Overview:
Starting a business is more than just chasing profits — it’s about aligning passion with resilience. In this article, Presence News explores a practical framework for choosing an industry, researching seasoned leaders, and preparing for the realities of entrepreneurship. From analyzing industry resilience during recessions to studying the lives of long-time business owners, here’s how to make informed decisions that set you up for long-term success.
Start With Passion
The first step in deciding what business to start isn’t financial spreadsheets or market forecasts — it’s passion. Ask yourself: What do I care about so much that I’d be willing to study it five hours a day for the next three years? That kind of commitment ensures you’ll push through the inevitable difficulties and setbacks.
Research the Industry’s Leaders
Once you’ve narrowed down the industries that excite you, the real work begins. Look at who owns reputable companies in that space. Focus on leaders who have been in the game for ten years or more. These individuals aren’t just business owners; they’re case studies in endurance.
Study their stories closely:
- How did they get started?
- What challenges did they overcome?
- What does their life look like now? Are they thriving, balanced, and respected? Or do they appear stressed, overworked, or burned out?
Understanding how leaders navigate their industry gives you a blueprint of both the risks and rewards.
Weigh Industry Reputation and Resilience
Not every industry carries the same baggage. Some have faced controversies or heavy regulation, while others enjoy consistent public approval. Consider how the media portrays the industry, how it responded during past recessions (such as the 2008 housing crash or the 2020 COVID-19 closures), and whether customer trust has remained intact over time.
Study the Failures, Too
It’s equally important to study competitors who didn’t make it. Why did they fail? Was it poor management, overwhelming debt, lack of demand, or a shift in market trends? Their failures are lessons you can use to avoid repeating history.
Assess the Business Model
Ask critical questions:
- Is this a debt-heavy industry that requires massive loans?
- Does the business create valuable assets that can be sold?
- Is the company model scalable, or does it plateau?
Your goal is to find not only an industry you love but also one that can sustain your vision long-term.
Find the Owner You Admire
Most importantly, find a business owner you admire — someone who has navigated both ups and downs with consistency, grace, and leadership. By studying their path, you can replicate their approach. If they’re ten years ahead of you, then by the time you catch up, they may be retiring — leaving you in position to carry forward the legacy.
Don’t Forget the Little Guy
As you climb, remember the people and platforms that supported you in your journey. Presence News encourages entrepreneurs to share their stories with the community. When you make it, don’t forget to reach out for your monthly press release.
