Don’t be greedy!

Other thoughts on entrepreneurship

It is relevant that an entrepreneur should have a written business plan before registering with the Corporate Affairs Commission (CAC). The business plan should include the nature of the business, the sales and marketing strategies as well as the financial background and profit statement. However, emphasis should be on what makes your business different from other available ones.
You also need to describe your product and how it is different from those currently in the market. You also need to describe your market (maybe children or pregnant women, whatever) and how you intend to reach them. Describe also your competition as well as your unique selling point. You also need to highlight the logistics of your organization, such as who is responsible for these and who is responsible for that (organization chart will enhance this). You should also understand working and fixed cost as well as overall cost. When operating your business, the supply and operation should be stable and an agency that would regulate the responses of your customers should be inaugurated.

Furthermore, there are challenges in starting up a small and medium scale business. Most have collapsed as a result of the financial status of the organisation, the competition, the organization, government policies, environmental factors as well as consumer and cultural differences which makes the business more or less rewarding. Act on facts and not on assumptions in starting up a business.

In conclusion, in our developing country, successful small and medium scale businesses are the primary engines of job creation, income growth and poverty reduction. As an individual, do not seek to be employed but seek to establish your personal business so as to establish your personal business leading to job creation and opportunities, for God has deposited in you the answer to the problems of your society in you through the talent, skills and gift inherent in you. As a Nigerian, you are not meant to be idle waiting for endless opportunities which you are meant to create.