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How to identify the right business — Sam Asekunowo

By Yetunde Arebi, Deputy Woman Editor

Sam Asekunowo, is the author of the book titled “The  Power of Plan B”- The secret of today’s millionaires. A Chartered Accountant with economic background, Sam has professional practice experiences in manufacturing and banking industry with interest in financial management, audit and consulting.

The book which was recently launched in the United States and in Nigeria. The Power of Plan B is a motivational compendium targeted at every member of the member not withstanding their professional leaning. With the biting global economic crisis, many are faced with serious challenges in creating, maintaining and elevating their businesses and careers. In a chat with Journalists in Lagos, Sam Asekunowo, a former Columnist with Financial Standard spoke on why the book is a good reference material for everyone aspiring to become successful in whatever field they are. Excerpts:

Knowing that there are many books out there on how to become millionaires, how to start your own business, or how to achieve one’s dream, what makes “The Power of Plan B” stand out among these other books?

“The Power of Plan B” stands out very well. It is a well researched book and written in simple language. It addresses each business case with practical approach and all life cases and illustrations used in the book are real. It considers the peculiarity of individuals and provides alternatives to all challenges facing any human being in their quest for financial freedom. It is not just about how to become millionaires. It is about how to live a good and purposeful life. Sure, you should make money, but that is not the only goal here. You should make money and have life fulfillment. That is why there are different sections in the book addressing different challenges of life. The target readers of the book are people who are running their own businesses as well as those that are planning to start their own.

What do you hope they will benefit after reading the book?

Every person who reads the book has different benefits to achieve including the job applicants who may find life too challenging. The book is a knowledge palm tree with many benefits. There are three sections in the book. The first is basically motivational with intent to give people suffering from fear to move ahead in life, some courage. The second section handles how you can transit yourself from  being a paid employee/job seeker to a financially fulfilled person; here we also have tips for growing existing businesses as well as avoiding grounding the businesses into a halt. The final section is for those that have difficulties in deciding a course of direction for their lives or those that have no idea of what business to do. Here, I provided a well researched and lucrative 320 business opportunities with reasonable amount to start them off. I am sure every reader will benefit two or three things that really speak to them in terms of the issues they are facing. That is why I believe the book is not only about making millions of bucks but also addresses individual life challenges. It makes a good reading and it promises people will always return to it several months after reading again and again. It is a reference point for those that desire success in life.

Is it true that people can start some businesses with little or no capital?

This is relatively correct, but depending on the business we are looking at. For instance, we don’t have to start everything in grand style or in big form. We can start a lot of businesses in phases. My advice here is for people to convert their belief and strong determination that they can succeed into 50% of the required startup capital. Doing this will force them to drop procrastination and start with whatever things they have. In Nigeria, there is no simple answer to the question of how much money you need to start a business. In fact, the only responsible way to approach it is to ask yourself several questions regarding the type of business you are looking at, the basic items needed to kick start it, the size you are starting with and your income expectation from the business. Practically, you can start some businesses with as little as you have and then work to grow it bigger.

The simple truth is that, all over the world, you rarely can see people going into businesses with enough capital at a go. That is why I often advise people that are going to start their own businesses not to be discouraged with the
challenges of startup capital. I realize there is a wide range of business opportunities for those that may not have so much money to start on a grand style. The best approach is to look at what they can comfortably raise and then look at any business opportunities in that range. To address this challenge, I provided 320 business opportunities in the book, which I consider lucrative and easier to start, and the reasonable startup capital in my book after my extensive industry analysis and feasibility study on the
businesses.

So, how does one identify the right business?

Sam Asekunowo: Before you make it in business, you must identify the right one.
Sam Asekunowo: Before you make it in business, you must identify the right one.

Wanting to start a business is a common desire, but knowing the type of business to do especially the business that will support your dream of becoming financially independent and  how to start it is a whole new ball game. Then comes the obstacles, excuses and frustration.  No Time. No Capital. No connection. No NEPA. The level of poverty and so on. Yeah, there are many great people out there wallowing in this problem. My advice to them is to start thinking of appropriate businesses to do from the angle of what they are convinced they can passionately drive even in the thick of frustration they are likely to face in the first few months of starting it. Next, is to consider the amount they have to start with.
Having said this, I recognize that knowing what to do is the first hurdle to cross; I will say that my book has become a great help and companion in deciding the right business to do and how to start it because of the 320 lists of tested and lucrative businesses I mentioned. I also gave practical process of conceptualizing how your talent, your hobby or your past working experience can be converted to a business with little or no capital.

What would you say poses the most challenging to today’s entrepreneur?

The major challenge of most entrepreneurs is not really lack of capital but lack of knowledge of their business and their working environment. People must read and acquire as much knowledge as possible before risking their money and time for any business. Big corporations succeed because they invest in
continuous training, but most entrepreneurs regard knowledge as waste if time.
What inspired you to write and print this book in the USA?
The book was published by Xlibris Corporation of United States and was launched in June 2009.
The book has come at the right time when many people are losing their jobs following the global recession and the only alternative for them is to look inward and come up with how they can use their talent, hobbies, endowment and past working experience to create jobs for themselves.

What inspired me to write the book is the passion I have to share the experience I have gathered in life and in managing businesses, to support young and growing business men and woman to fast tract their process of attaining success in their business.


Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.