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Success in your business: The Basic Guide to starting your business

By Peter Osalor
a)    What is not business?

One might wonder the importance of knowing what is not business, but this is necessary because you need to know the kind of business you should not go into, and businesses that are prohibited by law. Not every business is a genuine one and I will be taking you through a list of businesses you must not be found doing.

b) The mentality of a businessman:

There’s a saying in the good book which reads thus “by their fruits you shall know them”. The same applies to business men; they possess certain qualities and mind sets that make them stand out. Consequently, before you start a business you need to be adequately sure that you possess the die-hard mentality of an entrepreneur to withstand the challenges that will arise.

c)    Who is an entrepreneur?

Over time, various definitions have been given to the term, but I will be teaching you the difference between an entrepreneur and a businessman, the boundless and countless opportunities open to an entrepreneur, the traits and characteristics of a successful entrepreneur. In short, everything you need to know if you want to be not just a business man but also an entrepreneur.

d)    Your readiness to be your own boss:

A lot of people embark on a journey without fully preparing for it, and as such they are knocked off balance by the slightest wind that blows. No warrior goes to war without his arms and it’s only a stupid farmer that goes to farm without his hoe. At the end of this topic, you would know if you are ready to start a business and peradventure you are not, you would be taught steps that will help you to be both mentally and financially ready.

e)    The basic steps:

In this chapter I will be taking you through the steps that you cannot overlook, if you want to have a successful business. These include: conceiving an idea, planning, funding, structuring, location, training and so much more.

I am of the sincere opinion that this would be more than just a book for you and your loved ones; it will be a compass that will guide you on your journey into the world of entrepreneurs. There is no better time to start your own business than now. These same steps have worked for me and I dare say are still working for me, and I am confident they will work for you and everyone that reads this book.

WHAT IS BUSINESS?

Before you start a business, it is very important to understand what a business is in order to avoid making mistakes that can be very detrimental. The term business is very broad and can be vague; for some it is any activity or trade with the sole aim of making profits.

On the one hand, it can be said to be the occupation, work or trade in which a person is engaged in. On the other hand, a business can be defined as “an organisation that provides goods and services to people who want or need them”.

When many people think of business careers, they often think of jobs in large wealthy corporations, but for the entrepreneur, a business is any activity aimed at creating and keeping customers. There are basically two ways to carry out a business:

1.    Sell goods (physical things like books, toys, cars, houses, etc).

2.    Sell services (intangible things like nursery education, legal services, health care, insurance, etc).

Many business-related careers though, exist in small businesses, non-profit organizations, government agencies, and educational settings. Conversely, your business may consist of selling both goods and services; for example if you are a computer dealer, you may sell goods (hardware and software) and services (maintenance, troubleshooting, or consulting).

While it is very important to get a degree or some level of academic qualification, you can still go into business if you do not have one. Starting and growing your business is very much like having a baby and bringing up the child.


Disclaimer

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