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The Young Exec's Playbook: Starting A Business (I)


Starting A Business
With the unemployment rate in Nigeria hovering at about 22%, a lot of young persons are taking things into their hands and starting businesses to sustain themselves on. Even employed persons still delve into small businesses for some extra cash.

I have come in contact with a few budding Execs these last six months and I gained a lot from them especially when it comes to the issues of  starting and breaking out with a new or novel business. This is in addition to the countless hours I have spent interacting with other businessmen on Nairaland, my personal experience as well as studying accomplished businessmen.

When it comes to starting a business, here are a few fundamentals as well as helpful tips off the Playbook that will come in handy.

Seriously, the playbook exists, I saw it once. Most successful businessmen have copies and from their actions we can extrapolate what the playbook says.

Uniqueness
Do not start a business just because everyone is doing it. Even if that is your reason for starting a business (which IMO is lame) your business should have a unique edge above every other similar business. It is best to think of something no one has thought of, or think of doing what someone has thought of in a new way-you get it right?

For example, if no restaurant in Lafia has a home delivery service starting a restaurant with a home delivery service will make your business unique.

Solve a Problem
Your business should solve a problem if you are to succeed. You may have many business ideas bubbling in your coconut but before you jump into action, think and study which problem will be solved and which demand will be met.

When thinking of problems to be solved, needs to be met or demands supplied do not be limited by distance. You could be solving a problem in China with your business in Lafia.

Example: An agro factory in China could be in need of high grade Cassava chips which your company in Lafia can easily supply.

That’s too far an example check this other example, Your business could supply materials (intellectual) on African living for magazines halfway across the globe. Do not be limited in your imagination. The internet has made a lot of things easier.

Research
Before you delve into the business you need to carry out a thorough study on what it entails. Look it up on Google, find out the best methods, and techniques that will give your business an edge. Seek advice from veterans in your chosen business.

A feasibility study is always important, it tells you what to expect in the business, how much you need to invest and the expected returns. A feasibility study will give you a picture of expected challenges in the running of the business.

Passion
Passion for your business is what will keep you in the game. Do not start a business you do not enjoy or don’t like. Your love for what you do is the stuff that will keep you from giving up when things get tough. More so, if you enjoy doing your business, you have the added advantage of earning and being happy at the same time, a cool two for one deal if you ask me.

Hardwork
This is the fuel for success. You never lumber down and lazy on the couch and expect your bank account to swell, it never happens especially for new businesses. Most new businesses after being set up usually experience a period of barrenness especially for service providers. This is the moment you need to put your foot down on the accelerator the lack of results notwithstanding. Be consistently hardworking any change in intensity should mean you are working more intensely.



......to be continued

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