TIPS TO START YOUR OWN ENTERPRISES

Becoming an entrepreneur is gradually becoming the order of the day almost everywhere in the world. To get started with something is a good feeling, but should one ride on the river current you never know of just because you have a nice yacht? The answer is NO!

                To get started in any enterprises, there are just some basics a proposed entrepreneur needs to do. A whole lot of physiological, physical, business-wise, marketing basics one need to put in place before diving into an enterprise world. So let’s get started…………….

v  DO A SELF-INVENTORY: Before starting any venture, you have got to look at yourself and evaluate yourself whether you have got an entrepreneur traits and also ask some real deep questions like:

·         Are you motivated?

·         Are you resilient?

·         Are you able to adapt and confident?

v  DEVELOP AN IDEA: Don’t just start a business because it’s in vogue and you think of commercializing it will make money. Develop a business concept that you are so passionate about, one that you got the skill by talent or experience and from there you can start a product or service that can benefit people lives. The simple truth most people don’t know that about idea generation is that you can only get productive idea when you start thinking about people.

People get enough problems, so be the solution. You get me?

v  TEST THE PLAUSIBILITY: I believe this word is not strange to you but in case it is, pick up your dictionary (Lol). Anyway, what am trying to say is that you got to critically look at the product and service you choose and ask

·         Is this product or service is something that people really want or need?  

·         Can you make a profit selling it or offering it?

·         Does the product work?

v  WRITE A BUSINESS PLAN: Nothing successful in lives will do without plan. I mean can you have a house without having a plan of how to get the land, build the foundation till the roofing stage. So same goes for business, you have got to plan. A solid business plan will guide you going forward. You will have to present your idea to potential investor with your business plan. A business plan will contain your mission statement, company summary, product or services offering etc.

You will need to consult people to come up with a solid business plan but not just anybody, you can learn more about or have it done at KEAConsult (kingemmanuelkep@gmail.com)

v  IDENTIFY YOUR MARKET: Even though you might detect some interest in your business, still you have got to do more homework. Really?

Yes, you have to. You are not just selling to few people but targeting a large number of people to offer your service to. Assess the market, targeting people that will likely purchase your products or request for your services. Do a competitive assessment.

v  DETERMINE THE TOTAL COST: While assessing your market, you have to research the standard cost factor of product within the industry. Not only will it help you in managing your business effectively but investor will also want to know. Did you see the need for that? Or you want to look dumb in front of your potential investors? 

v  ESTABLISH A BUDGET: Now you know the cost of the products in overall and you determine how much money you have to work with, you need to figure out how much it will take to develop a product or the services and creating a marketing plan. No matter the scale of your enterprise either big or small, you will have to market your product and for that you need to plan that all from the start-up.

“The success of any company revolves around its ability to make the world aware that its product or service exists. PROMOTION IS KEY”. Hope you now get the quote with the budget set-up explanation

v  FIND THE RIGHT INVESTOR: Hmmm, this is a critical point for any entrepreneur whether it is a small or big enterprise. You are going to need some sort of funding to start off be it either from your savings, loans, credit, grants or venture capitalist. For an entrepreneur who is starting big, you will need to find an investor who shares your passion, someone you believe you can work with. Are you stuck? I will suggest you will need to watch the movie titled “The Social Network” to get how one of the largest social media platform currently in use was turned from a minute thing to big venture with the help of passionate investors.

So what about the small-scale entrepreneur, am suggesting you log on www.emmaasset.blogspot.com very soon for your own tips on how to go about this section of advice.

v  LISTEN TO YOUR INVESTOR: Whether you like it or not, investors have a say in your company. So you have to listen to their advice and suggestion but it doesn’t necessary mean you have to do all what they told you. Use your “head” to discern the right one to act on.

v  SET UP A GREAT SUPPORT SYSTEM: For this new venture you want to start, you are going to be investing your time, energy and resources into it. So ensure your family and loved one are on board. They must be aware that this process will be challenging emotionally and financially and you will need their support there and then.

v  DETERMINE THE LEGAL SYSTEM: Settle on what form of ownership your company will to be and which suit you: a sole proprietorship, a partnership, a limited liability, a corporation, a non-profit or a cooperative. Trust me you need to decide this from the onset simply because their might be couple of people that you might start the venture with or receive their help in great en masse and might be doing that so as to join you in the venture or for just any other thing.

No matter or whichever it goes, you still have the power to decide how you want it to be.

v  SELECT YOUR BUSINESS NAME: Decide on which name which best suit your business. Then check the domain name online for its availability i.e whether it is free to use in your local government, state, country and maybe outside the country (who knows whether the venture might be an international brand one day, who knows?)

v  REGISTER YOUR BUSINESS NAME: As you check and see that the proposed business name is available, have it register at right place. In Nigeria, CAC (Corporate Affairs Commission) is in charge to register business name and trademark it. Likewise, secure the domain name

v  TAKE ADVANTAGE OF FREE RESOURCES: Numerous free resources are available to provide support, training and assistance. SBA.gov  is a great place to check out to find local resource likewise Emma Asset Blog

These tips can help you before getting started in an enterprise chosen, but more tips can be gotten from the entrepreneur tips book titled "40+ Tips on how to start your own business"