₦airaland Forum

THE ECONOMY IS NOT THE ISSUE. THE ISSUE IS YOU.

Are you angry at the corruption in the corporate world? Are you angry at the government of the day for not doing enough of the right things ? Or are you angry at yourself for not taking control of your finances sooner?
Life is tough. The question is what are you going to do about it? Moaning and groaning about the economy, politicians or others won't secure your financial future. If you want a solid future, you need to create it by taking charge of your income sources today ( You need your own business ).

These may be the economic hard times for the majority, but for many entrepreneurs, these are times teeming with economic potential. Not only is now the time to have your own business, but there has never been a better time than right now.

Is there anything you are knowledgeable about ? If your answer is YES, congratulation because the business model I'm going to share with you in the eBooks you don't have to raise the capital to create your business that has already been done for you. You make things happen by pull yourself out of the rows of passenger seats, walk to the head of the bus, and get behind the wheel of your life.

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STEP TWO

HOW TO START YOUR OWN BUSINESS[/b]

Before you take the crucial decision to go into business you have to weigh your personal circumstances as to your ability, training,
Experience, motivation and financial capability because in business, there no guarantees. There is simply no way to eliminate all the risks in starting a business, but you can improve your chances of success with good plan, preparation and insight. Start by evaluating your strength and weakness as a potential manager of a small business. After weighing these factors and you think you can go into of your own, by all means, go ahead. In reaching this important decision, however, there are other vary important factors you have to consider. In particular you will have to ask yourself the following questions.

1.Do I have the ability and experience to exploit the opportunity? or can I acquire the ability and experience ? Never get discourage if you think you do not have enough experience. If you have enough motivation, you will win as long as you are prepared to start on a small scale and acquire experience through practice.

2.How will the business affect your family? The first few years of business start up can affect family life. It’s important for the members to know what to expect and for you to be able to succeed they need to support at all time. There may be financial difficulties until the business is starting to profitable, which could take months or years.

3.Have I done a feasibility study to satisfy myself that there is enough market for the business and to examine more deeply the requirements of the business? Does the feasibility report indicate the business will be profitable?

4.How well do I associate with others? Business owners need to develop relationship s with a variety of people including customers, vendors, staff, bankers, and such as lawyers, accountants and consultants.

5.How well do I plan and organize? Research indicate that poor planning is responsible for business failures. Good organization of financials, inventory, schedules and production and avoid many pitfalls.

6.How good I’m at making decisions? Small business owners are required to make constantly – often quickly, independently and under pressure.

7.Do I have the physical and emotionajavascript:void(0);l stamina to run a business? Business own exciting, but its also a lot of work. Can you face six or 12hrs work days every day.

8.Do I have strong drive enough? Running a business can wear you down emotionally. So business owners burn out quickly from having to carry all the responsibility for the success of the business on their own shoulders. Strong motivation will help you survive.

9.Have I discovered a business opportunity? That is have I discovered a product or service for which there is enough market for?

10.Have I considered the legal requirements? If any to be met before the commencement of the business?

11.I’m a self starter? It will be entirely up to you to develop projects, organize your time through on details.

12.Do I have the necessary capital? Or can I raise the necessary capital?

13.What form of business organization do I want to have?

14.How will I manage the business?

15.Where shall I locate the business?

16.Then when will the business begin operation?

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Hello Nairalanders

The report is a compilation of ideas and thought on how an individual especially those on paid job today can plan their transition successfully from paid employment to become a business owner. it is an exposition of how an individual can retire early to create wealth to secure the future and become financially independent by starting and running successfully his/her own multi-million naira business. Is your idea profitable ?



STEP ONE: THE MINDSET FOR SUCCESSFUL ENTREPRENEURIAL
1. Focus on opportunity instead of security :1. Focus on opportunity instead of security : The reality is that life is an insecure state. You can fall ill at anytime or die at any moment. Then start focusing on learning the skills and seeking the opportunities that will make you set for life. Most people never see or capitalize on these because of the illusion of security. And that leaves even more opportunities for you. Real economic security is generated from within. It comes from knowing that you know how to spot, create and capitalize on opportunities. When you master that knowledge. You take a giant step toward financial freedom.

2. Focus on what sell instead of what you know : A common belief of a well-educated professional is “I get paid for what I know “. And if you are a doctor, lawyer, professor, engineer etc that may be the case if you are employed by others. But it is an arrogant and very dangerous attitude when you are on your own. The truth is that the success of any business is not determined by what anybody knows. It’s determined by what sells and how well it sells. Once you are a business owner it’s not what you know but what your customers buy that count most.

3.Focus on getting result instead of following routines: Result are everything you either close the sale or you don’t. You make a profit or you don’t .You keep your over head low or you don’t .Efficiency is doing a job right. Effectiveness is doing the right job. Effectiveness means results and when you’re entrepreneur, result are everything.

4.Focus on earning a profit instead of a paycheck :The job world is more predictable than the self employment world, particularly when it comes to income. If you’re salaried employee, you know exactly how much money you will earn in the next six months. With such predictability, the typical employee mind-set become one of earning to spend. You work hard get your regular paycheck and use it to buy as many goods and services as you can afford. The profit mindset is them.

5.Focus on the vision instead the short term pay off :Most people in the paid job get up and go to the office everyday in return for a paycheck ,interesting work and the opportunity to interact with people they like. They give little thought to what their career and work life will be like in five, ten or twenty years. What are your dream? Get a clear picture of it in your mind eye and focus on it frequently. Then resolve to do something everyday that will contribute to making that dream a reality simple. Keep your sales high and your over head as low as possible .

5.Focus on trying new ideas instead of avoiding mistakes : Don’t expect to be perfect at all time and don’t let the fear of making mistakes keep you from experimenting with new ideas to improve and grow your business. Remember that every mistake and setback carries the seeds of future successes if you are smart enough to look for and learn from.


watch out for the STEP TWO

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