Entrepreneurship 101: Becoming your own Boss

“If only I have a good business idea”, “If only I have enough capital”, “If only my family and friends will support me”, “If only I have a Business Management experience”, “If only I can foretell if my business will be successful or not”, “If only I lived in a more business friendly environment”- “I would start a business”!.

The above statements are excuses we give ourselves for not starting and growing our own business and they are very genuine as far as we are concern. We fail to realize that big corporations today were started by people who did not fulfill all the criteria listed above and today, the corporations are still standing.

At a point, we are challenged by the world around and compelled to make a mark on it by the force of our own ideas, personality, resources and desires, that’s when we realize that starting our own business is a goal that can be achieved.

People like me who desire the freedom to create, prosper and do what they like with their time, know that only being in business for themselves will satisfy those desires and so must take steps to make their dreams come true.

The steps to take include finding out what you are passionate about- what would you create and sell that you can even do for free because you enjoy doing it. Next step is to source for capital- this is a bit difficult and so requires careful planning and hard work.

Your first business should not be one that requires so much capital. I know a woman who started a business selling “moin-moin” with N1000. Today, she owns a catering outfit. So simplify your business idea so that the capital required will not scare you, after you start the business, you can gradually grow it into your dream business.

Next step is location and materials required. Your business should have a suitable location- a place that can be accessed by potential customers or clients. Also purchase the furniture and materials needed for production and sales.

Once you have started your business, make sure you advertise in every media possible. Tell family and friends every chance you get. Make sure that your product/services are of high quality that alone can help you get referrals that will build your business.

Don’t spend all the money gotten from sale. Use some to re-stock and expand your business- you can add other products/services as time goes on.

Do everything within your power to avoid shady deals or cutting corners. If you have staffs, pay them well and treat them like human beings. Pay rents and rates as at when due. Lastly, remember the Lord your God, for it is He who has given you the power to get wealth, so give to God of your time and resources. God bless you!