Easy question for Economics?

[helo20]

You plan to enter a profession, occupation, or business of your choice. Please explain any steps you might take or strategies you might adopt to help ensure that you earn an adequate income. For Example, would you try to be a monopolist, a monopolistic competitor, or even accept the likelihood that you would be a perfect competitors . Whatever market form you ague will apply to you, what would then do to be successful in your chosen field and why?

[joshua_m_carpenter]

Restaurant industry, I would buy a franchise of a well known firm, and in 15ish years I would do all I could to retire.

[ameen.honest]

i think the question is more of starting a business
it is TOTALLY different from selecting a profession
the ideal market is the one that can provide 'sustainable' healthy margin growth ..

if you enter into a low margin business (like fast food) then you can be easily squeezed out of business once you have problems and competitors fight you ..

sustainable means that the market itself is growing and healthy, and you should study risk of changes. if you enter into Video CD like 10 years ago, then you will be already out of business today. If you enter into internet cafe like 10 years ago as well, you might be out of business too unless you are able to change quickly.

monopolistic is easier in text book rather than real life ..
you can't just select to be monopolistic, you need enormous amount of power .. it is like the telecom or government airlines in some countries .. and even with that .. most of these companies didn't survive well ..

they are better off when privatization came .. and competitors entered .. they force the company to enhance its structure, services and products .. and hence to have better profits ..

competition is healthier