A wise man once said if you say YOU CAN or YOU CAN’T either way your right
Building a business in Nigeria is both challenging and rewarding. It takes great ideas, resources, technical expertise and a lot of hard work to create a thriving enterprise. You can increase your chances for success by taking my 10 key steps which i call the ”Pandora’s key”.
1. Honestly assess your strengths and weaknesses. Your first step in building a
successful business is to take a look at yourself. Are you cut out to be an entrepreneur?
Many of us are attracted to the glamorous aspects of business ownership, but it takes a lot of
hard work. Successful entrepreneurs are resourceful, committed, objective and
dependable. They also have a positive attitude, excellent communication skills and the
requisite technical knowledge to succeed in their chosen field. Most significantly,
successful entrepreneurs persevere during times of great difficulty.
2. Develop a comprehensive business plan. A business plan is your road map to
profitability and success. One of the primary reasons for new business failure is
inadequate planning. A well-conceived business plan describes the vision you have for
your business, and the path you will take to achieve that vision.
3. Create an effective marketing strategy. Perhaps the single most important step you can take as an entrepreneur is to effectively market your goods and services. You can
have the best products in the world, but if no one knows about them, your business will
4. Develop a strong image package. Your image package is the physical manifestation
of your brand and includes three elements: business name, tagline (your business
motto or catchphrase) and logo. Your image package speaks to the vision you are trying
to create for your business.
5. Select an appropriate business structure. A business can be operated through a
variety of legal structures. A specific structure is generally chosen for liability and tax
reasons. The most common types are sole proprietorships, partnerships and
corporations. Each has inherent strengths and weaknesses, and you must determine
which structure will work best for your business.
6. Begin with adequate working capital. The single biggest reason for new business
failure is under-capitalization. Many entrepreneurs have failed with potentially
successful businesses because of a lack of capital. Smart entrepreneurs make sure
they have cash reserves to dip into for unique opportunities or for a rainy day.
7. Learn to network effectively. Networking is the proactive process of developing
mutually beneficial professional relationships designed to increase each person’s circle
of associates. Effective networking will increase your customer base, communicate
your brand and demonstrate your expertise to potential customers. It can also help you
identify leads and improve your reputation. Because of its simplicity and ease of
application, networking is one of the most cost-effective forms of marketing for your
8. Provide quality goods and services that meet customer’s needs. Simply stated, if you provide a high quality product that helps customers achieve their goals, you are much more likely to develop a successful business.
9. Develop a winning team. It is very hard to build a successful business on your own.
You are going to need help. Two of the most important sources for this help should
come from an accountant and an attorney. You may also want to create an advisory
board to assist you with the decision-making process.
10. Use technology wisely. As an aspiring entrepreneur, you need to think about how
you can use technology to increase sales, decrease costs and better communicate with
customers. Some examples of technology that can result in improved quality and
productivity include application software (e.g., accounting, data management),
videoconferencing (e.g., virtual meetings, webinars and teleseminars) and internet
marketing (e.g., e-mail marketing, social media marketing).
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