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What Business Venture Should You Take?

What is the best business for YOU to be in?

Are you considering changing your career? What about starting your own business? There are a few things that you can consider in order to arm yourself in the face of the challenges ahead. How do you get started? By finding the sweet spot that best applies to you based on your experience, your passion, and the resources you have available to you already. As you read the article be sure to have paper and pen ready to record your answers and inspirations.

But before we start, let me challenge you with one major defining question: What do you want to be remembered for?

Passion– When you are trying to figure out what kind of business or industry you want to align yourself with you will discover that your passions are the best driving force. What are you good at? What do you enjoy? What makes you special? Consider the following areas to discover your passion area.

  • Interests- Is there a range of topics that you find yourself so interested in that you gravitate to all things related to it? Your interests can be anything that you feel a personal desire to learn more about.
  • Hobbies- What do you do when you have nothing to think about? A lot of people discover some important clues about their passion in their hobbies. If you are naturally drawn to creative, technological, or any other area of personal crafting, you could already have the skills that could be successful in your own business ventures. Look at what you already know how to do.
  • Enthusiasm- What gets you pumped up? Are there things that get you excited and energized? What are they and how do they relate to your other interests? Is there one thing that you are more enthusiastic for than the others?
  • Drive- Heed the power inside driving you forward. There comes a point where you need to also follow your instincts. We are often being driven towards where we need to be, and our drive is the guide that helps us discover our passion. Consider what really pushes you onward? Is it family, advancement, or even adventure?
  • Inspiration- What stimulates you? Aside from the other qualities that together builds your passion, what inspires you in the first place? What makes you happy?
  • Dreams- What do you dream about? What are the things that make you daydream or wonder?

Knowledge– What you know powers what you do, and how well you succeed at doing it! There are a lot of ways to assess what you know already. Take a look at the following areas and jot down the clues to discovering your area of specialization.

  • Information- What do you already know? Information can come from reading books, articles, guides, watching and listening to media resources, and more. What information do you already have available to you?
  • Expertise- Do you feel that you are an expert in an area or topic? Do you have experience in something that could benefit you in a new venture now? Consider the subjects that you feel the strongest in.
  • Skills- A skill is an ability to do something well. What are your particular abilities? Consider the skills you use to describe yourself in a resume or personally to others for clues on what your top choices might be.
  • Mastery- What is your level of control over your abilities and skills? Do you feel that you have enough mastery of these areas to specialize in on your own? How confident are you in your skills and can you use them effectively?
  • Training- What is your level of education

Resources– These are going to be the physical components to discovering your sweet spot. Take a moment to consider all the kinds of resources that you may have available to you already.

  • Income- The most common form is a job, which can be a resource for beginning networking connections, professional references, as well the experience you gain. Consider these advantages along with the wages you make. Other kinds of income can include investment returns, bonuses, commissions, and interest.
  • People- Do you have employees? Or do you have friends and acquaintances that have skills or other kinds of connections? Already having people on your side is a valuable resource when considering new ventures.
  • Materials- This can be raw materials to create products as much as it can be a collection of digital files in which to curate new content. Look around and be creative when assessing this resource.
  • Property- If you already own a business you may have a building, and if not you may have a spare room, basement, or garage. Friends and acquaintances may also have a space that they might be willing to let you use or rent as well.
  • Products- Do you already have products? These can be physical as well as digital and intellectual. If you have ideas for products, write them down as well as your current plan to manufacture or source these products.
  • Assets- Are there any other assets that you have available? This can include personal property in which you can offer as collateral on loans, cash, and investments.

Finding Your Sweet Spot

Your experience, passion, and knowledge will all come together to create the big picture that is your sweet spot. By going over all of these areas in yourself you will discover what is most important to you, what you are best at, and how you can apply this understanding of yourself to succeed.

But don’t wait! Take this information and act on it immediately. Write down your thoughts and look over the clues you have collected. Use them to create for yourself a goal and a plan to achieve that goal. When you are deciding what career path to take It’s not going to be enough to just know more about yourself. Nothing is going to happen if you don’t first take intentional action. Find your sweet spot and go for it!

Now that you have narrowed down to your own Sweet Spot, Encore Consulting Group can help you figure out what to do next. Trushar Mody is the leading trainer at Encore Consulting who will help you discover where you should be heading next based on what you want and already have available to you. Encore Consulting Group offers one-on-one coaching as well as on-site customized workshops. Contact us for a FREE hour with Trushar Mody and get started in your new direction today!

 

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