Breaking News

The Basic Guide to Starting your Business Part 1

By Peter Osalor

The term business denotes a particular trade or profession designed to provide goods and/or services to consumers. And in like vein, any organization which provides these services is also referred to as a ‘Business’. Businesses play a vital role in the life and culture of countries with capitalist and free-market economies.

In free-market economies, businesses operate without government control in matters such as pricing and wage levels.While in capitalist economies, private individual and business firms carry on the production and exchange of goods and services through a complex network of prices and markets. The earliest known use of “business” is the state of being busy either as an individual or society as a whole, doing commercially viable and profitable work.

It is of utmost importance that in starting a business, you need to be guided in your choice of bringing that lifelong dream of yours into fruition. By following the basic guides or rules, you can write a plan adequately that reflects your goals, your personal skills, needs, knowledge, leadership abilities, available resources, level of risk, and the nature of your business factor into the equation (the nature of your business). One of the most important aspects of starting your own business is that it gives you an opportunity to do what you enjoy.

When starting a business, certain important points must come to mind your business must fit into your personality, passion, vision, strengths and other strong character traits. Never base your desire to start a business on what a friend has done, this is because the fact that it worked for another doesn’t necessarily mean it will work for you. Bear in mind that entrepreneurship is individualistic, and leadership is indivisible.

Let me explain to you, why I decided to write this book. I am constantly pained by the alarming rate of unemployed youths in the society and the poverty level not only in our country, but also all over the world. The situation pulls at my heartstrings and I know and am convinced that we can change things for the better, if only people join in the entrepreneurial revolution by becoming their own boss.

Growing up for me wasn’t easy and I knew I didn’t want to end up that way, so the moment I discovered an opportunity, I did not hesitate to take advantage of it. I’m desirous for a transformation, which will catapult your life to that place God has predestined for you.

Every business starts with an idea, so it is important to have the right kind of idea; this is because the wrong idea can lead to the failure of a business. Don’t forget that the first step is always crucial in the start of any journey in life.

It is important that you Brace up for the challenges ahead, and do not let anyone fool you (don’t be deceived) that you won’t encounter obstacles. Nevertheless, the determination to succeed and go on will guarantee that you remain on top of your game; this is because the very existence of an idea in your mind shows that you have within and around you, the capacity to turn it into reality.

Generally, the size of business you want to embark on has to be thoroughly considered; this is because there is no maximum or minimum length for a business plan. The determining factor for lengths depends on the level of details and the amount of funding you require to achieve such goals.

This book is primarily written to help and guide you with the basic steps you need to take when choosing and in starting your business. It is my sincere desire to see you succeed, by taking your destiny into your own hands.

a) I will be taking you through the steps bit by bit, on what to look out for and helping you become your own boss through entrepreneurial revolution. What is business?

I have come to realize that a lot of people do not understand the term business, the way an entrepreneur sees it. Many actually limit it to just buying and selling, but my dear, business to an entrepreneur is more than just trading to make profit. I will expatiate more on this in the chapter.



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