• Saturday, June 22, 2024
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BusinessDay

Be your own boss

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In a world where Job security and employment are not so attainable for all, everyone seems to make efforts to generate income for themselves and their families. A lot of persons try to attain financial security by creating mini or micro businesses.

Others are ignorant of what entrepreneurship entails, so they end up doing nothing. Some are still weighing the odds and hence, get cold feet or procrastinate on making a business decision. Meanwhile, they forget that the greatest risk to take is to do nothing at all.

A renowned business entrepreneur, the founder of the rich dad company called Robert, Kiyosaki, once said that “financial freedom is freedom from fear and if you want to be financially free, you need to be a different person than you are today”. Now the question is, what are you doing wrong? What should you do differently? How do you create for yourself multiple streams of income alongside your Job and how do you start? To answer the above questions, let’s identify what entrepreneurship is about.

Entrepreneurship can be seen as the activity of setting up a business while taking up all financial risks with the aim of making profits. Notice in the definition that you have to take risks in order to achieve financial gain. But in a nutshell, entrepreneurship is all about identifying human problems and taking risks to solve them, while making financial gains.

However, before making a vital decision to start-up a business, it is imperative to note the following important steps: Identity What People Need: As stated earlier, entrepreneurship is about identifying a human problem or need. The person who produced the “umbrella” observed that people need shelter while it rains and had a eureka moment. Hence today, almost everyone possesses an umbrella. Thus, human need is an important factor in identifying a business direction. Learn the Necessary Skills: Whether your interest lies in digital marketing, making shoes, or real estate, you’d definitely require the necessary skill to do so.

Therefore, it is imperative to invest in knowing the ins and outs of your chosen field. Look for People in the Same Line of Business: This would help you understand how that industry works. It will also will help you gather enough information on your competitors and how to do things differently for a competitive advantage. Write Out Your Business Plan: It is necessary to have a defined goal and strategize on how to actualize your dream. As it is popularly said, “when a purpose is not known, abuse is inevitable”. Start: Start with what you have as you don’t necessarily need large funds to start a business.

All you need is the necessary skill, information and word-of-mouth marketing. You could start with a free trial product or service to convince people about your product quality. One client could earn you lots of referrals and repeat purchases that will accelerate your business’ growth to a large customer base. The above steps are imperative to make a difference in your entrepreneurial story.

Whatever service or product you want to create, ensure that you are consistent and confident in achieving your goal. Most importantly, if you must BE YOUR OWN BOSS, you need to act and start now.

Glory Enyinnaya is an international business consultant and corporate change agent who has consulted for a diverse range of blue-chip companies, including Accenture, Nigeria LNG, British-American Tobacco, Access Bank, FCMB and MTN. She has also advised over 200 entrepreneurs for clients such as the Centre for Global Enterprise (New York), the Entrepreneur Scan (Netherlands) and the International Business Accelerator (United States).