INTRODUCTION
Business is an activity of earning money through the buying and selling or supply of goods or services. The purpose of the Business is to generate income through profit.
A small business or small industry could be defined as a small business or organization established for the purpose of carrying out some economic activities that may be manufacturing or production, marketing or provision of services.
A company can be small or large in size, it all depends on the nature of the business and the seed capital involved.
Why Business? The gateway to additional income
To enjoy financial independence, a man or a partnership should not be dependent on a single income, getting involved in additional ventures can solve many concerns that are often created as a result of cash shortages. Duty Business is for those who want to be rich and successful. There are so many businesses that you can start and do well. However, whether it will be so is up to you. A business of yours is the lasting solution against the fear of reduced unemployment or lack of funds.
However, to survive in business, you need guts, generous doses of ambition and drive. You must have a strong reason that will keep your business alive.
TAKING THE FIRST STEP
When deciding what type of business to do, there are a variety of ideas to choose from whether it is an existing hobby, talent in a new idea, however make sure there is a market that needs your service or product. Also, you must be personally interested in the business (not just because of the profit you hear people make from it)
THINK FIRST – If you want to start a business, business is about thinking, well those who can’t think can’t create, so if it’s a business you want to get into, think first. First things first Develop your business first before building your house (Proverbs 24:27)
Therefore, I recommend that you buckle up with these three instructions:
(i) Think deeply about the business
(ii) Open your eyes to see opportunities
(iii) Have an open ear to hear the commercial advantages
(iv) Above all, pray to God for wisdom and guidance.
Orji Kalu, president of the Slok group of companies, says: “A good businessman must have a nose for business in the same way a journalist has a nose for news. The whole world is very marked waiting for anyone who knows the rules of the game”. “
In the decision to establish a business. Find a need around you and fill it; there after, the money will flow to your bank account. There are endless business possibilities where you are but in order to have access to them. You must exercise wisdom.
Since business is about the production of goods and services. Oriented to satisfy the needs of people. From a financial point of view, it follows, therefore, that your line of business must depend heavily on three main factors (i) people (ii) environment (iii)
Season 1
Business environment and people
The business environment is not the same. It differs from place to place, and person to person. To be successful in business, you need to study your environment and people well enough. (Your taste. Needs, Values, tradition and culture). Do not start a business until you have located the market.
iPeople
ii Environment
season iii
two
Season – Some businesses are seasonal, while others are for all seasons. You must identify the difference. For example, starting your ice block business in the rainy season is a bad strategy.
Bakers complain about poor sales every time the fresh corn season starts (It is recommended that you start with the feasibility study of your business of choice and prepare a business action plan. Identifying the necessary resources for your business)
1 Knowledge is power. Do not start a business until you have acquired the proper knowledge. Read management books and magazines.
2 Master the necessary skill and training before proceeding to the production or manufacture of any product, what does not taste good cannot be produced better. Attend workshop seminars and professional training centers. If possible, have a business coach or consultant.
3 Locate your business in the right place
4 Capital is necessary for the survival of any business. Make sure you have enough money to finance your business.
The following are sources of capital for companies:
(1) personal savings
(2) Friends and relatives
(3) Lease option
(4) Bank loans (SME loans)
(5) self-help option
(6) Association
(7) Brain Equity
(8) Money from other Businesses
“Any enterprise built by wise planning is strengthened by common sense, and profits handsomely by keeping a chest of facts” Proverb 24:3-4
conclusion
Without missing words, you need a business of your own additional income streams. However, nothing happens without an ACTION. ACT NOW.
I leave you with the trade secrets of DANGOTE
1 Make something not just market
2 Build a brand and don’t let it die
3 Sell cheap, give quality and don’t kill the competition
4 Start small, Rome wasn’t built in a day
5 Get connected and pray for a great opportunity
6 He believes that money can be made everywhere
7 All Work And Less Play Makes Jacka A Rich Man
8 Give back to those who make you
