Which industry would be ideal for doing business in? Which industry reaps the most profits? Which industry has a brighter future? All these are common questions that entrepreneurs may have before starting a business.
Knowledge about a market is extremely important and the only way to obtain it is by reading about it. Thus, market-reading and research are really important before you get down to actually running the business.
Forms of Entrepreneurship
In the current business world, there are mainly 5 different types of entrepreneurship *. They are Self-Employed Entrepreneurship, Professional Entrepreneurship, Contractual Entrepreneurship, Franchising and Takeover respectively. Each style of entrepreneurship is unique and has its own advantages and disadvantages depending on various external factors.
One of the more popular methods used by entrepreneurs to get their startup businesses up and running is the “S.O.H.O. (Small Office Home Office)” * method. During the initial stages of a business, this method is a very handy one because entrepreneurs work from their own homes instead of looking for an official physical premise for the startup office. Thus, enabling entrepreneurs to save costs, work more effectively and also enjoy the additional benefit of having wide acceptance by clients.
Whether it is about starting a restaurant or just simply developing a mobile application, entrepreneurs ought to know that market research revolving their target audience’s market is extremely important. Market research is one of the key factors that decide on how effectively a business would run. The research needs to not only include market information but also details about employment patterns and key report details from the existing players in the market. Government department like Census and Statistics Department and other platform such as HKTDC Research offer a lot of valuable market information.
*Chinese version only