In modern society entrepreneurial consciousness is high. Every coffee shop is full of young bright minds planning to launch their new start. MIT Technology Review recently completed and published a list of the world’s smartest companies for 2015. To make the list of the world’s smartest companies, a business must have “truly innovative technology and a business model that is both practical and ambitious, as a result of which it has set its field agenda for the past 12 months.”
The sad truth, however, is that most businesses fail within the first 5 years. There are many reasons why a business may fail from poor planning, financial constraints to general misfortune. The smartest businesses to follow are those who need a little starting capital and have a good chance of developing it. The three most promising emerging businesses:
- Consulting: Counseling is the process of providing expert advice, opinions, and strategies for remuneration. Starting a business does not always mean creating a product or hiring a team. Consulting is about much more than giving advice, though. Many people get overwhelmed with the thought of starting their own consulting firm because they do not have a Ph.D. in the field of consulting. And as a bonus, starting a consulting firm doesn’t have to do you financial harm because you don’t need too much start-up capital or overhead.
- Online education service: The Online Education Service (OS) was established to challenge and advance the online education industry by providing a new student-centered approach to adult education. There is a growing emphasis on students to improve and enhance their education and to continue to improve their education on adults. A successful online education business should be founded on your core competencies – in other words, something you can prove that you know a lot about. You have a mix of skills that are valuable, marketable and, above all, demanding. As a suggestion, starting a teaching service business online requires a small amount of capital. Your course is likely to grow as it becomes more popular.
- Affiliate marketing service: Affiliate marketing is a type of performance-based marketing that rewards one or more affiliated companies for each visitor or customer brought in by an affiliate or its own marketing efforts. These sites are approved by those who sign up for an affiliate marketing program and receive a commission when referrals generate sales. Sometimes called an advertising affiliate Internet program, it is the most expensive and efficient means of earning online.
Starting a business, however, requires lots of time, effort and patience. Even in the digital-fueled world we live in today, no business venture is a guaranteed success. But being smart about how a business enters can make things a little smoother.