ALL YOU NEED
VISION
Get a clear picture of what you intend to accomplish in the end
and a road-map to achieving it. When your vision is very clear to you, it helps
you to move confidently towards manifesting your dream.
IDEAS
A lot of ideas will run through your mind as you meditate and make
research concerning your dream and vision. As soon as the right ideas come,
guide them jealously until they take firm root in you. Your idea will lead you
to what to do and how to go about it.
PLAN
This involves mapping out the necessary steps to take towards
translating your idea to reality. It brings order to the process of achieving
your dream. At this stage, the likely problems to be confronted with the
opportunities to explore, the positive edge of the business above others and
weak points of the business will all be revealed. The effective handling of
these components should be clearly catered for in the plan. It is not out of
place to have one or two back-up plans to take care of unforeseen future
problems.
FOCUS
Success does not come on a platter of gold. Circumstances will
arise to quench the fire and zeal in you. But you have to be focused and
resolute in your belief concerning your vision. Being focused also involves eliminating
any other attractive pursuit.
PASSION
This involves giving your dream all your heart. This will propel
you into dissipating your mental, physical, emotional and spiritual strength
into achieving that dream you believe in.
HARDWORK
If your dream must come to reality, you must be prepared to work
hard. Have you heard that life does not give you what you deserve; it gives you
what you demand of it. Don’t relent in hard-work.
DEVELOP YOURSELF
Learn new things about your area of interest and specification
every day and apply it to your business.
BEING AN ENTREPRENEUR
An entrepreneur involves owning and managing through the
initiative and managing of the risk with the goal of making profit. You must be
an innovator, a good private risk taker, who sees profitable opportunities,
develop and set up plans in order to achieve his desired objectives and goals.
Desire to be your own boss and you are an entrepreneur.
BEFORE TAKING OFF
Most new business collapse because of inadequate, improper
planning and preparation. To achieve your desired objective in business, you
need every relevant information on the new business idea and make plans
according to the information you gathered.
Here are some layouts;
1. Please, you must have a summary of your business idea in
cleared, easy to read, easy to understand outline manner.
2. Ensure that the precise description of your business solve
a particular problem in your environment and at large.
3. Make marketing plans on your products or services
will be sold to identify and targeted customer profitably. This includes the
details of the product or services to sell, the price to charge, the location
of the business, distribution and the method of distribution and how to promote
the product and services.
4.
Know the kind of business you are embarking on be
it a sole proprietorship, partnership, limited liability, cooperatives and the
like.
5. Consider and detailed the staff needed, their
experiences, remunerations, etc.
6. Now the legal documentation and requirement for
the business.
7.
Here are some legal requirements;
8. Legal responsibilities: some of it includes the payment of taxes,
license and permit and contract Memorandum of Understanding (MOU) between the
parties involve.
9. Insurance policy: Most time it is important to get insurance cover
for your business. Find out more here
10. Social responsibilities: every business has both internal and
external responsibilities which include ensuring that the operation of business
does not disturb or harmful to the well being of their owner(s), employees,
customers, government, community and the society.
11. Do and know the overall cost of production of
goods and services for it will assist you in fixing the sales prices for your
products and services.
12. Estimate your future financial planning for cash
flow. This means how you expected cash to go in and out of the business within
the time period covered by the plan.
13. Know your initial
capital and the source of getting it.
SOURCES MAY INCLUDE;
Owners equity: that is the
contribution(s) form your private or personal purse. The beauty of it is that
it does not put pressure on you on how to repay.
Loans: borrowing and lending of
the initial capital to take off, which probably comes with interest depending
on the source. A good feasibility study can convince the lender(s) about the
viability of the business proposal and grant you the loan which sometime they
might demand collaterals.
Grants: sometimes the government
and non-government organizations give out money as grants or allowance to
support small scale business enterprises.
