The A lot of people believe starting a business is so normal that it involves no process, but do you know this thing you call normal is what many others who understand the process are taking their time to study well or even pay for, so they won’t make mistakes.
A business man who knows what he is doing will tell you business Involves Profit or Loss, but a layman who just jump into that business will only expect profit and no loss.
That’s why you need to ask yourself the following questions before going into any business;
1. Do I have passion for this business?
2. Am I ready to gather experience?
3. Do I have the capital?
If you are able to answer this questions well without being sentimental, then these tips are for you.
Before you start a business, you need to understand the following;
Passion is a drive that keeps you in business irrespective of all odds, make sure the business you choose a business you have passion for.
2. MONEY IS NOT ENOUGH
Many entrepreneurs work towards raising capital, leaving behind the business model and experience they need to to gather. You need to learn from people who has done this business before you, either they failed or did amazingly, both lessons are essential.
3. BUSINESS IS A LEGAL ENTITY
Business is Separated from it owner, so understand this. Don’t think about yourself as the owner of a business, instead think if yourself and an employee/a worker that needs to be paid.
When you do this, you will be able to measure effectiveness and efficiency and not eat into the finance.
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4. THINK ABOUT PEOPLE
What is a business if people are not in it? Think about people’s need, think about those you are rendering your service to. Take market survey seriously and work towards satisfying your client.
Take saving seriously, nothing is too small to save. Make sure you have something kept somewhere.
6. DEBT MANAGEMENT
A business doesn’t record profit always, there is a period where the business might run at loss due to low sales, scarcity, inflation and all.
Make sure you know how to manage debt.
Before you start any business, do your homework very well.