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6+ Pre-requisites to note before starting a business

Having a business is like starting a new chapter of life. It requires the ability to think, believe, create and re-create, I once heard a brother say “in pidgin” (Nigerian vernacular) “Omo bros business na mind oh”, what does this mean, it means that you must be able to make and take decisions on your own this is the principal factor. As attractive as the status “self-employed” looks, not everyone is fit for it.

Let’s look at the factors accompanied with starting a business

  1. Drive: How strong is your drive, is it strong enough to maintain your overall motivation? They are wears and tears associated with starting a business. Some business owners become stressed out because they carry all the responsibilities on their own. This is where the drive comes in to play, it motivates you when the going is tough.
  2. Capital: Ideas are thoughts that linger in our minds, the one thing that makes an idea become a reality is “capital”. Capital is needed for every business even if it is home based. To succeed, make sure you have the required funds for start-up and marketing most importantly. New businesses do not immediately bring back a return on investment (ROI). I’d advise you have a blueprint of your finances so that you won’t run out of finances and make yourself or family suffer. Interact with business owners in your niche how they survived and managed the downward trends in their own time.
  3. A Self-starter: This is the one very important quality that distinguishes an employee from an entrepreneur, if you the kind of person that is told what to do all the time, then your career best suits an employee working in a company or for other small business owners and not starting up as an entrepreneur, on the other hand if you think you are able to come with ideas and carry them out without been told. I welcome you to the self-employed family.
  4. Physical and Emotional stamina: Owning a business can be challenging, fun and exhausting. When you work for a company or business owner, you are contracted to work on a certain schedule daily at closing hour, you find you way home and relax, well this is not so been a business owner. Business owners put in quantity and quality time to see that their business keep the pace with other competitors. An average employee living a normal life is said to work at least 40 hours weekly, business owners go beyond this and put in extra hours to achieve the desired result.
  5. Family: How will the business affect your family, single can skip this step. But for the married men and women have you ever thought of this? This is one very important factor, an unsupportive spouse can spoil or halt your vision of starting a business. They might not happy that your new business is taking you away from them. It is very important that you discuss with those closest to you about your plans of starting a business and make sure you get their approval before going ahead.
  6. Passion: The only way you can succeed the downtrends of a new business, is when you have passion about it. This helps in self-motivation, determination, and success.

MY TOOLS FOR SELF EVALUATION BEFORE STARTING A BUSINESS

Starting a business is a risk, no one can eliminate the risk associated with it. However, you can improve your chances of succeeding when you work smart, have a good plan and prepare well. A good way to start is by evaluating your strengths and weaknesses. Ask yourself the questions below, and please be truthful to yourself. Rate yourself on a scale from 1-10

  1. How well do you organize and plan? Research has it that most businesses fail because of poor planning. Been well-organized with financials, inventory, schedules, services, and production can help you succeed in that new business.
  2. 2. How good are your interpersonal skills? How well do you get along with different personalities, as a business owner, you need to develop a working relationship with a variety of people from customers, vendors, staff, bankers, and professionals like business owners in your niche, Accountants, lawyers and consultants for the interest of the business.
  3. Are you able to make Decisions? Are you a decisive or indecisive person, this is the major quality of an Entrepreneur.
  4. Do you have the drive? Drive and passion are what will get you to your destination and success. It helps when everyone doesn’t believe in your dream.

About Tony Ekuri

My Name is Tony Ekuri, I started up my own business at very tender age. Believe me or not having control over your finances is the best and sustainable way to create and grow wealth. As a young entrepreneur starting up at a tender age, I had to go through a lot of challenges.

People often think that business is all about locating a place where they can buy goods or services at a cheaper rate and then sell at a higher rate in another place or location. Business is way more than that, it involves a lot of other factors that must be taken into consideration for a smooth sail.

Hence I have created this blog (informationhive) to address these issues and to help many aspiring entrepreneurs to start up their own businesses

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