Getting off with your own business is never an easy task to start. So many little things in various parchments are involved. It raises quite a lot of challenges that really test your initial resolve and ability to hold firm to your own innovation. To that light, the idea of conceiving a business of any nature has scared off so many young people, thereby killing off several possible ventures that would have ushered in more job creation and entrepreneurial satisfaction. It is to that upshot that this piece is out to expose the process of opening up a business in whatever environment you find yourself.
As an individual, starting up my business was no strobe in the walk. The early days were the roughest I ever conceived of, that would ever be my portion. There were times I thought of giving up; to quit and go about a search for some conventional jobs, but then, all thanks to my business partner, we strove on regardless of the initial daunts. The framework of this write-up would be basically a product of my own little experience, mentoring and research.
It must be noted that, I take a greater fancy in writing about dating and relationship issues. I chose to delve into this area just to pass out a lesson or two to those who might need the information I have to offer. Hence, what you'd get here may not be a true reflection of my writing prowess, but a mirage of some thoughts conceived and subsequently experienced.
Who is an Entrepreneur?
This question is of paramount importance when talking about setting up a business. An entrepreneur is anyone who identifies an opportunity and exploits it creatively with a mindset of getting satisfaction and/or profit. He brings together all the various factors of production; land, labour, IT, raw material, capital etc for the purpose of producing goods and services for the satisfaction of the end users.
Entrepreneurs are primarily motivated to satisfy a personal need, usually by bringing into being new products/services that are meaningful to them as well as to the market.
Why start your own enterprise?
There are several reasons as to why people venture into business. But believe me, quite a whole lot of them are subjective reasons which borders on the single fact that, the individual seeks profit maximization through little or no investment. Some of the popular reasons include:
However, there are challenges that come with owning your own business, as I said earlier. Some of them include:
There are countless advantages or benefits of owning your own business:
Furthermore, there are critical aspects that must be looked at before starting your own business.
First, you must have a clear cut idea of what you want to do. Every business enterprise starts as a raw idea, which derives from perceived opportunity, and then translated into a product or service that a customer needs and is prepared to pay for. There are many sources of business ideas; literature, books, journals, newspapers, internet, television, seminars/workshops and so on.
Second, and most importantly, all business ideas must be confirmed and/or validated, using factors such as legality, achievable/feasible structures and that, it meets a need. More so, that people would be willing to pay for it. And that there are opportunities for linkages wit bigger firms or co-operation with similar firms in the future. There must also be an ability to identify your advantage over existing firms, and how quickly can you adapt to meet changes in users’ need and taste. You must also ask, “Can I create a special demand for my business output?”
Of good note is the “idea validation” stage of an enterprise. This is a highly important stage, because any error at this stage may lead to the total loss of resources in the future.
Third, you must set SMART (Specific, Measurable, Achievable, Realistic and Time-bound) goals for yourself. These goals will serve as guide to how soon you can achieve your dreams.
Fourth, you must undertake an honest self-assessment of yourself. To self-access, you must answer the following questions:
Getting yourself through the precise exercises stated in this piece may just be the soft guile you need to get your entrepreneurial skills up and running. You must be determined first and foremost, and you must ensure you continue to remind yourself of the vision you set out to achieve from the outset. Doing this will help ensure you do not derail from the track that would lead to your success in the desired business. I hope this helps. Thanks for the time taking to read through this. Your constructive criticisms, questions and evaluation would be of great value in setting up a sequel to this piece.
As an individual, starting up my business was no strobe in the walk. The early days were the roughest I ever conceived of, that would ever be my portion. There were times I thought of giving up; to quit and go about a search for some conventional jobs, but then, all thanks to my business partner, we strove on regardless of the initial daunts. The framework of this write-up would be basically a product of my own little experience, mentoring and research.
It must be noted that, I take a greater fancy in writing about dating and relationship issues. I chose to delve into this area just to pass out a lesson or two to those who might need the information I have to offer. Hence, what you'd get here may not be a true reflection of my writing prowess, but a mirage of some thoughts conceived and subsequently experienced.
Who is an Entrepreneur?
This question is of paramount importance when talking about setting up a business. An entrepreneur is anyone who identifies an opportunity and exploits it creatively with a mindset of getting satisfaction and/or profit. He brings together all the various factors of production; land, labour, IT, raw material, capital etc for the purpose of producing goods and services for the satisfaction of the end users.
Entrepreneurs are primarily motivated to satisfy a personal need, usually by bringing into being new products/services that are meaningful to them as well as to the market.
Why start your own enterprise?
There are several reasons as to why people venture into business. But believe me, quite a whole lot of them are subjective reasons which borders on the single fact that, the individual seeks profit maximization through little or no investment. Some of the popular reasons include:
However, there are challenges that come with owning your own business, as I said earlier. Some of them include:
There are countless advantages or benefits of owning your own business:
Furthermore, there are critical aspects that must be looked at before starting your own business.
First, you must have a clear cut idea of what you want to do. Every business enterprise starts as a raw idea, which derives from perceived opportunity, and then translated into a product or service that a customer needs and is prepared to pay for. There are many sources of business ideas; literature, books, journals, newspapers, internet, television, seminars/workshops and so on.
Second, and most importantly, all business ideas must be confirmed and/or validated, using factors such as legality, achievable/feasible structures and that, it meets a need. More so, that people would be willing to pay for it. And that there are opportunities for linkages wit bigger firms or co-operation with similar firms in the future. There must also be an ability to identify your advantage over existing firms, and how quickly can you adapt to meet changes in users’ need and taste. You must also ask, “Can I create a special demand for my business output?”
Of good note is the “idea validation” stage of an enterprise. This is a highly important stage, because any error at this stage may lead to the total loss of resources in the future.
Third, you must set SMART (Specific, Measurable, Achievable, Realistic and Time-bound) goals for yourself. These goals will serve as guide to how soon you can achieve your dreams.
Fourth, you must undertake an honest self-assessment of yourself. To self-access, you must answer the following questions:
Getting yourself through the precise exercises stated in this piece may just be the soft guile you need to get your entrepreneurial skills up and running. You must be determined first and foremost, and you must ensure you continue to remind yourself of the vision you set out to achieve from the outset. Doing this will help ensure you do not derail from the track that would lead to your success in the desired business. I hope this helps. Thanks for the time taking to read through this. Your constructive criticisms, questions and evaluation would be of great value in setting up a sequel to this piece.
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