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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