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A Few of What an Aspiring Entrepreneur Should Know

By - - [ Editors Desk ]

A Few of What An Aspiring Entrepreneur Should 

In the bid to work for oneself, the talk of becoming enterprising would be prominent on the front burner. This, especially should be germane for those who had worked with their youthful years and would like to embark on an endeavour they can call their own as they grow older.

It is not easy starting a business but the greatest asset is the intellectual capacity to manage a new business an entrepreneur is bringing on board. The next asset that should feature in the startup value chain is the Financial Capacity to drive the business.

Yet another asset is the determination to succeed. There are other requirements or variables that contribute to the success of an entrepreneur. From a global standpoint, what is entrepreneurship? According to Wikipedia, Entrepreneurship is the process of designing, launching and running a new business, which is often initially a small business. The people who create these businesses are called entrepreneurs.

Entrepreneurship has been described as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit". While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risks involved in launching a start-up, a significant proportion of start-up businesses have to close due to "lack of funding, bad business decisions, an economic crisis, lack of market demand—or a combination of all of these.

1.   Define Your Audience

An entrepreneur should recognize the segment of the society he wants to serve with his company’s products and services. For instance, a Software engineer that specializes in the business of Laptop and phone building and repairs spends time scouting for those who could engage him in this regard.

2.   Know Your Customers

Consequent upon defining the audience, the software engineer will not only scout for phone and laptop owners, he should also familiarize himself with where they work, the specifications of the phones and laptops they have and the latest models these phones and laptops in the market. He should have phone and email details of these customers as well.

3.   Register a Business Name

For the Purpose of orderliness, a business name should be registered with Corporate Affairs Commission. This would give him the confidence to Print Letter heads for his business and correspond with other corporate bodies from the official stand point.

4.   Open an Account

A corporate account improves the business image of the entrepreneur. He pays for some of the goods bought and services rendered with a cheque. Conversely, he would also receive cheques for some of his professional fees. It should be safer to transact business this way for security reasons.

5.   Deploy the Use Of ICT to Aid Your Business

An entrepreneur could join the social media community, articulate what he does, where and how he could be located. The people not too far from his physical location could join his customer forum.  

6.   Produce a Rate Card for the Purpose of Appropriate Pricing

For the purpose of clarity, prices of products and services should be clearly itemized, displayed and explained to customers in the bid to get financial package commensurating with services rendered.

7.   Familiarize Yourself with What Competition is Doing

In every practice, vocation or an endeavour, there are colleagues, peer groups, doing the same thing you do; they are otherwise referred to as competition. In some cases, they get together as an Association and pursue common interest. This is in the bid to avoid been defeated by issues and developments bothering on regulations, supervision, approvals and authorizations. It is better to work within a larger group to achieve some objectives than working as an individual.

 

8.   Endeavour to Surpass Expectations of Your Clients by Delivering More Than What Competition Delivers (Discount And Delayed Payment)

You may want to go the extra mile for your own clients with the introduction of discounts, after sales service, delayed payment or outright service on credit on a few occasions. A customer that realizes the actual cost within the rate card and gets special consideration extended to him will always come back for patronage in not too long a time. He will also introduce more customers to the software engineer.

9.   Principle of Starting Small

In all his considerations, the software engineer, the principal example in this write up is advised to start small. May be, with two laptops, an intern, a secured place that serves as his office, a working phone always connected to the internet and a bank account with a human face. More importantly, he is expected to show integrity in all his transactions. He should make good his promises. In not too long a time, he expands his official status.  

10. Soft Loans

If the software engineer maintains a good and credible relationship with a bank, he stands a good chance of receiving financial support in form of a Loan over a period to buy more laptops, install new software and engage the service of two more staff to enable him meet new deadlines.


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