In the first part of these series, we outlined the 5 most important skills that a budding entrepreneur must possess in order to become successful. Here we will explore the vital things to consider before you embark on your entrepreneurial journey
Part 2:5 Things to consider before you set up your business
In the first part of these series, we outlined the 5 most important skills that a budding entrepreneur must possess in order to become successful. Here we will explore the vital things to consider before you embark on your entrepreneurial journey.
1. Business Idea Generation: This is obviously the first step when you decide to start a business. It begins with coming up with a unique and distinct business concept that will respond to your potential clients' needs. Creativity skills from part one plays a major role here.
2. Research: It is very important that you carry out an extensive research that covers and answers the following questions: Is the business viable/feasible? Is there demand for your products/services? Competition; similar products/services? During your research, also take the time to read about other notable businesses in that industry, you could learn a lot from them.
3. Create a business plan: Unfortunately, some entrepreneurs miss this and start a business that they had no concrete plan for. Missing this step could cause business failure, therefore, it is paramount that after a successful research a business plan must be created before starting the business. Your business plan should include but not limited to an executive summary, business description and unique strategies, operational plan, marketing plan, sales plan and financial plan. To learn how to write a comprehensive business plan, a good book to invest in would be Business For Beginners: From Research And Business Plans To Money, Marketing, And The Law by Frances McGuckin
4. Training: We cannot overemphasize the importance of getting good business training before you start. You can enroll on short business programs or courses to equip you for the business world.
5. Funding: Getting funds to start a new business can be daunting for most startup entrepreneurs. During the research and business planning phase, you must have created a financial budget and discovered how much your initial capital investment would be. Chances are you may or may not be able to finance the business on your own. If the latter is the case then you may have to outsource your funding from potential investors or partner.
Author: Chinwe Azikiwe
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