How to be an Entrepreneur

Dear Adey,

I have always had a desire to start a business but I don't know what steps to take? Can you share some information on how to start a business?

Thank you

Frank

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Hello Frank

Of course I would be glad to give you some information on how to start a business.

Step 1:
The first step to starting a business is having an idea. Your idea can be a product or a service. For example, you can have an idea to start selling clothes. Clothes would be the product or you could have an idea to start selling a service which could be for example, a legal service if you were to be a lawyer.Once you have a perfect idea of what you want to do, the next thing would be to start planning.

Step 2:
You need to develop a business plan. This plan tells you how you will run your business, deal with risk, know your competition, know your strengths, weakness, opportunities and threats. Having a plan tells a lot about the business. If you can't win on paper then you can't win in real life. Be honest and as realistic as possible when setting up the financial part of the plan. Also the marketing part of the plan must be well laid out, there is no use of a brilliant idea if you do not know how to sell it.

Step 3:
Source for the funds you need for your business. ( it could be your savings, family, friends or bank)

Step 4:
Register your business and create the legal structure for the business

Step 5:
Execute the business plan in step 2

Step 6:
Employ personnel if need be. I understand its a new business and you may not have funds but you also need to quickly recognize your strength and weaknesses. If for example you have a brilliant idea but you are terrible at sales or marketing, you may need to employ someone for that. That individual could be placed on a commission.  A lot of entrepreneurs make this mistake, they think they should do it all at the initial stage irrespective of their strengths.

Step 7:
Advertise your business

Step 8:
Learn from your mistakes and apply your lessons learnt to the business. Monitor your big win and loss and revise accordingly

Step 9:
Grow to become excellent at what you do

Step 10:
Stay Consistent

These steps should get you started. Let me know if you run into any issues or need more information.

All the best Frank

Regards

Adey