A little effort here a little effort there, taking your gut step even when the fear of failing is so heavy upon you is all what you need.
To start a business of your own, you must have
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a tangible idea of what exactly you want to achieve with your business. You must settle within yourself why you want to go into business and how long you want to be in the business. Sometimes knowing why you are into or going into a project is enough to motivate you and keep the passion for the project burning. Even when the tides are against you, the 'WHY' of going into the business would spur you to innovate and pull resources together to make it work. So that means you are not just looking for an easy way out that might not last but you are seeking to create a brand so powerful that when it eventually stands tall would be very difficult to crumble. In other words, the reason for wanting to go into the business should be real and challenging enough to keep you going.
After you have done the needed above, a picture of where you see the business in the nearest future should have come up and so you draft your vision. Knowing why you are going into the business will also help you in drafting out your mission statement. Your mission and vision statements help to create the scope and focus your business needs in directing its affairs.
I would personally recommend that you gather as much information about the business you want to start before you venture into it. Some of the things you should be interested in are;
To start a business of your own, you must have
a tangible idea of what exactly you want to achieve with your business. You must settle within yourself why you want to go into business and how long you want to be in the business. Sometimes knowing why you are into or going into a project is enough to motivate you and keep the passion for the project burning. Even when the tides are against you, the 'WHY' of going into the business would spur you to innovate and pull resources together to make it work. So that means you are not just looking for an easy way out that might not last but you are seeking to create a brand so powerful that when it eventually stands tall would be very difficult to crumble. In other words, the reason for wanting to go into the business should be real and challenging enough to keep you going.
After you have done the needed above, a picture of where you see the business in the nearest future should have come up and so you draft your vision. Knowing why you are going into the business will also help you in drafting out your mission statement. Your mission and vision statements help to create the scope and focus your business needs in directing its affairs.
I would personally recommend that you gather as much information about the business you want to start before you venture into it. Some of the things you should be interested in are;
- Who are my customers: knowing this will help you to strategise on how to reach them with your products. Also it will also help you to effectively tailor your products to meet their specific needs. This entails understanding the market behaviour of your consumers. If you are able to understand why and how your target market buys, you will be able to communicate your values better to them in form of finished products. Understanding the peculiarity of your market is crucial to having a great business outlook and success.
- Where are my customers: usually this question should have been resolved in the above point but I chose to bring it down for emphasis. Its one thing to know your customers and its another to know where to find them. Identifying where your customers are better enables you to communicate your value offerings. Note that the finished product is not all what the customer is after but the value the finished product offers. Companies today know better than to rely only on offline marketing techniques to reach their target markets. They are beginning to understand that their customers are mostly online either working, surfing the net or on one social network or the other. So many companies are moving their marketing online to reach them. Now in Nigeria, one can easily open a bank account on facebook and there are much more. Knowing where your customers are makes it easier to communicate with them.
- Who are the key industry players: to know the key industry players, a prospective business man would have to perform a PEST analysis (Political, Economic, Sociological and Technological analysis).
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