Starting a new business may be motivated by; money making opportunities in that area of business or sheer passion.
Whether passion or opportunities motivates you there are many factors that affect the success of a business, statistics shows over 90% of new start-ups fail.
- KNOW YOURSELF: What are your capabilities, your strength and resources, a proper appraisal of these salient traits in the entrepreneur would assist him/her to know if they can go all the way with the idea or get someone to partner if they lack the traits but have the idea.
- SEED FUNDING: Funding is critical for new start-ups. Some new start-ups are so lucky to get funding from personal savings or close relatives but most times its difficult accessing funds for new businesses. Map out your plan on getting funding, lay your cards straight and let your integrity not be compromised because you want to raise fund for the new business idea. If it’s becomes difficult to access other people’s fund, start with what you have.
- DON’T EXHAUST THE SEED FUND: No temptation should make a new start-up spread its self so lean with its seed funding, whatever is the projected estimate that was used in accessing the fund from financial institutions or angel investors creative reduction of items cost and expenses should be employed.
- KNOW YOUR MARKET: What are the needs of the consumers of the goods or service you intend to introduce that are not being met, what are they looking out for and how will your product or service help bridge these gaps or solve these consumer wants. These questions if properly answered will enable your product or service get good market reception.
- FORGET BIG ADVERTS/HYPES: As a new business expensive hypes or advert may not be encouraged at the outset. Start from where you are; build customer loyalty, confidence and referrals. If you have a unique product or service the customers would tell the world about you. Free or low cost adverts can be purchased where necessary.
- BUILD YOUR TEAM: An entrepreneur may have a beautiful idea or dream but if the team he/she puts together cannot align with the dream, that business is almost failing from the beginning. Your best eleven or team must be carefully chosen to be the best at the time.
- CARRY THROUGH: Starting out is not easy, if I say it’s easy it’s a setup. As a new entrepreneur you must have that spirit of not giving up at small set-backs. The great men of our times like Aliko Dangote, Dantata, Bill Gates, and Warren Buffet all had set backs at the outset of their new enterprises but they weathered the storm and today they are among those we celebrate. The storm won’t last long comrade, just hang in there.
THE BEST TIME TO START IS NOW AND THE NEXT BEST TIME IS 20 YEARS FROM NOW. DON’T WAIT THAT LONG BEFORE TAKING THAT MOVE.