Everyone would love to have a flourishing business at some point in life but many people just don’t know how.
Many people have mistaken entrepreneurship to mean “setting up a business and making money” without encountering any problems.
Many upcoming entrepreneurs are often focused on the end results and in their business dictionary, they seldom feature in failure.
To start a business, there are five things you should know:
You cannot set up a business from nowhere. You need capital. Business is not just an idea but it is an idea that materializes. Before setting up a business, ask yourself; how much money do you have? How much money are you willing to invest into the business?
ii) Why do you want to set up a business? Of course many people will say that they want to set up a business to make profits. What about the losses? Are setting up a business because others are doing it and you think they are successful? What problem do you intend to solve through your business? Just why do you want to set up a business? Once you answer that question, you will have a goal and purpose for your “business”.
iii) Where do you want to start your business? Having identified the kind of business you want to start and why you want to start it, where do you want it situated? If it is a shop, is it going to be a place that is accessible? Will your potential customers find you with ease? The location of your business is as good as the business itself.
iv) What kind of a team are you going to work? Are going to set up the business alone? Do you have other people that you would like to work with? How are they? Are they stable financially and able to support and sustain a business? Are they team players? Will you employ some people to help you? What kind of talent will you be looking for?
v) Do you know your competitors? No business operates in a vacuum. Every business has a competitor. Do you know who else is operating the same business you are planning to set up? Have you tried finding out their successes and failures?