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How to start a successful business from scratch
By M.Farouk Radwan, MSc.
how to start a successful business from scratch
This article is part II of my article how to start a successful business with no money.
There is no doubt that the hardest part in starting a business is the first part. Earning your first 100 dollars is harder than turning those 100 to 1000 dollars. In order to start a successful business from scratch you first need to make sure that your business covers an important unmet need that people were looking for, since i already covered that point in part one of this article i am not going to talk about it anymore.
The next thing you need to do in order to start a successful business from scratch is to start a business in a field that you have good knowledge about. For example if you discovered that there are no car mechanics in the area you live in then it might not be a wise idea to start such a business without having enough knowledge about it.
For a wealthy investor that's not a problem at all because he has enough money to buy expert knowledge but since you are beginning from scratch and still don't have enough money only go for businesses that you understand.
Hobbies can allow you to start a successful business from scratch
Of course i am not asking you to become an expert first then to start a business but before you can begin a business you need to have sufficient knowledge to start up with then you could increase your knowledge about your field while running your business.
I started my psychology internet business from scratch but before i began i had very good knowledge about psychology which was multiplied later on while i was running the business.
In the Ultimate guide to becoming rich i said that usually the best starting point for a business is a hobby that you do often and that you know a lot about. If you like the gym so much then you might want to establish a small business that sells whey protein or supplements manufactured by others.
A friend of mine was passionate about skateboards, he knew everything about them and then his hobby turned into a successful business. My friend started a successful business from scratch that was based on his hobby, he started selling skateboards and spare parts until his became famous.
Do i need a new idea to start a successful business from scratch?
That's one of the most popular myths most people believe in. I always hear people saying "I can't start a successful business from scratch because i don't have a new idea yet"
While new ideas can turn into successful businesses still you can create a business based on an old idea provided that you implement this idea in a better way.
Facebook wasn't a brand new idea because Hi5 and myspace were already there when facebook was launched but because Facebook implemented the same old idea in a better way it won the battle.
I have managed to become a self made millionaire at the age of 28. This didn't happen by chance because i already wrote that goal down five years before i accomplished it. Becoming rich is not about luck, starting big or being intelligent but its all about having certain beliefs about money and life.
In The Ultimate guide to becoming rich i will teach you everything that you need to know in order to become rich.
Want to know more?How to make someone fall in love with me? (book)
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How to become rich while working from home (book)
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