Starting your own business can be terrifying and exciting. Max Moyo has some advice that can help you launch a stable and successful enterprise.
Many people talk about starting their own business and being an entrepreneur, but then get stuck on ‘where do I begin?’ There are numerous critical steps to being your own boss. Here’s a 10-point plan to help you.
1 Most importantly, what is your passion? What’s your greatest talent? What are you naturally good at? What is your purpose? The answers to these questions are critical when thinking about going into business and form the foundation of your enterprise.
2 Be observant and find the needs in your community. Needs create demand. A business idea that satisfies a need in the community has a better chance of success.
3 Once you’ve identified a need that you can satisfy, the next question is, ‘is this business idea viable and sustainable?’
4 Build your knowledge. Be a collector of good ideas. As you begin researching your business, listen out for ideas and don’t trust your memory – write them down in a special notebook reserved for the purpose.
5 Draw a business plan. Building anything is like building a house – you need to have a plan. Write down a detailed plan of your business.
6 Give yourself time to learn, time to get it. Many people get a business idea and jump into it without spending time thinking and testing their assumptions and theories.
7 Learn to solve problems. Business problems, family problems, financial problems, emotional problems… Here’s the best way to treat a problem – as an opportunity for growth! Change if you have to; modify if you must; discard an old philosophy that wasn’t working for a new one.
8 Source funding. Many business ideas fizzle out at the funding stage. Getting capital to start your business can be challenging. There are a number of institutions that provide funding for new businesses.
9 Be careful of using your pension to start a business. Many people have taken their pension and used it to start a business, only to find that they didn’t do their research properly and the business isn’t viable – and they’ve ended up losing their pensions.
10 Don’t ditch your job too soon. Don’t quit your job until you are sure you have a sustainable business. If possible, start your business while you still have employment.
To read more about this, check out Jet Club magazine's July/August issue.
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