The first step to create your own business

Many people employed or unemployed are thinking about creating their own business, however the million dollar question is… what business should I create?

This post aims to help those people to identify what are the businesses opportunities at their reach.

So, first you must list your skills, or in another words, what are you capable to do or manage.

Then, you should filter each skill, evaluating if there is any relevant demand in the market for it.

Finally, for those skills that passed the demand filter, evaluate if you have financial capability available to convert that skill in a business.

This way you will conclude the first step to create your own business by successfully identifying business opportunities at your reach, which result from your skills that have demand in the market and require accessible investment to convert it in a business.

But remember, this is just the first step…

Even Lobsters can turn it around

As we all know, today Lobsters are considered a delicacy.

However the perspective of Lobsters as being a premium product only started to happen 50 years ago in the USA.

Before, Lobsters were considered abundant and the cockroaches of the sea and were only cooked by the poor and served to feed prisoners.

Today Lobsters are always considered as a premium product and even when the harvest is abundant, price don’t go down as would be expected from the pure rules of demand and supply.

Therefore some products lifecycle are reversed. Instead of migrating from luxury to mass market, some products do the opposite, migrating from mass market to luxury.