Experience Guide For Making Money In Business

1. the more the venture capital is, the better.

Bill Gate dropped out of school to create Microsoft, Hewlett and Packard founded HP in their own garage, and there were few venture capital.

Many of the companies that collapsed in the Internet bubble a few years ago are strong.

Therefore, it is more important to choose a business that can generate "cash flow" quickly than individual entrepreneurs.

2. must enter the hottest industry. This is also a myth that has harmed many people.

Yes, a hot industry is destined to have many opportunities and even generate several "richest men", such as the IT industry. But don't forget, these industries are also competitive. The success of Microsoft is also squeezed by the collapse of numerous small and medium-sized companies.

There is "the hottest", and it is destined to attract the collection of the most talented people. Are you sure you will be "top notch" among these best people again?

So targeting high growth is relatively in the "blind spot" industry, the success rate is high.

3. try to make money for everyone. Can McDonald's sell shark fin and fish?

Is it possible for a five star hotel to turn the basement into a hostel, and use low prices to get the low-income people to "catch up"?

As a matter of fact, you may also understand that the consequence of "fishing the boundary" is to throw away its original customers.

Accurate "entrepreneurial positioning" is the first step in success.

A lot of evidence shows that entrepreneurs who aim at small funds tend to earn high added value parts, especially those of high-end income earners, who are more likely to succeed, narrowing their target customers to lock them up.

4. small profits but quick turnover can make WAL-MART become the core competitiveness of the world's largest companies. It is the concept of small profits but quick turnover.

But the timing can not be duplicated. As competition intensifies, the more small profits and quick sales, the higher standard and huge capital investment is needed. For example, WAL-MART's global purchasing system, global logistics system, and even the need of satellites to pmit data to reduce total cost -- you can go to a super market and the cost can never be lower than WAL-MART. How do you spell it?

Early entrepreneurs often aim at high value-added to succeed.

High added value is not "low cost" but "personalized", in other words, "differentiated products and services".

Relative to "small profits but quick turnover", it is easy to form core competitiveness when choosing "big profits but few sales" when starting a business.

5. relies on big trees to enjoy the small and medium sized capital. Is it a choice to start a business on its own or join a powerful brand?

In fact, the statistics of the US Department of Commerce have given the answer.

The success rate of self starting business is less than 20%, while the success rate of franchising is as high as 93%.