Starting a new business can be quite a challenge, reason being that creating a business that will last a lifetime, a sustainable business that will outlive the owner, requires a lot of planning, strategizing and constant evaluation.
It’s one thing to love the idea, most of our
ideas are the sweetest, most implementable while they are still in our heads,
the moment it comes to implementing them physically in the real world, we
begin to have issues. A lot of us do the maths in our heads, see the numbers (e.g.
if I buy human hair at 10k, I add 2k as
my profit, if I can sell 10 units in a month that's 20k profit, GBAM!!!
business is good).
It makes sense, at least primary sense. And off that basis,
we dive into business without considering the challenges, without surveying the
current situations in that particular industry, without carrying out enough
research, without planning how to stand out and be different, without creating
our own value added services, without understudying the pioneers in that
business, analysing their successes and failures among other things
I will be sharing some tips that can serve as a guide while thinking of starting a business, but before this I will like to ask some thought provoking questions and provide some helpful answers as well.
1. What is the drive for starting this new business?
ans: a. Solely to make money (you just want to blow)
b. Everybody is doing it and it’s making sense for them so why not
c. Passion (you are in love with it, you can't just see yourself doing anything else)
d. Talent (it comes to you with ease, you can deliver even in your sleep)
e. Engagement (you just need something doing, you don't want to seem idle)
f. Service (you want to make an impact in people’s lives, touch people with your products and services)
To be honest all of these are all good reasons, however, each of the businesses started with these reasons will yield a different result. So, let’s rate these business justifications in ascending order, which of these businesses will last a lifetime and which one will be quick to fail?
to be continued.......
I will be sharing some tips that can serve as a guide while thinking of starting a business, but before this I will like to ask some thought provoking questions and provide some helpful answers as well.
1. What is the drive for starting this new business?
ans: a. Solely to make money (you just want to blow)
b. Everybody is doing it and it’s making sense for them so why not
c. Passion (you are in love with it, you can't just see yourself doing anything else)
d. Talent (it comes to you with ease, you can deliver even in your sleep)
e. Engagement (you just need something doing, you don't want to seem idle)
f. Service (you want to make an impact in people’s lives, touch people with your products and services)
To be honest all of these are all good reasons, however, each of the businesses started with these reasons will yield a different result. So, let’s rate these business justifications in ascending order, which of these businesses will last a lifetime and which one will be quick to fail?
to be continued.......
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