There are challenges starting small business and these challenges are not made to paralyze us; they are supposed to help us discover who we are in life. Handling challenges of business is a call to partake in the contest for making money (doing business).
Poverty is a serious challenge to us and most government plans and programs meant for youth development are designed and cornered by those in power for their personal selfish end. We must arise to challenge our challenger (Poverty) and lack of employment by getting to doing businesses of our own.
Bro. Monday Paul Philip of Redeemer
Church, Malamre, Yola, Adamawa- Nigeria wrote this paper and I’d like to share it with my blog readers.
Starting Your Business
If you have thought of starting your own business, you should just do it and get on with it, right away. You can start small; working out on ways for it to grow should be the next line of action.
Pick something that you’re passionate about and enjoy doing. Many people start businesses selling products that they particularly like using themselves. Other people start businesses because they are passionate about the science involved.
Look around you, the part of your life that you enjoy the most. Think about the products and services that you have strongest feelings about. Interest and passion are very important drives for business.
Rules for Starting a Successful Business
Every successful business person has been a person who has been able to identify a problem and come up with solution to it.
1. Find a need and fill it: Find a need and fill it. Ross Perot, when he was working for IBM, saw that his customers who were buying IBM computers, needed help in processing their data. He went to IBM with this idea and they said they weren’t interested, so he started his own business. He eventually sold it out for $2.8 billion. He found a need and filled it.
2. Find a problem and solve it: The second rule is to find a problem and solve it. A secretary working for a small company, began mixing flour with nail vanish in order to wipe out mistakes she made in her typing. Pretty soon, her friends in the same office asked if she could make some for them. So she began mixing it on her kitchen table. Then people in other offices started to ask for it. She eventually quit her job and worked fulltime creating what is called liquid paper. A few years ago, she sold her company to Gillette Corporation for 47 million dollars.
3. Look for Solutions: Find a problem that people have and see if you can come up with a solution for it. Find a way to supply a way to supply a product or services better, cheaper, faster or easier. Clemmons Wilson saw that there was a need for hotels that could accommodate families that were travelling, and he started holiday Inns. And holiday Inns have become one of the most successful hotel chains in the world.
4. Source for Great Fortunes: Most great fortunes in America were started with personal efforts; most great fortunes were started with sales of personal services. This is called sweat equity. In other words, instead of cash equity put in sweat equity. Put the sweat of your brow to begin your business. You can learn valuable lessons operating on a small scale.
Challenges of Starting a Small Business from Scratch
1. Developing the vision and business idea; finding the right business opportunity.
2. Raising capital for your start up. Remember, “capital can do nothing without brains to direct it” – J. Ogden Armour
To overcome the challenge of raising capital you must develop the ability to sell your idea and vision to potential investors. “To sell your ideas” simply means improving your communication skill and manner of presentation.
3. Assembling, raising business team. People you will work with. “Individuals do not win in business, teams do” – Sam Walton
4. Finding the right business location
5. Finding good customers
6. Overcoming competition
7. Unforeseen business challenges and expenses.
Ingredients for Being a Successful Businessperson (Entrepreneur)
a) Passion and Energy: Giving your time and attention/strength to the business. “Passion is what drives me forward, passion is what makes me go to bed at 2a.m and wake up at 6a.m” – Aliko Dangote
b) Ability to take responsibility
c) Long standing commitment
f) Goal setting – “I intend to be the richest man in the world” – Howard Hughes
g) Intelligent use of feedback (they can be in form of critism)
h) Strong self-imposed standard – be firm, strict and a person of principle
i) Ability to work under pressure and uncertainty
j) Intelligent use of resources. “Do not drive flashy cars or stay at luxury hotels” – Inguar Kampard
k) Ability to quickly learn from failures
Need for Hard Work
Hard work and persistence is a key to success. People give up too easily in business. They quit when they are just moments from success and breakthrough. If you give up too easily, you will never know what you might have won.
Making money requires commitment and hard work. Trying to be successful without pouring yourself into something is like trying to pluck a star out of the sky. You cannot fail if you pour yourself into whatever you’re doing and you really enjoy doing it.
It is a popular saying that nothing good comes easy. Give yourself to hard work and diligence and with God we will all live above our financial predicaments as we get committed to handling the challenges of business (entrepreneurship).