WARNING WARNING WARNING WARNING WARNING WARNING WARNING

Don’t. It is the most difficult thing you’ll ever do in your life. Here are a few reasons;

You will be lonely most of the time,
Your loved ones will hate you,
Your friends will pull you down,
You’ll cry at nights,
You will fail. A lot,
The reward will be much less than what you work for and,
90% of what you do will not be seen by anyone. Do you want all that effort to go unnoticed?
Okay, now that the warnings are out of the way let’s answer your question,

Starting a business requires a recipe and here are the ingredients:

1. VISION
Every business starts with an idea but notice I didn’t write the word ‘IDEA’ in bold but ‘VISION’ because idea does not matter, your vision does. Let me tell you a little secret: Your idea is not unique. Chances are, someone has already done something about your idea and has a finished product. But let me tell you another secret: Your vision is unique. What you do with the idea makes all the difference aka your vision. No one can come close to the vision you have with your idea. Focus on the vision, not the idea. Protect your vision and sell the idea.

2. RESEARCH

You have a great idea and a great vision to go with it, great. You have done 0.0000001% of the work. Next comes research. This is probably one of the most important ingredients as it defines the direction your business will go. Do market research, a lot of it, every day and know your consumer base. Don’t ask random people whether your idea will work or not because they don’t know. They are as clueless as you. Ask that one friend who is always brutal and let him/her visualize your idea fully and get his feedback instead. Do a lot of research on your own and see similar businesses in your area and see how they are doing and what makes you different. The last thing you want is to create a product no one needs.

3. TEAM

If you think you are going to have a one-man show then I have some bad news for you. Don’t start alone. Find people and reach out to them. Be shameless in asking for their help. Most will leave you after wasting some of your time but it’s all part of the process. Keep moving from one co-founder to another and eventually you will find that one guy who is your soulmate. Build a great team that shares the same vision as yours. Debate over the idea and look into it from someone else’s perspective.

4. LEARN

Business is a form of art and should be treated as such. Learn everything you can that will help you in developing a great business. Read books, listen to podcasts and follow mentors. The more you work on yourself, the more clear you are with your vision.

5. IGNITION

Start. Wherever you are, just start. Don’t wait for the perfect moment, it will never come. Take small steps, you are still a beginner. Make little improvements every day and gain momentum.

6. MVP

Build a product, any product. Don’t try to make it perfect, just build it and launch it in the market. Get user feedback and improve. Introduce a working model and let the public roast you. Learn what works and what doesn’t. Make changes accordingly.

7. WORD OF MOUTH

Do you know the best form of marketing? Referrals. Not only the best but also the cheapest. Get the word out as much as you can by asking your customers to recommend you to their friends and friends of friends. Give them something in return like a gift card and they will happily market you. Win/Win for everyone.

8. BE COMPETITIVE

Be competitive in something. Price, quality, experience, service it doesn’t matter. If you can’t differentiate yourself neither can the consumers.

9. INVEST

Either you are bootstrapping your venture or you are getting funded by a Venture Capital fund, always invest the money you have in the right place. Make each naira count.

10. MICROSOFT EXCEL

Know your numbers. Study and read finance. Your business can be the coolest in the world but it still needs to fill the boring old spreadsheets.

11. FOLLOW THE MONEY

Scale your business fast. The sooner you start earning money from your business the better. Keep improving your MVP (Minimum Viable Product) along the way. Keep your profits high and increase your consumer base as much as you can. Don’t forget old customers in the way, they are more likely to purchase from you again. Market your product and advertise it in every possible medium (Just not T-shirts and baseball caps or nairaland signatures ).

12. THE BIGGER PICTURE

This again goes back to the first ingredient. Don’t forget your vision along the way and stick to it. Pivot in your execution but not in a validated vision. A lot of companies did that and they failed. Build a brand image and let the world know what you stand for. A bad image is better than having none.

Good Luck!

Source: Hamza Amin https://www.quora.com/What-are-some-ways-to-start-a-business
Edited by my humble self for your reading pleasure

This is awesome!!!!

Pls I would want you to expatiate more on this recipe; "INVEST"

INVEST

Either you are bootstrapping your venture or you are getting funded by a Venture Capital fund, always invest the money you have in the right place. Make each naira count.

What's the meaning of bootstrapping and being funded by Venture capital fund.

additionally, I like you to help me with the steps in setting up a business from registration to establishment.

Thank you.

Good read. I am struggling to put something together too. I hope it happens soon

DaCharis2016:
This is awesome!!!!

Pls I would want you to expatiate more on this recipe; "INVEST"

INVEST

Either you are bootstrapping your venture or you are getting funded by a Venture Capital fund, always invest the money you have in the right place. Make each naira count.

What's the meaning of bootstrapping and being funded by Venture capital fund.

additionally, I like you to help me with the steps in setting up a business from registration to establishment.

Thank you.

Bootstrapping means you fund the business solely out of your own pocket without external financial help.

Venture Capital is a group of moneybags looking for entrepreneurs whose business they can invest in although it comes with terms and conditions: they'll likely take a share of your company and have a say in many of your business decisions.

VC is a way of generating funds but different from taking a loan (in which case must be repaid within a time frame, at an interest rate and will require some collateral of sorts).

Setting up a business starts with the idea, research and all that's written up there followed by drafting a solid business plan. This will also determine the type of company you want to run; sole proprietorship, limited liability, partnership etc.

Armed with this information, you can do a name search on the CAC page and start off the process of registering the company usually at a cost. A lawyer can do the grunt work for you as well. You will be given a folder at the end containing shareholder info, tax registration etc.

laivwire:

Bootstrapping means you fund the business solely out of your own pocket without external financial help.

Venture Capital is a group of moneybags looking for entrepreneurs whose business they can invest in although it comes with terms and conditions: they'll likely take a share of your company and have a say in many of your business decisions.

VC is a way of generating funds but different from taking a loan (in which case must be repaid within a time frame, at an interest rate and will require some collateral of sorts).

Setting up a business starts with the idea, research and all that's written up there followed by drafting a solid business plan. This will also determine the type of company you want to run; sole proprietorship, limited liability, partnership etc.

Armed with this information, you can do a name search on the CAC page and start off the process of registering the company usually at a cost. A lawyer can do the grunt work for you as well. You will be given a folder at the end containing shareholder info, tax registration etc.

Thank you a lot.

laivwire:
WARNING WARNING WARNING WARNING WARNING WARNING WARNING

Don’t. It is the most difficult thing you’ll ever do in your life. Here are a few reasons;

You will be lonely most of the time,
Your loved ones will hate you,
Your friends will pull you down,
You’ll cry at nights,
You will fail. A lot,
The reward will be much less than what you work for and,
90% of what you do will not be seen by anyone. Do you want all that effort to go unnoticed?
Okay, now that the warnings are out of the way let’s answer your question,

Starting a business requires a recipe and here are the ingredients:

1. VISION
Every business starts with an idea but notice I didn’t write the word ‘IDEA’ in bold but ‘VISION’ because idea does not matter, your vision does. Let me tell you a little secret: Your idea is not unique. Chances are, someone has already done something about your idea and has a finished product. But let me tell you another secret: Your vision is unique. What you do with the idea makes all the difference aka your vision. No one can come close to the vision you have with your idea. Focus on the vision, not the idea. Protect your vision and sell the idea.

2. RESEARCH

You have a great idea and a great vision to go with it, great. You have done 0.0000001% of the work. Next comes research. This is probably one of the most important ingredients as it defines the direction your business will go. Do market research, a lot of it, every day and know your consumer base. Don’t ask random people whether your idea will work or not because they don’t know. They are as clueless as you. Ask that one friend who is always brutal and let him/her visualize your idea fully and get his feedback instead. Do a lot of research on your own and see similar businesses in your area and see how they are doing and what makes you different. The last thing you want is to create a product no one needs.

3. TEAM

If you think you are going to have a one-man show then I have some bad news for you. Don’t start alone. Find people and reach out to them. Be shameless in asking for their help. Most will leave you after wasting some of your time but it’s all part of the process. Keep moving from one co-founder to another and eventually you will find that one guy who is your soulmate. Build a great team that shares the same vision as yours. Debate over the idea and look into it from someone else’s perspective.

4. LEARN

Business is a form of art and should be treated as such. Learn everything you can that will help you in developing a great business. Read books, listen to podcasts and follow mentors. The more you work on yourself, the more clear you are with your vision.

5. IGNITION

Start. Wherever you are, just start. Don’t wait for the perfect moment, it will never come. Take small steps, you are still a beginner. Make little improvements every day and gain momentum.

6. MVP

Build a product, any product. Don’t try to make it perfect, just build it and launch it in the market. Get user feedback and improve. Introduce a working model and let the public roast you. Learn what works and what doesn’t. Make changes accordingly.

7. WORD OF MOUTH

Do you know the best form of marketing? Referrals. Not only the best but also the cheapest. Get the word out as much as you can by asking your customers to recommend you to their friends and friends of friends. Give them something in return like a gift card and they will happily market you. Win/Win for everyone.

8. BE COMPETITIVE

Be competitive in something. Price, quality, experience, service it doesn’t matter. If you can’t differentiate yourself neither can the consumers.

9. INVEST

Either you are bootstrapping your venture or you are getting funded by a Venture Capital fund, always invest the money you have in the right place. Make each naira count.

10. MICROSOFT EXCEL

Know your numbers. Study and read finance. Your business can be the coolest in the world but it still needs to fill the boring old spreadsheets.

11. FOLLOW THE MONEY

Scale your business fast. The sooner you start earning money from your business the better. Keep improving your MVP (Minimum Viable Product) along the way. Keep your profits high and increase your consumer base as much as you can. Don’t forget old customers in the way, they are more likely to purchase from you again. Market your product and advertise it in every possible medium (Just not T-shirts and baseball caps or nairaland signatures ).

12. THE BIGGER PICTURE

This again goes back to the first ingredient. Don’t forget your vision along the way and stick to it. Pivot in your execution but not in a validated vision. A lot of companies did that and they failed. Build a brand image and let the world know what you stand for. A bad image is better than having none.

Good Luck!

Source: Hamza Amin https://www.quora.com/What-are-some-ways-to-start-a-business
Edited by my humble self for your reading pleasure

Just make sure you're a problem solver

very insightful post, thanks for this

Starting a business involves meticulous planning and execution. One essential aspect is efficient operations, where tools like a wireless label printer prove invaluable. These devices streamline inventory management, labeling products swiftly, reducing errors, and enhancing productivity. Incorporating such technology into your business setup ensures seamless operations, from warehouse organization to customer shipments. Additionally, it reflects a commitment to modernization and customer satisfaction. As you embark on your entrepreneurial journey, investing in tools like a wireless label printer can set a solid foundation for success, optimizing processes and facilitating growth.