STARTING A BUSINESS

 

Somewhere deep inside everyone, there’s a potential entrepreneur. Humans have proven to be intelligent and adaptable group of fighters and survivors. Most people can be successful entrepreneurs if they really want to, it’s the WANT that stops them, they confuse it with CAN’T. The truth is that you really can, but not without sacrifices. After all is said, most people aren’t willing to dig in and fight the long battle to becoming a successful entrepreneur.

The sky is big enough and there’s space for every star. The question is, do you have what it takes to hang up there as a star? Here are few questions to ask yourself before starting off on the journey to success.

1.       Are you motivated to get things done? Not only do you have to be comfortable motivating yourself, but also motivating others because you are about to be the boss.

2.       Are you easily intimidated? Competitions will come knocking at your door step daily, so get ready to face them.

3.       Are you a good listener? Part of being a good leader is to be a good listener.

4.       Do you know yourself well? Take an honest look at yourself. Having a solid understanding of your own strength and weakness is a good advantage.

After critically examining yourself in the above listed, here’s an entrepreneur’s first question.

WHAT BUSINESS IS GOOD FOR ME?

Making a career choice requires honesty. Do you really want to be an attorney, a pharmacist? Or what you really love is to become a baker, a photographer, whatever. Don’t be scared of the transition from working in a bank to being a film producer. Of course, family and friends might think you are crazy but you are the owner of your dream and they are the spectators in your life while you are the player of the game. Always remember that spectators don’t award medals. It is okay to take one or two advice from family and friends, but if you feel your work piece is balanced, then there’s no need to add a vice.

If like so many others, you don’t know what you love, then think of it this way. You have enough money in the bank to do whatever you love and no matter what, you can’t fail in whatever you choose to do, what would you do? If you love what you do, you will never work a day in your life.

WHAT TO CONSIDER BEFORE KICKING OFF THAT BUSINESS

People get excited when they feel like they now have a great idea. Maybe they finally figured out the chemical composition of their new product, or finally just got a perfect name for their business. Whatever the last piece of your idea was, don’t let it excite you to the extent that you get nothing done after that.

Before quitting your job to start up your new business, you have to put a lot into consideration.

1.       Do you have enough money to live on while you start up? Can you pay your rent, feed clothe yourself and other important life necessities while your business kicks off?

2.       Have you checked out a perfect location for your business? A mechanic shop where used parts are sold won’t make much profit in Banana Island; canoe selling won’t go well in Sokoto as it would in the Niger Delta.

3.       Don’t test the depth of a river with both legs. If you have your day job, try working on your new business at night or during the weekend while you still keep your job. If you can manage this for just sometime, you would have successfully maintained your life security while testing whether your new endeavor would work or not.

4.       Plan the transition. Typically, things don’t always go as planned. You need to have consistency in your plans. Always remember that there’s a big difference between your business being cash-flow positive and being able to support yourself.

WHAT NAME DO YOU GIVE YOUR NEW BUSINESS?

If you think naming children is difficult, just try naming your business or product. The general intent of business or product name is to describe the product or company while being memorable and desirable to the person who sees it. A good name will draw people to your product. Here are some few good product names, Coca Cola, Dunkin doughnuts, Toyota. Something similar about those names is the rhymes. Your new business or product name should be passing a message about your product to your buyer. You won’t consider a name like black out beauty center for your beauty Saloon or Missy Marie gym for a gymnasium you want to start up.

DO YOU NEED A BUSINESS LICENSE FOR YOUR LITTLE BUSINESS?

Naturally a big tree was once a seed, do not expect that package water business to remain at its startup stage where you, your family members, friends and few neighbors who know about it. The growth might take you unaware and you wouldn’t want to run into license troubles with the law enforcement agencies just when your business is about to get to its stardom. So it is necessary to think of the tax payment policy, government regulations like NAFDAC, SON and all before starting up your business.

 YOU HAVE GOT A GREAT BUSINESS IDEA! WHAT NEXT?
 

 

One of my favorite slogans is that of the NIKE designer…… Just Do It. That’s what next, just do it, there’s never going to be a perfect time, you have to take the time and make it perfect. Start with what you have; don’t wait for what you don’t have. A wealthy business tycoon in Lagos, Nigeria said, if you have an idea that will take five million naira to start up, and you have just fifty thousand naira. You don’t know what tomorrow holds but you have got today to yourself and what you do today determine what you get tomorrow. Your destiny is simply a destination which is determined by the directions you take today, which is a product of the decisions you make now.

-Larry E Ufuoma
(PenLord)