Do You Have The Right Stuff To Starting A Business?
… the nuts and bolts [the prerequisites] of starting a business
You want to own and manage your own business. Welcome to our world! Or can I say my world? Congratulations! It is a good idea – provided you know what it takes and have what it takes. In my nation especially where I live, it starts like this:
Ms. A or Mr. B is unemployed i.e., jobless as they say it. She/he approached a relation to say a parent, spouse, uncle, aunts, or friend, and request funds to start a business since no job is [as they say it]. She/he collects this money and pays the landlord rent for 1, 2, or 3 years and stocks it with goods [if it is a product business] or equipment for servicing [if it is a service business]. Business “don” start ooo! Nothing technical, management, market research, feasibility/viability study, business plan, or psychological test was carried out or is being undertaken side-by-side. The landlord [the real businessperson, as I call them] collects her/his rent, and lets out the store, shed, shop, space, or office as the case may be for the period paid for. At the expiration of rent, not up to 95% of Ms A or Mr B type can boast of covering [earning] fixed and variable costs i.e. breaking even at break-even point, BEP. This BEP is the point where all you spent EQUAL all you’ve earned in revenue so far [I didn’t say profit!] Beyond this BEP, is PROFIT. Below BEP is LOSS. 5% or less of the startups can talk of making a profit. After all, the former [95%], might be running the kitchen or children’s education sometimes from the shop, shed, store, space, or office. At the expiration of the rent, chances are that Ms. A or Mr. B might be looking for another financial support from relations to renew the rent. If successful: thank goodness, the Gracious God, otherwise the business is packed. She/he blames it on government policies, the economy, demons, and taxes/levies but never on her or him.
Why?
Ms. A or Mr. B does not know or does not know that she or he does not know that she or he has no business skills to run businesses …and that she or he was not a born business person just like anyone else. You need business skills to start and run a business, especially running a business. You are not born with business or management skills. Not only you but all man/woman is never born with any kind of skill. Women born baby girls and baby boys; not business people! Every skill is learnable and never inborn. You or any must have or acquire the business skill to do well in business.
Starting a business is risky at best. You heard, yes you read me correctly; ‘risky’, at best! Withdrawing saved money from the bank and putting it into goods and services plus shop rent is going from certain to uncertain – risk, risky. Isn’t it? Looking for or staying in employment is easier and safer [but not cheaper in long run], and less risky than starting a business. But your future is limited in employment, while business ownership is limitless unless by the smallness of your dream and execution quotient.
Your chances of making it in business will go far if you understand the problems you will meet and work out as many of them as you can before you start. That’s why I want to build you on the foundation of TRUTH. I don’t want want to massage your excitement with LIES…to go in and on ANYHOW!
Anyone can start a business. But to start a business that succeeds and continues to flourish isn’t so easy.
According to Statistics Canada, at least half [i.e. 50%] of the new companies in Canada go out of business before their third anniversary, and one in four [i.e. 25%] new enterprises don’t survive longer than the first anniversary. This is Canada ooo…with the best of many global records. That is;
- 50% before 3rd anniversary
- 25% at 1st
This statistic is terribly staggering in Nigeria. It could reach 90% in the first year.
My Message
Seek to be trained by the masters, consultants, and incubators there in STARTING any kind of business you want in the business environment/climate you’ll operate.
Seek to be trained by the experts, maestros, authorities, specialists, consultants, and incubators there in MANAGING any kind of business you’re already in, in the business environment/climate, you’ll operate.
Please you are, and including any other person is a born businesswoman or man…just like nobody is a born president or a born footballer or box. They are all acquired by knowledge via desires expressed, built up by knowledge, and sustained by passion.
Have I motivated you? Sparked you up? Or propped you? Are you ready to start?
Give me a CALL for clarification, inquiry, and empowering you to step in and up to go solo: START YOUR OWN BUSINESS TODAY, GET THE KNOW HOW NOW!
Excerpt from Mike Ihezuo book, START YOUR OWN BUSINESS TODAY, GET THE KNOW HOW NOW! Get it from Ad Inquiry or at https://mikeihezuospeaks.net/shop/
