Tips to know right business for you
Below are short five tips that might help you in business idea selection and hence master your business as correct business idea selected.
1.Passion and Persistence
Passion defining the quality of entrepreneurship and hence led to positive breeds, ambition and hence persistence.This is the critical nutrient that nurture the business idea to become remarkable and hence success.Most of entrepreneurs and business man their first motive is to make money,it is well and good to have that but not all business has traumatic jump to money earning and once they failed in making money at their start , most of us give up and leave the channel , that means no passion and persistence in the established business. Business is like a kid,once born cannot start to eat normal food, and run like other people.Here the point behind not all type of business will guarantee first money at a start, some might take 6 months to 5 years to make money hence world of business is tough, and this is why almost 9
out of every 10 new businesses fail in their first year.Some of most challenges on business are, financial cuts(High input or operation cost less output,less attention to customers, taxes, competitions, etc) Hence there is no smooth road in the road of business,it require passion and persistence to make the road smooth in your business especial for business that require long maturity to make money.
2.Application of knowledge and natural abilities in Business idea.
In religious scriptures it states that every human being has given a special contribution to the world(talents). This is true but very few are confidently to find and exploit their natural potential given,every talents given can be turned into business apart from helping a given society. A big mistake among us is the curse of knowledge
thinking they have to be the best at something before they can make
money out of it such as drilling into much studies so as they can make it.Studying is the good thing but studying without knowledge is the curse .Have you ever wondered why most of the people who really start businesses in Africa don’t have MBAs and PhDs? The truth is, you don’t need to have the
largest fountain of knowledge to use it to your advantage. What you
actually need is confidence to apply the knowledge that you have (or can
learn). Unfortunately, most people do the reverse; they spend all their
life acquiring more knowledge that they’ll never use.
Case studies in Africa:
Millard Afrael Ayo
He is the founder of AYOTV TZA COMPANY LIMITED and Millardayo.com,
Tanzania’s most recognized, trusted and reliable digital media company
with the biggest social media following and the largest online audience
in the country committed to the success of both its clients and the
whole society at large.Faustina Sakyi, the highly successful Ghanaian cassava farmer is not by any means the most skilled cassava producer in her country. She doesn’t even have a university degree. But by applying some basic knowledge and experience in farming, she has transformed her small cassava and gari products into a multinational export commodity. Just by applying ‘common sense’, this woman was able to earn enough money to rise out of poverty.
Both of these entrepreneurs they expert on what to do,by changing their natural abilities and knowledge to business idea.Their successes prove their determination, passion and natural abilities and knowledge to successful entrepreneurs.While reading this article take a deep breath and take a piece of paper and write the things you know quite well and you love them as far as as your natural abilities and knowledge is concerned.Research shows that most of the things your likely to know well and love them to do in your life are the most things that can be almost effortlessly, but you’ve always taken for granted. People may have often praised these abilities but you never gave too much thought
Think on how you can convert it into business market.
3.Business idea is it for long term or short term?
Identification of business life span strategies is very essential to the world of business, Some of business require long incubation period to make money while other require short incubation period before becoming successful.Failure to understand business growth span lead to give up.For example Mark Zuckerberg (facebook founder) spent five years in nurturing of his business before making any money. Your long or short term expectation will surely affect how you deal with your business. A long term view is likely to lead to a patient and supportive attitude towards the business while While a short term view would most definitely starve the business of the attention and resources it needs to pull through.
4. Business Risks:
There is this slogan it is usually safe to bite as much as swallowing.It is very ethical to determine the risks involved in your business as you generate your business idea.Risk is a natural thing in any business and not bad thing,it help to create strong foundation of your business if well identified and measures taken . Most entrepreneurs are often too distracted by the profitability of a business idea and do not take the time to consider the risks involved.Business risks analysis help to make good business plan and hence mastering of business.
5. Inspired to take actions:
Having passing the above tips, now it is type to take actions.A business idea has no use if not bring into life.There are a lots of trail and error involved in making into actions, dont be discourage,passion and persistence are the key of success.Refining your business idea, make it into real world and remember anyone can have an idea but most of the successful businesses around us today were not started by the person who first got the idea.
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