the market;
- Business which will make you face some constantly cribbing or pennywise pound foolish customers or clients or business ideas which do not yield that much of proportionate returns in comparison to the work involved etc.
Finding a solution
Being a first timer, such situations will obviously make you all anxious and stressed out. To add to it, if you are unable to say no, then the problem becomes even graver. Hence the best way to avoid such a tricky situation is to have or lay down a clear cut purpose of your business and just follow it to the core. This may also result in making you selective about your work, thereby trashing out all the clients or customers who may try to bring in projects or work for you which do not clearly fall within the scope of your business or may not give you that kind of revenue. But as long as you are sticking to your business line, why should you bother?
Thus, if and when you start thinking about a business plan or idea, always be clear of the nature of business which you want to carry on else you might just fall into the trap of a ‘bad business’ idea. So beware!