Doing business has its ups and down, one must be equipped with the required skills, experience and resilience before plunging fully into it in order to help minimize the risks involved. It is a fact that many aspiring entrepreneurs have recorded big losses as a result of wrong assumption, little or no experience and poor business management skills.

The smart choice when starting out as a first timer in business or venturing into a new field is to thread with caution by starting with small investment and committing greater efforts into the success of the business, this way one will be able to learn the ropes quicker, garner the right experience and study the possible challenges.

Here are three advantages of starting your business on a smaller scale:

Experience

The nature of customers that one deals with, demand and other factors that control how successful your business can become has to be scrutinized and understood before the decision of investing huge capital in a business. At this stage, many successful entrepreneurs all over the world have succeeded in building strategies and also modifying their products/service to suit the larger market by carrying out careful studies and gathering better information for better decision making.

Cost management

Starting out small sometimes helps prevent losses that may arise from inexperience, poor decision making and inadequate knowledge of one’s potential market. It is not an easy task to recoup large investment when the best measures are not put in place to achieve high standard product/service quality and meet sales targets.

Better positioning

When loopholes are identified and success strategies are properly employed in order to meet goals and objectives, a business stands a better chance of growing easier. That is, an entrepreneur who starts small can identify the challenges in his business and equip himself for the best opportunities.


Source: http://tushmagazine.com.ng/advantages-starting-small-entrepreneur/

cc

Lalasticlala

I agree with the pointers you shared in your post. If you are the kind of person who cannot afford to lose money in a business, it is a much better idea to start small. However, either big or small, one must commit and work hard to make the business successful. These days, people are getting interested to start an online business because of the advantage of working from home and time and financial freedom it provides.

Burst my brain

This pautex guy wen dey below me head nor correct...... Whats funny? If i should give u a dirty slap now!!!!! Are you mad?

I want start an online biz but does not know the where withal on how to proceed.

We all need capital, whether u want to start as an entrepreneur or not.

Over to the guy below me

start small to grow big.......


And that's what my signature says......

started my business smale after 4 years of learning and mastering the trade. just want to take a loan now to go higher dont know how wise dat is anyway

you can also do ponzi to start from scratch

Despise not the day of little beginning.

No time for humble beginnings. The tide is too high, the challenge is tough. Source for funds and boom

Nice one!



Neglect not the days of your little beginnings.. ..

As an entrepreneur, I totally agree with all those points. Starting small really helps in managing market dynamics. Of a truth, when I handle my production and role out my products, I feel like a king.

Exactly my point

My signature for more

Nice points op. Can't wait.

cnonyechi:
started my business smale after 4 years of learning and mastering the trade. just want to take a loan now to go higher dont know how wise dat is anyway

go ahead and take the loan dear

Failure is not the opposite of success but a part of it.

GBAM!

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is there any entrepreneur that starts big... except for the ones that stole

Okay

MrMoney007:
No time for humble beginnings. The tide is too high, the challenge is tough. Source for funds and boom

After you go boom, two years down the line you go kpuuf like olx and Efritin

cnonyechi:
started my business smale after 4 years of learning and mastering the trade. just want to take a loan now to go higher dont know how wise dat is anyway

,

If your projected monthly revenue is in excess of the monthly loan repayment, then why not, i will prefer you source the loans from friends and acquaintances.

cnonyechi:
started my business smale after 4 years of learning and mastering the trade. just want to take a loan now to go higher dont know how wise dat is anyway

i may forget every other thing my lecturer thought me in school, but i will never forget what he told me personally "NEVER EVER BORROW MONEY TO START A BUSINESS"

kestino:
i may forget every other thing my lecturer thought me in school, but i will never forget what he told me personally "NEVER EVER BORROW MONEY TO START A BUSINESS"

What was his reason?

kestino:
i may forget every other thing my lecturer thought me in school, but i will never forget what he told me personally "NEVER EVER BORROW MONEY TO START A BUSINESS"

I partially agree with your statement. however she is not starting a business. her business is 4 years old so its not starting a business. there is nothing wrong in taking out a loan to grow a good business as long as the interest is not too high and the loan can easily been paid OFF