Before i proceed any further, i want you to understand that the principles of business is the same all over the world; what differ is the political, economic and cultural factor of each region.
make a decision to start up your business
No one wakes up and opens a business; you must first make up your mind and prepare yourself for the challenges of the business world. Now why Do You Want to Become an Entrepreneur? How do you know if starting a business is for you? You can begin by checking your present financial status.
Most people come to me asking me how to become a millionaire fast; but i laugh and tell them i don’t know. Starting a business to become a millionaire is not a good enough reason to do it.
Are you contented with where you are now? Are you in control of your financial future? Are you tired of your job and want to quit? Do you have brilliant small business ideas within you? These questions will help you decide if to start a business or not.
But whatever your reason for starting a business; make sure that it is strong enough to propel you through the several business challenges you will encounter.
Develop your mindset
The next step to starting a small business is to develop your mindset and toughen your skin against competition and challenges of building a business.
To succeed in business, you need to possess the mindset of the likes of Bill Gates, Donald Trump, Steve Jobs, Henry Ford, etc.
Sharpen your business skills
“Skill” and “competence” is what separate the successful entrepreneurs from the mediocre. Without having the right business skills, forget about becoming an entrepreneur.
Example of business skills you need include selling skill, accounting skill, leadership skill, negotiation skill, etc.
Create a business idea or find a business opportunity
The idea is the foundation on which any business is built. It could be a service or a product idea but it needs to be solid and should solve a problem. Over time, i have shared a lot of ideas on this blog ranging from green business ideas, entrepreneurial ideas and social entrepreneurship ideas.
SEE ALSO: Benefits of starting your own Business
Conduct feasibility study
The world is filled with brilliant million dollar ideas; but the world lack brilliant entrepreneurs. Most business die without getting off the drawing board; they never cross the idea development stage.
Now how do you differentiate a winning small business idea from a dead one? How much does it cost to start a business? How do you decide if a business opportunity is worth pursuing or not? How much money do you need to start a business?
Only a feasibility report holds the answer to all these questions. Conducting feasibility study was how I came up with this list of business opportunities in Nigeria.
Write a business plan
Most entrepreneurs don’t know how to write a business plan; so they launch their businesses without a plan. You can keep yourself ahead of others by writing a business plan for your idea. But you shouldn’t allow the process of making a business plan result to analysis paralysis and hinder your launch.
Remember that in business and investing, timing is everything.
One of the most critical challenges entrepreneurs face is raising funds and unfortunately, raising capital is the primary task of an entrepreneur because without it; even the best of ideas will not survive.
To succeed in business, you must learn how to raise seed capital from family and friends, raise money from your customers and suppliers.
Find a business coach
No matter how hard you study and try, you will never know it all and that’s why you need business coaches, advisors or mentors.
They will help you avoid some deadly mistakes that most startups make in their early stage.
incorporate your business
Most businesses operate as sole proprietorships, general partnership and limited partnerships. But if you are really serious about building a solid business that can grow without you, then you must incorporate your business.
Start your business
Follow this Genuine steps diligently to get started – Good-luck