Written by Okonkwo Chisom.
https://www.myfinance.com.ng/what-you-need-to-know-before-starting-a-business/


What You Need To know Before Starting A Business
As an entrepreneur, the success of a business is attached on several factors. Entrepreneurs tend to start a business without having a core knowledge. This make them not understand the risk and time connected with starting a business and its success. Having read books written on success stories on entrepreneurs and associated with few, I have learned a lot. I am willing to share that with startup entrepreneurs.
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Does a successful business require 9-5 work day?
This is the first tip I will handle on this post. For a successful business an entrepreneur should forget the concept of a 9-5 work day. Why? You may think that a successful business require time and work, yes it does but one should understand that having a good relationship with workers and clients is the key to successful business. It is not necessary to work 9-5 everyday. Within the 9-5 work day you can host lunches and calls with clients fostering good relationship. Starting a company thinking that all responsibility will be handled in an 8-hour day, it may not be a good decision. The next tip, which is hiring the right people.

Hiring a solid operation team or manager.
Many entrepreneurs have failed in their business because of bad composition of team. Having the best operation team/ or manager is the best way to tackle a failed business. Your team should be able to manage and ensure that the company processes are done effectively. Without a solid and effective team, inefficiencies within each department will end up costing much for the entrepreneur in the long run. This should be taken not of before starting a business.

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Having a good attorney can also help.
A Startup business success varies from industry to industry and from founder to founder, but leading with integrity, honesty, and hard work will never bring a failure to your up and running company.

Before starting a business, have in mind and also consult an attorney to ascertain all regulatory and compliance risks – not everyone is aware that sometimes their line of business is subject to some form of scrutiny. Find a licensed lawyer, and still make every effort to consult a legal team as often as we can. This is especially important in an industry as new as marketplace lending.

Leaders in this vertical understand that eventually, someone is going to fund a loan they shouldn’t, or comprise their user’s security — which will lead to tightened industry regulations. Preemptively taking routes to ensure user security and company compliance is the best way to make sure that your company will be able to withstand the test of time.
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Meet other Entrepreneurs and learn from them
Meeting with other entrepreneurs will help you in ascertaining what is needed to grow your business. Investigating on reasons why an Entrepreneur “A” failed in his business can guide you on not making that mistake and further push you away from failing. Also learning and practicing what other successful entrepreneurs does make you likely to succeed in your business when you start. Try to even make their survival strategies modern, what do I mean? Try improving on their success strategies and then use it on your business
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Another way to do this is by sharing stories with other entrepreneurs, Whether you’ve just raised a seed round or had a great month of winning new customers, be open to sharing about how you did it, as well as some of the setbacks you experienced along the way.

Often, when you share your moments of success with entrepreneurs, you’ll form beneficial relationships where you exchange ideas, and learn from each other’s successes and failures. Ideally, these relationships will help to speed up your entrepreneurial learning curve and will allow you to experience more success as a startup.

The last two paragraphs should be when you have started, but you can still use it as this will help you on succeeding. Hope this article helped?
Source https://myfinance.com.ng