Starting a business is easy but being in business is challenging. It therefore, goes to say that not everyone is an entrepreneur. But the chances of being an entrepreneur are open and limitless. A college degree doesn’t tell who an entrepreneur is but a great idea, courage to execute it, and zeal to carry on consistently.
If you’re on the path to entrepreneurship, odds are you already have the drive, but you might not know how to start building your empire.
The following will guide you to achieving your goal:
1. Self Evaluation.
Evaluating yourself is the first step to starting a business. What are your reasons for starting a business? Will you devote all your time to running the business? Or rather, do it part time. Will you consider a part time job for your running cost? Be sure you can cope with the ups and down of starting and running a business before you venture into it.
Secondly, you must identify the entrepreneurial traits in you. Ask yourself some basic questions such as: What basic skills do you posses? Does you line of business align with your passion? What are your strengths and weaknesses?
Check Out: SMEs (A Catalyst for Economic Growth and Development in Nigeria)
Consider your financial ability, how much do you have to invest? Is is enough for your business prospect? Do you need to borrow, if yes, how many percent (%) of the startup capital?
N.B: It is not advisable to borrow for a startup. Most Financial Institute will not even consider you for a loan. Business Loans are mostly trusted to businesses that have been in existence. These facilities are mostly for expansion not startups.
Your business will tell you when to borrow. Always stick to the entrepreneurship slogan: “Think Big, Start Small”.
You can consider a PARTNERSHIP with a reliable person. This will will aid the issue of funding as the SUC will be divided equally or in percentage (%) as agreed.
Be sure to study yourself properly, no one will be more accurate that yourself…
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