I could make a list of top 20 wealthy individuals in Nigeria today. We could take it further to Africa, and a step further to world compilations. Amazingly, most of these people are business owners. I’m sure you can guess some of these names already.
With this, it is obvious that owning a business is the best bet. However, choosing the right business, coupled with the right motivation is important. Not all who delved into business eventually see it become a success.
WHAT YOU NEED TO START?
It is imperative that you think carefully and execute rightly, conduct that feasibility to determine the viability of your idea. You need to understand the strengths, weaknesses, opportunities and threats associated with your idea. At this point a whole lot of market research must be done. Build your business plan as much as you can and see to its structure
To establish that business idea, enquire about the demographics and location of the business, its registration, licenses, permits, taxes and other legal requirements depending on the type of business you propose. Be sure to surround yourself with the right hands, as they help move your business to the next level.
Now I’m sure you may start to think, ‘I don’t have enough capital to startup’ so let’s head towards financing the idea. I know few people who had all the capital they needed in starting up their business but eventually are wrapped up today. Don’t let that little capital deter you from starting. If you earn an income, you must have saved up enough as a startup and if otherwise you could as well seek out individual or government funding. Your business idea can as well come as a form of proposal if you wish. However, here’s a little piece of advice, NETWORK WITH PEOPLE.
Consider having a catchy name, it’s all part of the branding system I intend yakking about. To mention but a few brands we are quite familiar with, their product names sell louder than even the product itself. This is the key to customer loyalty and sales as it is easy for people to reckon with your brand any day and anywhere.
You could browse out 1000 skills required as a business owner, but honestly there’s no one as the PASSION that burns in you. Let your passion be your drive. Passion weighs you against challenges that could be encountered. This should have been my starter kit on what you need to start that business Idea but I decided to save it for the last.
Read Also: Why chase your dream, when you can live it?
WHY YOU NEED TO START THAT BUSINESS IDEA?
Independence: With independence comes convenience to work, being a decision maker, creativity with your business ideas, flexibility, making boss moves. In fact, anything you call it. There’s just so much freedom attached to being independent although I would also recommend that you learn self-discipline.
Motivation: At this point you are the key to your success as an entrepreneur. Since you are driven by your passion, the motivation comes from keeping cash inflow, so the idea of ‘whether Oga sell or Oga no sell’ usually common among salary earners is dismissed.
Job security: Be your own ‘OGA SIR’. This is the only description I can give to it. There’s a whole lot respect attached to this.
Impact: It could serve as a means of job creation for other people; you would also be doing a whole community good by establishing yourself in that environment. That way you are filling a void, as your idea might just be what is needed around in that community.
Investment: It’s a great form of asset and investment. I would advise to keep tabs on trends and events so unfortunately your business doesn’t unfold as we live in a world that keeps growing rapidly.
Cash in every day: How about a credit alert every day? That’s possible! So why not give yourself the opportunity to make good money? It breaks financial dependence and insecurities.
Don’t get discouraged by that large scale enterprise, you too can start as a small scale business holder. So now On your mark, set, Grooooow!