TEN TIPS FOR RUNNING A SUCCESSFUL SMALL BUSINESS.
Experts note that most profitable business on earth today were started by individuals who had little or no income. It is also on record via some entrepreneurial students who started businesses in their classrooms have now become global business moguls.
For instance, Microsoft, a resounding name information Technology sector, began in Bill Gates’ Harvard dorm room. Google was also started by two doctorate students, sergey Brin and Larry Page, at the stanford campus as their computer science project. It is obvious that not all entrepreneurs will end up making it big like Gates, Brin or Page, but the ability to get the basics before starting your business will definitely give you an edge. Below are 10 success tips for young entrepreneurs.
»»»1. Start the business you love Management consultants say most successful entrepreneurs started businesses that love doing. According to them, the passion which an trade, to a large extent, depends on how much love he has for the business. They say many successful young businesses have one basic factor – their owners love for what they do. They advise prospective small business entrepreneurs to choose ideas which support their respective business interests, on matter what there ideas are.
»»»2. Be aggressive when starting a business involves committing much energy, time, resources and expertise to your growing business for as long as possible. The Managing Consultant, Simply Exponential Consult Limited. Mrs Fayo Williams, in a chat with this correspondent, noted that many entrepreneurs tend to be slack in the process, especially returns in the early stages of the business. This should not be, as different challenges. Experts advise young prospective entrepreneurs to try venture which no one or only a few people have done. They say the ability to shake-up the market with an entirely different, but acceptable product, will guarantee ample returns for the shrewd entrepreneur. By adequately undertaking a service or delivery model which established companies neglect, the entrepreneur may create a successful niche for himself.
»»»3. Decide what you want for a student, or an employee with a company, it is important to decide what you really want before starting up any business. According to experts, you should be able to decide clearly whether you are ready to suit your job or studies for the business. They say it is also only be an additional source of income, that is, he you already have one. And for students, you should ask yourself if the business will become a side project. The ability to answer these questions adequately, experts say, will enable the entrepreneur organise and prioritise his objectives.
»»»4. Take advantage of avia resources many young entrepreneurs, most times have limited financial resources. As a result of this, experts say it is advisable to look out for opportunities at your disposal that will enhance your business. For student entrepreneurs,
Experts say you can use the free internet service at your institutions. A lot of things can be learnt while surfing the web. Workers should look for ways to market their products among co-employees, provided this is acceptable to your company.
»»»5. Play by the rules find out what obtains from the government, task force and associations in your area. This will help guide you in running your business aright. If it is important to register with the local authorities, do so. Avoid misplacing important records and receipts of taxes paid. Be conscious of happenings around your business environment.
»»»6. Ensure adequate time management for an employee running a small business as an additional income source, the ability to apportion the right time to business is vital to its success. The Lagos state co-ordinator, National Directorate of Employment, Mrs. Odunwa Stella, during a press conference in Lagos recently, noted that it was important for an entrepreneur to understand what was required of him in separate roles. Experts advice entrepreneurs who find themselves in this situation to employ planning and organisational tools, such as an adequately updated appointment/schedule book, time/business management system or use of Microsof Outlook to make the most of their daily activities.
»»»7. Relax As you employ all forms of aggressiveness, do not hesitate to give yourself a whole some treat when necessary. Try to relax when fatigued. Consultant managers say no matter how aggressive you are, some days will overwhelm you. On such days, you can hang out with friends, visit pleasure centres with family or in to the beach and get some fresh air.
»»»8. Learn from mentor There may be a lot of people who have achieved success in your chosen line of business. Experts advise that you partner a local business entrepreneur with visible achievements and learn from him or her.