Thank you for deciding to start a business! I love seeing people considering the entrepreneurial route because, it helps to create more jobs and improve the nation’s economy and even reduce crimes.
I must say that starting and succeeding in business is not as easy as many people think, but it is achievable. Here are a few tips that will help you:
1. You have to be determined to succeed– If you do not want your business to be a statistics within 5 years you must be determined to succeed. I am saying this because in the journey of entrepreneurship there are many hurdles to surmount. It’s not always rosy especially at the beginning ( usually within the first 5 years ) before breaking even. However, if you are determined to succeed and if you apply the right principles and prepare properly, you should scale through.
2. Getting the right business ideas – Do not get into a business just because others are doing the same business. It is better to get into a business that you love and which suits your vision and more importantly, which is in demand in the place where you wish to locate the business. Sit down and brain storm for business ideas. Discuss with friends, research online and look at your environment for clues. From experience, your next business idea is staring at you in the face, but you are too busy or insensitive enough to see it. See other ways of generating business ideas.
3. Getting the funds needed to start the business – Without the needed capital, your business will remain as an idea in your head. You need funds to make the business a reality. There are many ways you can raise capital for your business. You need learn how to raise start-up capital for your business . But, which ever method you chose, it is always better to start with your savings and as the business grows and show signs of success, you can then inject borrowed money into it for expansion.
4. Start small – I can’t stress enough. Don’t wait until you get everything set and until you have all the funds needed before you start your business. Start small! You will never start if you keep waiting for everything to be ready . Most great multinational businesses you see today started small. The Coca – Cola, Face book, Apple, Google, Amazon, Alibaba and many others started small. Take time and read their start-up story and you will be amazed and inspired. You may have heard about the Apple story. Apple – Inspiring Story Of How The World’s Most Valuable Company Was Founded.
5. Put customers satisfaction at the centre of your business vision – If your only goal of starting any business is to make money, then you may not succeed because, you might give up if the money doesn’t starting coming as fast as you expected – and it doesn’t always do initially.
We all go into business to make money, but making money should not be your only drive. Instead, satisfying an identified human need should be your focus. When you do this, the money will come in the process. Customer satisfaction should always be at the front burner of your business plans and projects. This cannot be over emphasized.
6. You should develop a business plan – Some people see writing a business plan as a waste of time. It is never a waste of time. It is very vital.
A business plan helps you to harness and refine your business ideas and also enables you to have a clear picture of your business vision. It helps to remove the guess-work out of your business project. It help you to carry out SWOT analysis ( Strengths Weakness Opportunities and Threats ) of the business. How to Write a Unique Business Plan should guide you appropriately to write your own business plan. A business plan equips you like a soldier going into the battle field to fight. It prepares you for success in the battle field of business.
7. Pay attention to marketing : Every experienced entrepreneur knows the value of effective marketing in any business. I can say that business success rises and falls on marketing. In fact, a fair product with excellent marketing will sell better than an excellent product with fair marketing. Therefore, deliberately put in measures and initiatives to continuously improve the marketing aspect of your business. The 16 Marketing Tips Every Entrepreneur Must Know to Succeed can also be of help to you.
You have what it takes to succeed. It’s in you. If you are willing to start small and keep pursuing your vision and dreams no matter the hurdles that you make encounter, few years down the line, your business could become a world-class business employing thousands of people and putting smiles on the faces of consumers all over the world. Keep your vision alive!
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