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Pick the Right Home Business
There is a sure fire way to know if you have a good business
idea. Its' called the "Three M Test". A successful home business
has three components: management, market and motivation - the
three M's. A business idea must have all three of these
qualities to be successful and satisfying.
Management is the set of skills and knowledge ineeded to run
your business. This is the easiest of the M's to deal with
because the world is full of help, support, and education
opportunities for people who want to start their own business.
If your research shows your home businss idea has a strong
market, and you are really excited about the opportunity of
spending your time on it, you have a workable combination. Go
out and get some training. Read some books, enroll in some
courses, find a business coach. You can do it.
Market, of course, is essential for success, but market alone is
insufficient. If you love what you want to do as a business and
know how to do it but can't find a market, you have a hobby not
a business. There are hundreds of thousands of people making
just enough money to pay the expenses of their hobby and are
happy with that but a business requires profit, and profit
requires a market for your product or service.
Motivation is often overlooked. We fool ourselves into believing
that a proven market and the right set of skills are enough.
We're adults, after all and business is business. Sounds good,
but human emotions seldom follow such a practical path.
Financial reward alone, without an adequate emotional payoff, is
the cornerstone of burnout.
If your research tells you there is a definite market for your
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home business concept, but the idea doesn't excite you, you are
unlikely to be successful. The world is full of struggling
businesses, or stories of people who tried operating a home
business and didn't like it. If you start your home business
only because you know there is a market for the
product, and you have the necessary skills to pull it off your
commitment will always be less than total.
There it is. The acid test of any home business idea. If you
have all three M's in your home businss formula your success is
assured.
About the author:
Jess Huffman is a Business Consultant and Coach in Calgary,
Alberta. http://www.home-business-and-entrepreneur-tools.com
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