three common approaches to entrepreneurship:


•Do What Your Know – Have you been laid off or want a change? Look at what work you have performed in the past for others and think about how you could package those skills and offer them as your own services or products.

•Do What Others Do – Learn about other businesses that interest you. Once you have identified a business you like -- emulate it.

•Solve a Common Everyday Problem – Is there a gap in the market? Is there a service or product you would like to bring to market? (Note: this is the highest risk of the three approaches). If you choose to do this, make sure that you become a student and gain knowledge first before you spend any money.

3. Business planning improves your chances for success.

Most people don’t plan BUT it will help you get to market faster. A business plan will help you gain clarity, focus, and confidence. A plan does not need to be more than one page; and, as you write down your goals, strategies and action steps – your business becomes REAL.
Ask yourself the following questions:
•What am I building?

•Who am I in service of?

•What is the promise I am making to my customers/clients and to myself?

•What are my objectives, strategies and action plans (steps) to achieve my goals?

4. Know who will buy your product or service before you spend a penny.

Before you spend money, find out if people will actually buy your products or services first. This may be the most important thing you do! You can do this by validating your market. In other words, who EXACTLY will buy your products or services other than your family or friends? (And don’t say… “Everyone in Nigeria will want my product”. Trust me. They won’t). What is the size of your target market? Who are your customers? Is your product or service relevant to their everyday life? Why do they need it?