What's The Most Important Factor To Consider In Starting A Business? - Business - Nairaland
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| What's The Most Important Factor To Consider In Starting A Business? by Thowsyne: 2:05pm On Nov 07, 2010 |
For the benefit of all and particularly those starting out, let's share the most important factor to consider when starting a business in a place like Nigeria and how to manage it. |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Mruzoh1: 2:24pm On Nov 07, 2010 |
Economics states: Where! How! When! Its as simple as that. if you understand this three factors then you're good to go. |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Mruzoh1: 12:46am On Nov 08, 2010 |
Where! simply represent Customers. |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Thowsyne: 8:57am On Nov 08, 2010 |
@Mr Uzo: I think you should expalin the concepts of Where! How! When! it could really be misinterpreted by a couple of people. |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Mruzoh1: 10:37pm On Nov 08, 2010 |
I missed something in the list, WHAT! Thowsyne: Before you think of starting any business, first thing is finding the market. We call it Niche, in internet marketing. This represents the term I forgot to include in the list, WHAT! It is the first thing a businessman must consider. ----------------------------------------------------------------------------------------- Secondly, every market has its arena. You dont plan to sell christian Bible in a typical hausa street or even state. You need to look out for where your market will make sells. You're not just selling because others are selling rather make profit. Without much sells, your profit will be in doubt. That takes care of the second term WHERE! ------------------------------------------------------------------------------------------- Now HOW! are you going to outsource your market? It is obvious that the money in your pocket will speak for that. Your Capital determines whether you'll be a whole seller or retailer and that simply translate HOW you outsource your market. ---------------------------------------------------------------------------------------- Every business has its season. I guess you can determine the season of your business. WHEN! is solved too. |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Thowsyne: 12:08pm On Nov 09, 2010 |
Awesome, Mr. Uzoh! |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Mruzoh1: 12:13am On Nov 10, 2010 |
Thowsyne: Welcome friend! |
| Re: What's The Most Important Factor To Consider In Starting A Business? by Nobody: 1:40am On Nov 10, 2010 |
For me, the most important consideration is this: do you have enough passion for the chosen business to the point that you would put in extra effort when there's a lull in business, or a protracted low income period? If not, forget the business. |
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