Skip to main content

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

Comments

Post a Comment

Popular posts from this blog

Opportune Time

 I’ve always been fascinated by the concepts of chronos and kairos . Chronos refers to time that passes in a sequential, linear manner, while kairos is the opportune moment for something to happen. Many speakers and writers have shared a lot about this topic, and I’ve learned so much from them. From my personal experience, I’ve seen how missing these opportune moments can have a serious impact. The lessons I’ve learned are: You may never know when the opportune moment will come, so prepare yourself well. The opportune moment often comes in disguise, so always be on your best behaviour. Don’t make decisions lightly or carelessly. If you miss the moment once, learn from it and don’t repeat the same mistake. In conclusion, kairos can change the course of your life, but only if you’re ready for it. Time waits for no one, and the opportunities we’re given don’t always announce themselves. So, stay alert, work hard, and be prepared to seize that moment when it comes. Take action toda...
Post a Comment
Read more

Audu and the Interesting Tale of 12 Mudus of Rice

The events detailed below were as told to me by Audu. I met Audu when I boarded his bus from Nasarawa Eggon to Lafia sometime this year. "God is always on the side of the Righteous" Audu declared as he shifted gears. "Let me give you a story to buttress my point" he added. I knew an interesting story was about to be spilled so I leaned back on my seat and turned my face towards him. A certain woman in Lafia had given Audu a bag containing rice to deliver to her sister in Nasarawa Eggon. She had paid him and had given Audu her sister's phone number so he could call when he arrived at Nasarawa Eggon. The journey between Nasarawa Eggon and Lafia is short. At most it takes 20 minutes, Reckless drivers do the trip in 12.  Upon arrival, Audu called the recipient and then arranged to meet. He then proceeded to get some rest, the recipient of the rice was going to come and meet him as he rested from his labors. Not long afterward a woman came and asked for the rice that...
Post a Comment
Read more

Nigerian banks: So much hype, so little groundwork.

This events chronicled herein truly occurred as the world spun past this morning. Today I took it upon myself to pay up all individuals and groups I was indebted to. This involved visiting three big time Nigerian banks. These transactions which could have simply been carried out with my PC, had to be done the old school way because online transactions are not common (no one I know has ever used the system), hence it could n''t be trusted. Aside the long queues and the ages it took to get served, these banks are are quite in contrast with what you'd see in the slick adverts on CNN or NTA (Nigerian Banks do ads on CNN). The staff are not that friendly, and you can waste a lot of productive time just waiting for your turn ( I kill time watching TV whenever I visit a bank) In one of the Banks I visited, (this bank boasts of ''Pan- African ess'' ) the bulk room where I went to pay in money was desecrated with graffiti on the side boards. Yes! Graffiti, scr...
1 comment
Read more