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Essential Steps before deciding being an Entrepreneur

In my first article (volume I), I spent my entire time writing the need of being and entrepreneur and the corresponding advantages you will experience for joining this arena. I hope you are excited and you are ready to move forward into the next level of understanding proper ways or steps for starting a business.
Reasons for Staring a Business
            Starting a new business require you to devote a lot of time and mostly a lot of money (it depends with a nature a business) in order to elevate chances for your business to succeed as you planned. Before you start a business, list all major reasons for wanting to go into business. Some of the most common reasons for starting a business are:

  • You want to be your own boss.
  • You want financial independence.
  • You want a freedom.
  • You want to use fully your skills and knowledge.
  • You want work at home (for some kind of businesses)
  • You want to work with team mates of your choice.
  • You want to create and enjoy job flexibility
Understand Yourself
            After seen many advantages of starting a business, let us move into another exciting stage of determine a right business that will fulfill your ambitious of being a business owner and sometimes the ambitious of your family also.  In order to determine your desire to start a business, you need to ask yourself a good number of potential questions as one ways of finding the right position you are standing into. Looking right answers of these questions is significant step to undertake in order to determine your strength and weaknesses before start spending a lot of your valuable money. In other words, make sure you have a lot of strengths compare with weaknesses for deciding to join this arena. Some of the questions your need to ask yourself before starting the business are listed below:
  • What do you like to do with your valuable time?
  • What skills do you have learned or developed and that are potential to start a business?
  • What do others say are you good at?
  • How much time do you have to run a successful business?
  • Do you have any hobbies or interests that are marketable?
Understanding the Right Business
Once you are convinced with the results obtained from answering above questions, you can move into the next level of knowing the right business and how will suite your dreams. In order to do that, you need to ask yourself the following questions: (remember the list is not exhaustive)
  • What amounts of capital do have for this project?
  • What is the nature (type of industry) your business will be devoted to?
  • Is your business idea practical and will meet your projected plans?
  • What is your business competition will be?
  • What is your business advantage compare to your competitors?
  • Can you deliver a better quality service compare with your competitors’?
  • Can you create enough demand for your business to meet break-even point?
Pre-Business Plan Check List
The last step is to go through a check-list that will facilitate to determine if you are ready to start the business or not. Moreover, Most of the answers from these questions will play a fundamental contribution on writing your business plan.  
  • What businesses are you interested in starting?
  • What services or products will you sell?
  • Where will your business will be located?
  • What skills and experience will you bring to the business?
  • What will be your legal structure?
  • What will be your business name?
  • What equipment or supplies will be needed to start your business?
  • What insurance coverage will be needed?
  • What financial structure will you need?
  • What are you resources?
  • How will you compensate yourself?
The decision for you to enter into business arena depends on how you will answer these and other related questions. I understand that to answer some of these questions correctly, you need to seek external expertise. If you think that you need consultation form a third party, please do not hesitate and do that now. There is enough good like starting a business with enough information in hand. Having all potential information required to operate your venture from the starting point will enable you to minimize unpredictable risks that might slow or block future survival of your business. For some reason, if you have seen a possibility of starting the business, that is good news to you and to other member of the community. Therefore, the next step is to prepare solid and user-friendly business plan. I will help to supply with all essential materials that are needed for this job. However, this will be my next episode topic. So keep in tough and see you next time.

Johnson Mganga Ph.D.

Posted by: Administrator

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