Before investing in any business, see if you have developed the traits that will enable you withstand the storm. As a young man, I have always learnt that; it is suicide to start a fight with an opponent whose fight blow, will kill you, when you have not successfully determine how you can fight such an opponent without getting hit.
Despite everyone has traits of an entrepreneur, not everyone will survive as an entrepreneur. An entrepreneur finds and runs a business. He assumes all the risks and rewards of the business. He innovates, sources new ideas, goods, services and successful business procedures.
Starting a business is tasking; you have to face stuffs like; cold prospects, low or no returns on investment, rejection from potential clients, losses and lots more as you struggle to rise. While starting is difficult, finishing successfully is much more. Starters who prove to be successful in taking on the risk of starting their own business get rewarded with profits, fame and continued growth opportunities while those who failed suffer losses and become less prevalent in the market.
For this reason, you must do thorough research on your business idea before taking the plunge. Trust me, you don’t want to face failure, hence you must develop a successful game plan that you are passionate about and that positively correlates with your experience.
Test The waters:
Before you test the waters, I must highlight that the safety of your business should be your highest priority. Below is a video to help you understand and a link to the company’s website which I recommend for your Business.
Once you have developed a game plan and filed the necessary papers. You have to experiment on your game plan, to know the probability of success. Determine through experimental sample If people will want your product/service, what you returns on investment will look like and if the returns can sustain and guarantee better opportunities for growth.
Separate Your Business Account from Personal Account:
One of the easiest way to destroy your business is to commingle personal and business funds. Get a business account using your business name and solely use that account for the business affairs. You should also develop a simple bookkeeping indicating your revenue and expense column.
Ensure that you satisfy all legal rights that will enable you operate without interference in your target market. As this will save you from the huge sundry expenses that legal penalties will cause you to face.
All Economy is made up of people who have insatiable needs that arise from felt deprivation, in order to start a new business. One most ask his/herself; What do people NEED ?, once that is answered then have the needs narrowed down to WANT, that is, to say, a person for example might need food to satisfy hunger, which is general, but specifically WANTS Bread and not Fish. So when Bread is provided, He is will to buy the Bread. Also he has taste of what kind of bread he wants to eat. Then he should also consider His purchasing power. Hence Demand is considered which is the Willingness and Ability to Buy a commodity or service with time. This would help you determine “What to produce?”
Once the above have been critically thought of and research gathers from different persons, You should also consider the following;
How to Produce or get the product at the right quality and specification, while focusing on brand equity. But before this is considered there should be a Market for the product, that is for Whom to Produce,the target market.
Then finally you determine how to get the Product or Service to the target market. Once you have the set idea, start small to test the Waters and grow your business. But never temper with the product or service quality has this would make the customers dissatisfied which is not good for any business.
Be true and sincere and you would grow at a steady rate.
Just be imaginative and creative and go to work, there are tons of ideas that would flood your mind as you seek to improve and meet the needs of others sincerely.
Last Updated: 19 October, 2018.