Ok, so for a long time now I’ve had aspirations of owning and running some kind of IT-related business that would mainly be e-commerce based. I even did up a mini business plan but that was a while ago now and would need to be overhauled. The other problem is I’ve only studied IT I don’t have proper IT work experience. Anyway, my question is what’s my best option?
Option 1: go out and get an IT-related job before I go any further?
Option 2: Go ahead and Start the Business?
Or Option 3: Develop a more detailed business plan and look for someone to go into a partnership with?
Speaking from personal experience, I would suggest to go for option 1. Get some corporate experience first (at least couple years), understand the ins and out of how a business is run, find your niche and then go into your own business in few years.
I started my IT business only a year after graduating and it crashed quite heavily only a year into it with a heavy debt.
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I agree with @shamiester – and to add to their excellent post, look for issues that companies can’t easily get sorted – problems that go unresolved because people will pay money for that and you will have found a niche.
Most people are very self oriented when it comes to starting a business – flip the script completely – be only customer oriented. Meet a need that people will pay for and one of the most likely outcomes is profit.