Have you ever wondered: “As an aspiring entrepreneur, what kind of business best suits me?”
If you have, you are not alone, and your concern is valid.
Based on a combination of value offered, your personality, educational background, and professional experience, there are three types of businesses you can do.
1. TRANSFORMATIONAL BUSINESS
A transformational business focuses on transforming things from a raw state to a finished state. E.g: Cotton to Cloth, Cassava to Garri, Farmland to Farm Produce. Transformational businesses are scalable and tend to need a lot of hands to bring it to life. Ambitious professionals who had already pre-planned an exit from corporate practice, usually at middle-level management level tend to fit this kind of business. This is because, as entrepreneurs, they are enterprise and production biased and are natural leaders good at building teams, and managing projects and processes due to their corporate background.
2. TRANSACTIONAL BUSINESS
A transactional business is basically about buying and selling. It is exchanging a product in exchange for financial payment. Entrepreneurs who prefer transactional businesses are hustlers by nature. They are restless, fluid and comfortable with flowing with business trends not necessarily due to passion but due to market necessity or demand. If you have eyes for deals, trends, fast moving and in-demand goods, and you have quite a history of spotting quick business opportunities, this may be for you.
3. TRANSCENDENTAL BUSINESS
A transcendental business focuses on offering services that requires a very high level of intelligence. It requires extensive academic education, professional qualification and industry experience. It is usually either personalized or targeted at high end corporate clients. It mostly comes in advisory form. Consultants, Advisors, Specialists in any industry fall into this category. It is the easiest to practice part-time. If you are vastly studied, or experienced and you would rather render your services to few high paying clients, individuals or organizations, this is the kind of business for you.