July 14, 2024

GWS5000

Make Every Business

How To Establish And Operate A Small Business

How To Establish And Operate A Small Business

INTRODUCTION

Business is an activity of making money through buying and selling or supplying of goods or services. The purpose of Business is to generate income through profit.

A small Business or small scales industry could be defined as a small firm or organization established for the purpose of carrying on some economic activities which could be manufacturing or production, trading or rendering services.
A business could be small or big in size, it all depends on the nature of business and capital seed involved.

Why Business? The gate way to additional income

To enjoy financial independent, a man or society must not depend on a single income, getting involved in extra enterprises can solve a lot of worried often created as a result of shortage of cash. Owing business is for those who want to be rich and successful. There are so many business you can embark upon and run well. However, if it’s going to be, it’s up to you. A business of yours is the lasting solution against the fear of unemployment retrenchment or lack of funds.

However, to survive in business, you need guts, generous dose of ambition and drive. You must have a strong reason that will keep your business alive.

TAKING THE FIRST STEP

In deciding what type of business to do there are range of ideas to choose from to know whether its along existing hobby, talent on a new idea, however, ensure that there is a market that needs your service of product. Also, you must be personally interested in the business (not just because of the gain you hear people makes from it)

THINK FIRST: If you want to start a business, business is about thinking-well those who can not think can not create, therefore, if it is business you want to go into, think first. First thing first Develop your business first before building your house (Proverbs 24:27)

Therefore, I recommend that you belt yourself with these three instructions:

(i) Think deeply about the business
(ii) Open your eyes to see opportunities
(iii) Have an open-ear to hear business advantages
(iv) Above all, pray to God for wisdom and Guidance

Orji Kalu, the chairman of Slok group of companies says: “A good business man must have nose for business the same way a journalist has nose for news. The entire world is a big marked waiting for anybody who knows the rules of the game.”

In deciding to establish a business. Find a need around you and fill it; there after, money will flow into your bank account. There are infinite business possibilities where you are but in order to have access to them. You must exercise wisdom.

Since business is about the production of goods and services. Geared towards meeting people need. For financial regard, it follows therefore, that your business line must depend largely on three principal factors (i) people (ii) Environment (iii)

Season 1

Business Environment and the people

Business environment is not the same. It differs from place to place, and from people to people. To succeed in business you must study your environment and the people well enough. (Their taste. Needs, Values, tradition and culture). Do not start a business until you have located the market.

i People

ii Environment

iii Season

2

Season: Some business is seasonal while some are for all seasons. You must identify the difference. For instance, starting your ice block business in the rainy season is a bad strategy.

Baker’s complain of low sales whenever the season of fresh corn sets in (it is advisable that you embark on the feasibility study of your choice-business and prepare a business plan of action. Identifying resources needed for your venture )

1 Knowledge is power. Do not start a business until you have acquired the right knowledge read management books and journals

2 Master the required skill and training before going into production or manufacturing of any product, what you don’t know well can’t be produced better. Attend seminars workshop and vocational training centers. If possible have a business coach or consultant.

3 Locate your business at the right place

4 Capital is needed for the survived of any business. Ensure that you have adequate money to finance your business.

The following are sources of capital for business:

(1) personal savings
(2) Friends and relatives
(3) Leasing option
(4) Leans from banks (SME loans)
(5) self-help option
(6) Partnership
(7) Brain equity
(8) Money from other Business

“Any enterprise built by wise planning becomes strong through common sense, and profit wonderfully by keeping a breast of facts” \proverb 24:3-4

Conclusion

Without missing words, you need a business of your own additional streams of income. However nothing happens without an ACTION. ACT NOW.

Let me leave you with the business secrets of DANGOTE

1 Manufacture something don’t just trade
2 Build a brand and don’t let it die
3 Sell cheap, give quality and don’t kill the competition
4 Start small, Rome was not built in a day
5 Have connection and pray for a big break
6 Believe that there is money to be made in every where
7 All work and less play makes Jacka rich man
8 Give back to those who make you