₦airaland Forum

Good night people,Hope to see you again tomorrow.

A business owner is in the best position to make a decision as to which product to provide.However,one can draw inspiration from different sources,viz:Copy of existing business,personal experience,hobby,vocation,invention,business sites,blogs,newspapers,magazines,survey of resources.What are your friend's interests?

There are over a hundred answers a prospective business owner must provide before starting a business.Hope you will be patient while I take them one after the other.By the time I'm through,you will be glad you followed.Thanks for your audience.

What is your vision statement?What do you see your business becoming in the future,in your industry,under the best circumstance?What are your future plans for the business?

Decide on the structure of business.What type of business do you want to establish?Is it a sole proprietorship,partnership,private or public company?Your decision on the structure will depend on how much control you wish to have in the business,capital and your ability to bear risks.

He was the best we ever had.Unfortunately,Nigerians do not appreciate selfless leadership.Sad

Choose a name for your business.The name should be catchy,short,easy to remember and should reflect the goods or services you intend to provide.

Answer the following questions correctly and you will never be a business failure.I'll exclude the aspect on customer analysis because I have hitherto discussed them on this thread.

CEOs in the forum,as you go to sleep,ask yourselves,What aspect of your business requires attention?What areas do you need to improve on? Have yourselves a nice night rest.

It's very possible in a service business but not likely in a buying and selling or manufacturing business,except where there is a drastic economical,political,climatic or technological change in the business environment.

Business is not a hit and run or Ad hoc thing.Customer satisfaction is the key to business survival.To continue in business,you have to give your customers a reason to keep calling.Give them what they want and they will keep patronizing you.Do the otherwise and they will be gone.

No response yet!

The fact that you possess HND or BSc has absolutely no influence on your intellectual capability.A Bachelors Degree will only equip you better than an HND.A typical instance in Engineering,Advanced Calculus which comprises of Fourier Series,LaPlace Transforms and others which is offered in 200L in the Uni,is an HND course in the Poly.They don't even go into details.

What practicals are you guys taking about?I have experienced the both sides so I'm expected not to be biased in my judgement.I hold an HND in Electrical Engineering( Power & Machine Option).Subsequently,I proceeded to the University to study Accounting.I took this decision not out of frustration but love for Accounting.

I do not buy the opinion that Degree holders cannot measure up to their HND counterparts.Their responsibilities in an organisation are different.Besides,we are all presented with equal opportunities to attend poly,Uni,Colleges of Edu or others.The choice is for individuals to make.If a person is not satisfied with his educational qualification,the room for advancement is not exhausted.

Responses please.I'm still waiting.

There is a key to business survival.Does anybody in the house know what it is?I need responses.

However novel or innovative you think your idea is,don't make the mistake of rushing into business.Otherwise,you will rush out.Conduct adequate research,get a pen and a piece of paper and write-down your plan.Remember If a business does not work on paper,it will never work in reality.Hope you all had a cool Sunday?

8.Will they consult friends or family members before making purchase decisions?

2.What are their wants and needs?

Customer analysis is one of the most important,if not the most important task expected of a business owner.This is because the survival of a business depends on how much patronage received from customers.Providing answers to the following questions will assist the small business owner in conducting an effective customer analysis:

You can get to me by sending an email to: patafrique2005@yahoo.com Thanks.

12.Respond to customer complaints politely and quickly and make sure that you are easily reachable.

1.Identify your customers/clients.Know what their needs are.Ask them how they want the job to be done.Pay attention to their needs and satisfy them accordingly.

A consultant is someone who has a versed knowlede or experience in a particular field of human endeavour.To become a business consultant,you do not need any degree or certification.However,to register a business name as a consulting firm or establishing a consulting company,you must posses a Masters degree in a relevant discipline or a recognised professional qualification e.g ACA.

22.Offer discounts and incentives to customers.

21.Know your average sales transactions and what you can do to increase them.

19.Have the name of your business boldly and beautifully printed on a sign board at the top entrance of your shop.

16.No body wants to be associated with a dirty environment so keep your shop as neat and tidy as possible.