Times can get worse before they get better, but as stated earlier, needs are not going anywhere. It was also mentioned in an earlier post that among the first things people should look at when they want to start a business is what their real passion is.  The reason for that had always been doing something someone enjoys doing will add a special commitment and enthusiasm to the engagement because, generally speaking, people live to do the things they enjoy doing that could be different from person to person.  That outlook might need addressing because there are experts who are saying that might not always be the case.  Accordingly, there are tons of proof people who had followed their passion had not shown stellar outcomes.  What that means is there should be other things to look at other than passion.

The first step as it was mentioned again in an earlier post might be to take a personal inventory to realize what an individual can accomplish or not, such as experience, expertise, education level, lifestyle, access to capital, purpose or drive, and of course likes and dislikes.

Once that phase is surpassed it had been observed around that if people had been doing what they would enjoy doing only, probably not so much might have not been accomplished or achieved. Consequently, certain aspects have to go in tandem such as; individuals want to start a business most of the time to make money.  In order to do so, they have to know what is really needed out there such as what is lacking in a given community someone is living in. 

That is a prime indicator because unless there is a need, individuals’ passion alone cannot make others buy what the individuals are passionate about, showing that doing something someone is passionate about might serve as a warm-up session for most people, while maybe a few might succeed by becoming profitable by doing what they are passionate about. For most, it might be a good way to try the water of becoming entrepreneurs.  Making this aspect very clear seems to be important because many sources recommend people should go after their passion, which could be a wrong notion.  People should be problem solvers or providers of what is needed or lacking in order to succeed in business, whether they are passionate about what they will be doing or not.

Observing if there is a healthy level of competition that is an indication the particular niche has enough demand is also important. Even in a situation where there is a high level of competition, since not everyone approaches situations exactly the same way, there is a good chance to be profitable if a new entrant applies a different approach.

Even if, for some reason, there is over-saturation in a given sector, there is a good possibility to attain success because not everyone has similar staying power. Some also might already have been on the verge of throwing in the towel showing that comparing someone who cannot afford to pay rent, with someone who has enough cash reserve that can stretch longer would mean, the former can quit quickly creating room for new entrants.

There is also a need to consider risk because if a deadly mistake is made, especially with the amount invested, the outcome could be a financial ruin that could go a long way.  To make things worse if the source of the capital is borrowed money, it will complicate the case since if it is not paid on time, it could spiral to become unmanageable.   Unmanageable financial complications had always been a harbinger of failure such as bankruptcy or forced liquidation such as selling items that people would choose to keep otherwise.

Inspiration is also worth considering since it can originate from anywhere in a haphazard manner and could be in any form.  The outcome is individuals could be inspired by simple situations they could encounter while going through their daily routine.  However, there has to be an ability to recognize those inspirations and put them to work, probably the reason why there are some who succeed in life or in business, while there are others who do not succeed simply because those inspirations did not occur or if they had occurred they had failed to recognize them.

Observation can definitely be another source of finding what to do, but it requires some level of know-how.  It is possible to learn this kind of know-how, where for example, simply conducting a search online could highlight a considerable amount of useful information. 

Imitating others, even copycatting might also have a payoff at times because even if a certain way of doing things had been copied from others, not two individuals will do things the same way, hence, the one who is copying an existing business model can exert effort to differentiate it, and the outcome could be attracting business without necessarily driving others out of business.