Introduction-why start a Business
Tip: "I built a conglomerate and
emerged the richest black man in
the world in 2008 but it didn't happen
overnight. It took me 30 years to get
to where l am today. Youths of today
aspire to be like me but they want to
achieve it overnight. It's not going to
work. To build a successful business,
you must start small and dream big.
In the journey of entreprenuership,
TENACITY OF PURPOSE IS
SUPREME" (Aliko Dangote.
Businessman and Entreprenuer)
These principals are documented to
give you the reader an insight on how
every day business can be conducted
to keep your business flourishing. This
is a way of bringing you basic business
information to your finger tips.
According to research majority of
millionaires and billionaires are self
made and have made it through creating
or being part of a business.
If you have already decided that you
want to start a business of that one
thing you are very passionate about,
then consider the fact that with
starting this business you need to
understand that businesses take a lot of
commitment, dedication, hard work and
constant evaluation in order to flourish.
Do not expect to get financially wealthy
overnight. Below are a few reasons to
start a business.
Reasons for starting a business
1. Reach your Dreams
If you have always wanted to be wildly
successful, starting your own business
could bea great start.
2. Leave an Inheritance
Pass the business down to your children
and grandchildren.
3. Abundance of Resources
With the dominance of the Internet, it's
easier than ever to find resources you
need, including loans, grants, mentors
and even startup capital.
4. There's nothing stopping you
What's really keeping you from being an
entrepreneur? Of course there are risks,
but there's nothing forcing you not to
take them.
5.make the world a better place
This may seem like an unrealistic goal
for you right now, but your business
really could make the world a better
place
Benefits of operating a Business
There can be many benefits to starting
your own business, including
1. Rewards
Not everyone defines reward the same
way. For some it might be seeing a new
venture grow and succeed.
For others it may be conquering the
unknown and striking out on their own.
However you define reward, starting a
new company might hold that promise
for you.
2. Being your own Boss
When you start a business and are
self-employed, you are your own bosss
and ultimately control your own destiny.
Income.
Whether you view starting a business
as an economic necessity or a way
to make some additional income, you
might find it generates a new source off
income.
3. Flexible hours
Owning your own business is hard work
and often requires long, odd hours.
In some cases, having your own
business may allow you to have more
flexible hours.
Many stay-at-home parents, for
example, choose to become
entrepreneurs.
4. Purchasiy an existing business
While it may not be viewed as "starting"
a business, purchasing an existing
business has proven beneficial for many
business owners-but it undoubtedly
requires both financial and time
investments.
For businesses that are already
profitable, these new business owners
jump past the true startup phase into
running a mature business.
5 . Income
Whether you view starting a business
as an economic necessity or a way
to make some additional income, you
might find it generates a new source of
income.
Challenges of operating a Business
Although there can be many benefits to
starting your own business, you will also
face challenges and some of these are
1. Loneliness
It's a rarely mentioned problem of
entrepreneurship, and many new
business owners aren't prepared for it
until it happens.
Being an entrepreneur is lonely. It's a
singular position, so you won't have
teammates to rely on (completely).
You'll be working lots of hours, so you
won't see your family as often.
And your employees will be forced to
remain at a bit of a distance
2. Decision- Making
Believe it or not, this is probably the
most stressful challenge on this list.
New entrepreneurs are forced to make
hundreds of decisions a day, from big,
company-impacting decisions, to tiny,
hour-affecting ones.
Decision fatigue is a real phenomenon,
and most new entrepreneurs will
experience it if they aren't prepared for
the new level of stress.
3. Being the visionary
As the founder of your startup, you'll be
expected to come up with the ideas.
When a competitor emerges, it will be
your responsibility to come up with a
response plan.
When your team hits an impenetrable
obstacle, your job will be to come
up with an alternative plan to move
forward.
This demands on-the-spot creative
thinking- which should be an
oxymoron, but entrepreneurs rarely have
the luxury of time.
The less experience you have, the more
pressure you'll feel from this, and the harder time you'll feel from coming up with acceptable place
4.Rule-making
It's fun to be the boss until you have to
enforce something.
Sooner or later, you'Il have to come up
with the rules your business follows,
from how many vacation days your
workers get to what the proper protocol
is when filing a complaint about a
coworker.
These details aren't fun to create, and
they aren't fun to think about, but they
are necessary for every business
5.Abandoning Another Career
If you're going to dedicate yourself
to starting and nurturing a business
to success, it's going to be nearly
impossible to simultaneously manage
another career.
Walking away from a promising, steady
long-term opportunity for something
unpredictable is scary especially if
you've never run a business before.
Unfortunately, there's no easy way to
address this. Just think through your
decision logically, and don't ignore your
instincts.
6. Team Building
This is especially hard if you've never
run or managed a team before, but even
if you have management experience,
picking the right team for a startup is
stressful and difficult.
It's not enough to find candidates who
fill certain roles - you also need to
consider their cost to the business, their
culture fit and how they'll work as part
of your overall team.
Such considerations are exceptionally
hard when you're under the pressure
of filling those positions as soon as
possible.
7. Financing
Experienced entrepreneurs don't have
it easy when it comes to funding a
new business, but they do have a few
advantages over newcomers.
They might have a pool of capital from
a business they previously sold or a
steady stream of revenue they can use
to fund a new business's cash flow.
Even if their first business went under,
they've likely made investment contacts
and client connections necessary to
give them a leg up in a new enterprise.
As a new entrepreneur, you'll be starting
from scratch, which means you'll
need to start networking like crazy
and thinking through all your possible
funding options before landing on one.
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