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August 11, 2004:
Starting Your Own Business II
Interview
with Jeffrey J. Fox author of the book How
To Make Big Money In Your Own Small Business
Mike
Carruthers:
Many people would love to start their own small business
but don't know what kind of business to start. Well you could
begin by asking yourself the question…
Jeffrey
Fox:
What do you do that comes easy to you that's hard for
others. You know a lot of people have something that comes easy
to them that's hard for others and they pooh-pooh it because it's
so easy.
Jeffrey
Fox author of the book
How To Make Big Money In Your Own Small Business says if
he were starting a business today…
I would
definitely learn toward health care and any product aimed at
the aging population. You know marketing is all demographic.
Which way are the demographics going? They're certainly going
that way in health care; they're certainly going that way in
entertainment and other places. Another place that I'm certainly
going to keep my eye on is Cuba.
And what
types of businesses should you probably avoid?
I'd stay
away from some of the businesses that where you know there's
over capacity or where's it's something you really can't do.
There is a huge failure rate in restaurants primarily because
the entrepreneur starting it doesn't really have a flare for
the marketing and is probably just a good cook.
And Jeffrey
says another mistake small business owners make that can often
kill the business is they try to do everything themselves.
You know
don't hire a dog and bark yourself. If you hire a guard dog
let the guard dog do the guarding. You do something that you're
good at and hire great people in, it's like a professional football
team, not everybody's a quarterback. So you buy and hire people
and have the best people at those critical skills.
At somethingyoushouldknow.net.
I'm Mike Carruthers and that's Something You Should Know.
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