Investor’s Guide: Setting Up Business Successfully

To really become a successful entrepreneur, you have to build yourself, develop yourself and your character. Without these attribute, any business created will die before its fifth anniversary.

And in a country where the rate of unemployment keeps rising daily, the sane step to take is to set up a business of your dream that you can nurture to outlive you.

Hence, here are steps to take to become a successful entrepreneur.

Planning

Its imperative to have a plan before starting any business. You have to think of what you want to achieve, your goal and the mission and vision of the business.

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Here, you need to define your niche market. Thereafter, you need to do a feasibility study of the business you intend to start, and set a target date to star.

Location of the office plays a major role in the life and death of a company. So, it must be sited in a cluster of the targeted consumers.

Ambition

Being an entrepreneur is not an easy job as you will be met with so many rejections, may lose a lot of money, and may lose your business or company altogether.

But the important thing is to never quit, to be patient and persevere. When your business is slowing down or regressing, you are expected to keep your calm; there are some things that you just can’t control, so you have to let them pass.

Creativity

A good entrepreneur is creative in the sense that his/her product has something unique, something different from the competition to make people want it.

Flexibility

Being able to adapt to changes and challenges is crucial for any business. In fact, most entrepreneurs will inform you that their ideas or business plans are drastically different from when they began. An idea may be brilliant, but ineffective in reality. Entrepreneurs are flexible enough to make the adjustments for that idea to be feasible.

Conviction

Successful entrepreneurs always focus their energy on making the business work, and for eliminating the distractions or obstacles to their goals. Their overarching strategies help them to reach the goals they have while they outline the plan to achieve the final outcome.

Survival Tips

The convener of Trek Entrepreneurship Conference(TAEC), Oki Samson, urged Nigerian youths to leverage on opportunities available for them and carve a niche for themselves as solution providers rather than job seekers.

Samson said: “it is a fact that various economic indices like rate of inflation, unemployment rate are pointing negative, but we cannot fold our arms.

“Yet, it is unrealistic to expect the government to provide jobs for every single youth in the country, thus, youths should prioritise and learn skills that can take them out of poverty.”