The Do's and Dont's of Business

  

Date Posted: 8/27/2018 2:01:43 AM

Posted By: ROZA  Membership Level: Silver  Total Points: 961

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A business is anything that is legal that you can engage in. to make a profit, as long you are respecting everybody’s rights. Once you start a business, your aim and goal is to make a profit and expand, and not to make loss and stagnate.

STEPS THAT ONE SHOULD TAKE WHEN STARTING A BUSINESS

1. IDEA
It all starts with an idea. This is an idea of how to solve a problem and be rewarded for it. It is idea of how to fill a gap that needs filling. Every one of us has their own mind, so ideas are different and remember there are as many opportunities as there are problems. Ideas can come from reading a book, news, interacting with people or simply observing and identifying a problem that needs solving.
2. DO YOUR RESEARCH

Be well informed about your business idea. Do a thorough home work about your target group of customers, location of your business depending on where your target group is, security issues, competitors; that is their strengths and weaknesses. And so on and so forth.

3. PUT IT DOWN ON PAPER

Whatever your idea is, write it down. Write the idea itself and how you intend to do it from the beginning to the end, according to the research you have done. Write down your goals and future aspirations. Write even the amount of capital you will need and how you are going to allocate it into various activities of your business.

4. PREPARE

Now start a practical preparation, look for capital, premises, goods and everything else that is needed for your business.

5. TAKE THE FINAL STEP

Dive into it now. Start your business but remember to start it simple, this way you will notice that it will move upwards in a steady pace.

OTHER TIPS

1. CONSIDER EXPERIENCE

Do not engage in a business that you are not an expert

in. For example, do not go into a salon business if you if you are not an expert in hair dressing. Do not go into matatu business if you don’t have that experience.

2. INVOLVE YOUR CHILDREN

You need to indulge your children in your business so that you can make it a business of generations, like the Indians. Think whether your business will continue if you a not available for a day or a week. If not, then your business will definitely collapse if you are no more.

3. CONSIDER PARTNERSHIP

Even successful companies do partner with other successful companies. But remember do not partner with strangers, partner with only those whom you know and trust. Someone once said that two are better than one.

In conclusion, do not engage in a business just because your friend has become successful in it; remember you are two different individuals. Your passion is what should guide you towards the business that you are to engage in.

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