Starting a small good business in nigeria oct 2009

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Olusesan G. Oshatimehin

Olusesan G. Oshatimehin

© 20092009

Business does not lend itself to a single definition as its definition is as many as there are many authors on the subject. will like to define Business as “an activity that a person an activity that a person or group of persons engage in by or group of persons engage in by adding valueadding value to the to the life of other people with the aim of life of other people with the aim of being rewardedbeing rewarded” by reward does not necessarily mean in cash or in kind it can mean satisfaction, knowledge gained and so on.

Business can also be defined as a passionate (Profession, Occupation or Trade) exchange of goods and services for the purpose of satisfying human wants with the underlying motive of adding value to people

Most business fail as a result of inadequate experience required for their business. You have to gather experience (Observation of events as they occur, Knowledge gained from such things). You have to undergo a business conversion by which you gain mastery the business you are venturing into. By experience I mean basic the TOT (TREND Of the TRADE).

Get involved in Research and Development in all areas relating to your business, be inform in other not to be out of form.

You can acquire this by reading literatures, attending seminars, trainings & workshops to keep abreast of the current trend in your business. You so times need to enroll in some form of business related courses and certifications to keep you on uptight in your field of business endeavour.

There is nothing bad in having business Coaches and or mentors as the case may be. These people will help you in developing your self and discover the path to business success. There are so many journals, e-magazines, report and updates on the world wide web that can be just perfect medium of getting updates on your business and groom your business sense.

So many small businesses owner believe in having all the capital required for their business to commence, this will only keep you from starting up your business in time. All you need is the little to commence first 3 – 6 months operation, while some only need transportation fair to start up in the case of consultancy almost nothing is required to start up in Nigeria. The MAJOR capital requirement to start up a good business is a creative brain and a sound mind. Read books and get involved in personal development in areas relating to your business in order to improve your capital (head)

Most Small business do not go the extra mile to survey the business world before venturing into it, such businesses ends up a disaster.

Consideration of the competitors is to know your potential competitors (know their Strengths, Weaknesses, Opportunities and Threats). This will aid carving out a comparative advantage strategies over your competitors.

Counting the cost before you begin can help to avoid expensive mistake.

“For by wise guidance you will wage war, and in abundance of counsellors there is victory” Proverbs 24:6

The best psychologist you can ever find around is “you”. A positive mind set says ‘Yes I CanYes I Can…’ a negative mind set says ‘No I Can’tNo I Can’t’. A positive mind set culminates into possibilities but a negative mind set is possibility repellent.You can never rise beyond your mind setread, see, think, live and move with possibility always to set in motion the laws of attraction.You cannot receive from what you do not believe in, believe in your business, tell yourself I am not just another entrepreneur I am the outstanding entrepreneur around here. Be mentally and physically passionate about your business.

I love to say “Productive thinking leads to proactive and prosperous business, think ahead of your competitors, think what your competitors may not, have not thought and or can not think of in other to be a head of them. Learn from every thing around for improvement and make “quality” your watch word. You can never do things the ordinary way in life and expect to get an outstanding result in life ” Embellish your products and services with creative thinking and innovative approach in other to have a comparative advantage in your field of specialisation.

You don’t necessarily need to start with all the resources your business will require rather start with the expedient resources needed for start up, having all the required resources is good when you can afford to, but in the case where it can not be afforded it is wise to get the most required first.The most important asset is to be well prepared with the little resources available at the start of the business. In some cases an entrepreneur can work with the resources of a friend or colleague who may or may not be in the same business with you just to start up, and agreement must be made with such individual or organisation.

Dr. David Oyedepo once said “an extra mile in life will earn you an extra mark in life”. If laziness leads to poverty, then try smart work. To become a successful entrepreneur, talent and creativity is never enough but the principle of going the extra mile in your products and services will ever give you a comparative advantage over your competitors and earn you a brand name (good will)” Remember “success attracts success and failure attracts more failure.Keep thinking, working, strategising and designing new service and product and you will earn the dividend of hard and continuous work.

Most entrepreneurs do not take cognisance of the “Little drops of water make a mighty ocean” theory. Every remnant (Kobo) not spent ‘must’ be refunded into the company account. Such money goes a long way to increase business capital. The more you increase your capital the more your business expands while the less your capital the more likely your business will collapse. Learn the act of boosting your business income.

The success of your business financially is dependent on how prudent you are financially, you have to discipline yourself to be financially frugal.

Situating ones business in a suitable environment is one of the key booster of any business. One of the reasons why small business start-up fail is the inability of the business owner situating such business in a  suitable environment.

By location is not limited to geographical location but also InfoTech location. There are divers medium in making your business visible to million of potential clients and or customers, creatively buying into this medium will generate and drive traffic to your business and if they are satisfied with your product and services they will keep coming for more and referring others to you. For detail on InfoTech presence register for our infopreneur class.

“IF YOU MAKE A PROFIT, BE WILLING TO DIVIDE IT WITH THOSE WHO HELP YOU” - NAPOLEON HILLS

Learn to motivate your employees or partners

think of your employees or partners’ well being by being a positive influence to employees or partners

self discipline makes you think before you act. adopt discipline. Learn to delay gratification when you have made unprecedented profit by sending most if not all the profit back to the business not on riotous living.

•Contribution•Proceeds from consultancy and services rendered•Donations (philanthropists, community etc) •Donor funds (proposal writing)•Leasing•Partner incorporation

ProfessionalsThere are times you may need to hire qualified and skilful result oriented employee in your TEAM. i.e. Business Development Manager, Human Resources, Research Professionals, Customer Care

Non-Professionals

There are times you may need to hire staffs such as Gardeners, Security, Cleaners.

Consultants

There are times you may need to employ professionals that are to work for a given period of time, they handle project that may be a little technical.

Volunteers

This are temporary staff that are not paid but are given incentives.

For Personalise or group Career, Business and Self Discovery, Session log on to

www.palmsworth.gnbo.com.ng and drop your questions

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