THE FIRST STEPS IN ENTREPRENEURSHIP

THE FIRST STEPS IN ENTREPRENEURSHIP.


By Ayo Emakhiomhe

A business is representative of the vision and standards set by the owners of the business.

The essence of self searching is to have a better understanding and good knowledge of ourselves. By this knowledge, we can stand on our strengths and raise our weaknesses until over time; these observed weaknesses become very minimal.

After a careful self assessment, we also do a very careful and deliberate business assessment.

Getting started with our entrepreneurial venture means that we have a clearly set out business plan.

The business plan should define your business, the industry your business belongs to, what aspect of that business will be your primary focus, what type of clientele are you after, what is the 3-5year cash flow projection, where do you see your business in 5years, 10 years, 20 years, etc.

You should also be able to say what your plans are at getting to this perceived objectives and what resources would you require to achieve this, how do you plan or expect to get these observed requirements.

All these may seem like preparing to climb the highest mountain for the first time, it actually is.

The higher you climb this mountain of starting your company, the higher you will go with your company.

Going back a bit, we need to understand that a problem defined is a problem solved.

The day you give a name to an unidentified challenge, the day your perspective of that challenge changes, you will now see that item in a wider and different but more understanding perspective.

That is why it is important to define your business and industry to know what information to seek and from where, once you have this information, you will now be more focused and deliberate in all you do concerning that challenge.

As simple and unnecessary as this sounds, it is like the backbone of a successful business venture, it gives you a reference point and a compass to help you stay focused on your success path else deviation occurs and focus is lost and failure starts knocking at the door.

In summary, when venturing into a new business, the following points should be noted before starting out.

• Do a SWOT analysis of yourself

• Do a SWOT analysis of the business idea

• Identify your market, product/service

• Prepare a business plan

• Determine start-up costs and marketing plan

• Determine source of funds

• Consult with professionals-consultants, accountants, bankers, lawyers

• Chose a business type and register

• Start

Success is yours!


emakhiomheayo@yahoo.com

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