Essentials of starting a small business

September 20, 2013 by ADEMOLA ALAWIYE Leave a Comment

Understanding what it takes to start a business is essential to your financial success. Owners of established ventures, captains of industries and experts in management, human resources and personal finance say it is better for an entrepreneur to start a business on a small/medium scale and nurture it to an enviable height than  starting big.

They say you can start your dream venture without necessarily having an academic qualification, office, millions of naira or permission. Below are other things you may not need before you take the step to having your own business, according to experts:

A strictly ‘adhere-to’ manual

Entrepreneurship is not mathematics, experts say. Though the entrepreneur may have to do some calculations in the running of his business, it is not mandatory that he strictly abides by laid down guidelines in a textbook or manual. Experts note that while having a general roadmap or plan is good, it is important to be dexterous during these fast-changing times.

According to professionals, doing things by trial and error is one of the approaches one can adopt in running a  business. An entrepreneur can discover great business ideas by being open to trying new things, and most importantly, by being ready to move on whenever he encounters failure. Experts say the key is that once you find an open lane to something that works, you must keep going on that lane as fast as possible. This is because if you drive down that lane and get better and better at driving, you may end up getting another lane with better prospects.

An immediate monetary return

The Managing Director, Stipact Consultancy, Ms. Funke Adeniran, says young entrepreneurs must be willing to put in serious time and effort in their businesses without eagerly expecting a timely monetary return. She notes that entrepreneurs must be ready to spend cash without the guarantee that they may break even in the nearest future, much less making profit immediately.

Adeniran says she started in business with a meagre sum after leaving her paid employment with an oil firm. According to her, young entrepreneurs need to understand that profit do not turn in immediately one’s business is established. She adds that the entrepreneur should rather seek avenues to further grow his venture, either by selling tangible properties to boost his business, or by seeking support from family and friends to drive the business to a competitive height.

Publicity stunts

You don’t need publicity stunts or gimmicks before you establish a business. According to experts, if there was going to be one rule to live by in the world of entrepreneurship, it would be to always be yourself as an entrepreneur. They note that publicity stunts are exhausting and short-lived in the minds of your target audience. Experts say gimmicks are always cover-ups and are weak efforts to distract audiences from different types of shortcomings of the entrepreneur in question.

So you should know that by being genuine, you can earn people’s attention the right way and keep their attention without necessarily carrying out stunts.

Professionals advise that you should be authentic, even if you fear it will make you look unprofessional. This is because people don’t always want to buy from a professional image.

 They want to buy from a person they know, like and trust. And people don’t trust companies; people trust people, experts say. You will be amazed by the response you get from your readers and customers when you approach them naturally. A better way to be natural is by putting your personality into everything you do. You have to connect and make your project something that reflects you. So be honest with yourself.

Provide your clients with some kind of product or service that can truly improve their lives, their environments or the experiences of the people they care about. Be innovative as this is what fuels every industry. Experts say as long as there are smart people coming up with better, faster, smaller, cheaper, or more fun ways to do things, people will pay for them for the items.

A duplicate

Just as was stated earlier, you don’t have to copy the exact thing which another entrepreneur is doing for you to succeed. The Chief Executive, Stripes Printing Company Limited, Mr. Goke Odebode, says, “You must apply wisdom in your chosen trade. You are one person, and that’s okay, even when you are starting a company.”.  He adds that the key is to prioritise, pace yourself and exercise a lot of strength in business.

Odebode says, “You should understand that you do not have enough hours in a day, so you have got to manage your own expectations, slow down a bit, delegate, and ensure that you are not spending too much time on time-sucking activities that distract you from where your efforts should be focused. You should focus during the day and then take evenings and weekends off without guilt.”

Doubt

This may sound simple, but it is important. You must believe in yourself, jettison doubts and take the leap. Although backup plans theoretically sound wonderful, they are often responsible for us not trying as hard as we can to succeed, expert say. They advise that you ditch all forms of doubt and backups and take a step of faith. Believe in yourself, even if you are not sure of how things are going to work out in the business.