Starting a Business

What about starting a business? What steps and processes involved?

I think the most important thing to remember before starting a business is the market niche you aim to serve. This is where you narrow down to the smallest viable market segment who has got needs and wants you can fill and satisfy.

Of course you may be thinking about making a profit and producing another income stream. But business is also about solving problems, connecting puzzle pieces together and running a team.

In this context, I like to also remember the B-I triangle mentioned by Robert Kiyosaki in his book: The guide to investing. He stressed the fact whenever you focus to start any type of business, keep in mind the different elements mentioned in the B-I triangle which are product, legal, systems, communication, cashflow, team and leadership.

He advises to practice those elements when starting and operating your business. Initially you may do them all yourself but later you would assign them gradually to your team members.

So what about you? What business that captures your attention? Where you see yourself active in the B-I triangle? What would be your motivating reason for starting a business? And what impact you would like to leave in the market with the establishment of your business?