The important things you need to succeed in a business.

Things are changing. The effect of globalization has been felt; continuously people are grappling with the phenomenon on how to set up business to succeed in the midst of the enormous challenges that is widespread throughout the globe. However, are we secure as business people? The answer is big NO, we are not. In the midst of the great fear including, cyber-attack, political instability, competition, technology, and climate change.

There is hope to succeed, surroundings all these great fear. One instinct every business people must have is life itself is a risk. However there is a way out to have the growth and success of setting up a business. Below are important points you must checked for when establishing a business, because it serves as a road map in dictating how the end result would look like.

Passion: relate to any strong, great emotion. Passion is the ability to do something over and again even if there is positive result or no result, Abdul karim mansaray. A lot of businesses had failed even before their operation. In analysis this statement it involves two dimension. Firstly, the initial aim was profit, profit and profit. Secondly, there was no pivot, which is to say if the business fails what the next step is. With passion you are bound to succeed by falling and rising again. However, note that doing the same thing using the same technique would not yield any benefit or new result. Passion drives mission and vision. The mission talk about why, for whom, and how? The vision gives an insight on our aspirations.

Team: in moving to the direction of setting up a successful business, setting up the right team with different skillset is paramount to the growth or failure of that particular business. Below are important team players you must always look for in setting up a team, person that will handle the finances of the business, as this person will give accurate analysis about what comes in and out the business. Second person is the human resources and admin as his duties will be to recruit suitable candidate to fill in a position and also draft agendas as to the operation of the business. Marketing person is very important in the organisation as his role will be the marketing of the business product. Fundraising person is important in the team as he will be representing the business in the area of sourcing the business fund if the business should sustain.

Product: in any giving business product will serve as an important growth driver if the business is to succeed. It two ways better product gives better return and poor or inferior product gives a negative return to the business. When you are dealing with a product always try to put the best premium to the product. Product which has more features will help the customers to have the required benefit.

Finance: finance in any business is important. Ninety nine per cent (99%) of the business involves finance. With the accurate finance you are bound to succeed. Finance is also strength as it helps the business in acquiring sophisticated technology which can Foster rapid growth for the business.

Business Model Canvass-popularized by Alex Osterwalder’s

 

The Business Model Canvas is a strategic tool for developing new business models or documenting and improving existing ones.
However, a proper business model helps you to figure out element such as your business concept-what problem you are solving for whom, how you will create customer value, how your product and services will get to a customer, how your business will stay competitive, and all revenue and cost you can anticipate.

BENEFITS
•It helps structures discussions
•It’s great for developing a portfolio of ideas
•Intuitively-it makes sense
•It’s fast
•The value proposition

Key partners

Who are our key partners?
Who are our key suppliers?
Which key resources are we acquairing from partners?

Note:
We must be able to give a clear insight about our partners. In answering the question of who are our partners really are? We must however take into consideration the level of benefit our partner will give in return. Note: do not partnership all in the name of partnership as the actual essence of the partnership is to foster growth and development.

Secondly, in the area of suppliers we must be able to connect with a reliable supplier as to keep the business going. Suppliers are strengths in our business ecosystem, in sourcing out suppliers you must be able to source out suppliers that have the best in product or services. In such a case you will be at an advantageous point in selling out the product or services.

Resources acquiring from partners: we must be specific as to what is/are the key resources we would acquire from our partners, as good resource will steer-up growth of the business and poor or counterfeit resource from partner would eventually lead to failure of the business.

Motivation for parnerships:

Optimization and economy
Reduction of risk and uncertainty
Acquisition of particular resoure and activiies

Under the area of motivation for partnership: optimisation and economy are greater, as it moves two forces to come to the same perspective of interest. In a situation where there is no optimisation… however, there will be no motivation of partnership if the economy is in shamble. When both stand to be good and encourage, then motivation for partnership is strong.

Reduction of risk and uncertainty: this is a great motivation to partnership, as the saying goes put your money where your mouth is. When the risk is little and the doubt is minimal there will be no fair to invest.

Acquisition of particular resources and activities: when the ease of acquisition on particular resource and activity is easy that also gives a strong motivation to partnership.

To be continued…

 

Negative expression didn’t allow me into business !!!

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with all the opportunities I still didnt get into business simply because i was a procrastinator… in the world we live in anything can happen. working with well minded people has given insight about the important of doing business is the best choice one can make when the right entrepreneurship ecosystem is created, however when the system is there, and you fail to tap into such opportunity could be the greatest risk.  Below are some of the questions that will restrain you from getting into business:

I dont know  how:  this is a killer, when i have all the opportunity to start my own business i did not start, simply because i dont  know how? the enterpreneurship ecosystem was there but procrstination didnot give me the chance. however little did i know that everyone was born empty handed…meaning everything starts somewhere and some how, for me I didnot think that way, rather i was looking for ready-made situation where i will get a  job work and earn my living. I dont know how is a big problem! reason been no one tell you not to try. passion is one thing that keeps one going in the mindst of challenges. you fall you  get up again, that is how the statusquo should look like. whenever we put “I dont know how” in the middle of our decision we are simply creating a room not to start.

How can i get there:  this however should served as trouble shotting, when you want to acheived something that is better and well organised. in a situation where i could have acheived a lot in setting up my own business i didnot do that rather i was hoping at the ultimate goal (profit) at the begining. speaking to experts has significantly outline how it is good to set a target. but going into business as a fresher or startup your initial aim should not be the profit side, rather if that is your strive you have failed without you being into it.

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