Finding a business opportunity that turns a little capital, and a lot of effort to the big bucks is the dreaded one million dollar question in the business world. Starting up the business from the scratch, or buying an existing one in order to renovate it, has also been another dilemma. I recently read the transcript of an interview with a n expert in the field, and just thought I might share it with my fellow future money-makers.

Before I give you the link, the key points, from what I gathered, are as follows:

Listen to the customers

There is a big difference between what the average entrepreneur hears when a customer is talking to him, and what the successful colleague hears. they may be giving you ideas for improvement, without you knowing it, and if you listen closely, you'll discover they're absolutely right. What can I say? The customer is always right.

Determine the Availability of Market

This applies mostly to entrepreneurs with an engineering or manufacturing background. Granted, your technology may be the hit among the technical community, but of what use is it to the population in general? Remember, people do not buy things just because. They buy it because they need them. Make them need them. Create a market.

Check Out the Competition

Chances are, you are not the first person to start the kind of business you have chosen. There is some level of competition at least. Even worse, the competition may already be a household name. Weigh your options carefully before taking the bold leap. Sometimes, joining the competition may even be a better choice, such like when I became an affiliate of Amazon.com, instead of starting up my own online retail business.

Evaluate Your Financial Status

Some businesses may cost very little or nothing to start up, while some others may be capital-intensive. Weigh your options (or pocket), decide what will make more sense to your finance, and act. Is there a possibility...
Read more from the Billionaires' Blog - http://www.nerduwrites.com/2013/05/how-to-become-successful-entrepreneur.html