Skip to main content


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.


Comments

Post a Comment

Popular posts from this blog

Understand Priority!

It is important in life and especially business to prioritize ideas. Some questions that will help us as regard priority includes "when should this idea be implemented?" "Do I have all it takes to implement this idea now, if not, when will I have them?" "Won't it be late to implement this idea in so so and so time?" Etc. Many times, it's difficult to run/implement two or more ideas at a time but through priority we can still achieve them all though at different times. It also prevent tying up of capital and that may even affect both businesses. In priority, it's best to do the easiest first or one in which one has more expertise or one better research. In priority, a schedule is also important. When we ask the necessary questions, it would help us know how prepared we are for every idea we intend to implement less we start and encounter problem not anticipated. Some ideas are best implemented now than allowing them to wait while some are bet...
Post a Comment
Read more

Prime movers of Agriculture!

It is good that the clamour for Nigerians to return to agriculture from the Olusegun Obasanjo’s administration of 1976 has been sustained by successive government. However, the problem with most of the call to return to agriculture is that those clamouring for such end with the thought of exporting the agricultural produce, this I disagree with. The question is ‘who are the farmers?’ because most times we want everybody to go back to the farm and if I understand what we are saying we are simply encouraging subsistence farming which from age past have never reduce unemployment or increase government revenue. What types of agriculture should we then do?
Post a Comment
Read more

Be consistent!

Any prospective entrepreneur or business person must learn to be consistent. Consistency in this context is of two types 1) in terms of the service you are rendering, 2) To remain in business in the face of challenges
Post a Comment
Read more