One of my emerging entrepreneur Bizar Financing students recently asked my opinion on which industry he should pursue for the purchase of his business. My answer to him is one that may shed some light on where you or any other entrepreneur should be pointing their energy.
Specifically his inquiry went like this: “As far as selecting an industry/sector in which to buy my first business. I really like consumer staples. I don't want to limit myself and I am open to other industries but I like this industry a lot. I like consumer goods. Not to mention I came from the food/beverage industry. There is a lot of info easily accessible about this industry, from websites to books to trade journals.” He went on to ask, “Is this a good industry to start to perform in depth research on?”
If you were to give me your background showing experience and enjoyment of any other industry, incredibly, my advice to you would be identical to the advice I gave him. So you might wonder, “How can this be since different industries prosper under different conditions and at different times?” Well, take a look at my answer and see if it makes sense to you. More importantly, see if it feels right.
Here is my response. “The future of an industry is less important than your passion for it. As you will learn in further sections of Bizar Financing, you can make a fortune in any business regardless of the trend. It’s a matter of strategy. In a growth industry you ride the wave. In a shrinking industry, you catch the falling. Fortunes are made either way by people who are knowledgeable and honest with themselves about the realities of their industry. The good news is Bizar Financing will prepare you for both alternatives.”
During my thirty years of training entrepreneurs, I have followed the exploits of many of my more than 300,000 students. They represent virtually every culture from Asia through the Americas and on to Europe and Africa. As diverse as these individuals are, I can tell you that, almost without exception, the most successful entrepreneurs are the ones that pursue their inner soul and the business simply follows. I know billionaires that have made their wealth in industries as diverse as high-tech software that transformed the way business processes information to low-tech junk yards, collected and repositioned as recycling centers. In virtually every case, they have a passion for what they do. The business was just the vehicle through which they monetized that passion. They even transcend timing and conventional wisdom, bucking the trends, proving the experts wrong. Passion and inner purpose are the name of the game. Wealth is just the tail that happily wags on your inner purpose dog.