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HOW TO START YOUR OWN BUSINESS AND BE YOUR OWN BOSS.

INTRODUCTION.
More facts have emerged on the failure of some business enterprises in Nigeria. Are you thinking of going into a business? To run a business of your own, will bring a sense of independence, an opportunity to use your own ideas, earn higher income, profit, return on investment and experience the pride of ownership. You will be a boss, by being a boss; you can also adopt new ideas quickly since your enterprise will be a standardized one. This opportunity for flexibility will be one of your greater assets. You must accept sole responsibility for all final decisions. Wrong judgment on your part can result in losses not only to yourself but, possibly, to your employees, creditors and customers as well. Moreover, you must all alone withstand adverse situations caused by circumstances beyond your control, such as depressed economic conditions or sometimes strong cut-throat or unethical competition.

REALIZE YOUR WEAKNESS FROM YOUR STRENGTH.
You must also realize that you will be the most important employee in your organization. It is imperative, therefore, that you carefully analyze your weak as well as your strong points. To overcome disadvantages and obstacles and keep your business profitable means long hours of hard work. Invariably, when you become your own boss, you will work longer hours than when you were working for someone else. At least, this will be necessary in the beginning if not for quite some time. No matter what business you choose-whether as manufacturing, wholesales, retailing or service business-you must satisfy your customers, your creditors and your competitors will dictate to you. Customs, standards organizations, quality controlling agencies, health authorities and even insurance people will see that you meet certain standards or criteria and follow certain laws or regulations. You will also have to abide by the prevailing labour, wage and of course, keep up-to-date records in accordance with the requirement of the local or national tax payment system.

RECOGNIZE THE TYPE OF PERSON YOU ARE.
So the first question you should answer after recognizing that there is a dark side as well as a bright side of the prospect of establishing your own business is “Am I the Adventurous, Self Determined, Diligent, Independent, Self Reliant and Highly Motivated Type? You will do it to recognize your weak points and be able to properly x-ray them before starting your business. Perhaps you can compensate for them by hiring the right help or obtain the right type of associates whose strong points should offset your weak ones. If you are weak in too many of the traits needed for managing a business, do not at all undertake the venture.

BE A GOOD FORECASTER.
The market forecast assumptions consist almost entirely of objective factors such as; the state of the economy over the next 5-10 years, the impact of potential competition, customer acceptance rate and price sensitivity. However, be aware of the fact that test marketing is not a panacea. If the business forecast seems to be bias, the profitability also may seem to be overly optimistic.

PICK THE RIGHT CHOICE OF BUSINESS.
You must start by writing out a summary of your background and experience. This should include the varieties of your job experience, academic and educational attainments and even your hobbies. Then write down what you really would like to do. Try to match these with what you would like to do with what you have done. If you do not like the kind of business you have chosen, your frustration and lack of enthusiasm may lead to its failure. But in making your selection, remember that the more experience and training you have had, that can be put to direct use in operating a particular enterprise, the better your chances of success. Next, you must make a sincere effort to determine, as best as you can, whether customers or clients will like the type of business or service that you wish to establish. So, pick the field you think you know much about.

HOW MUCH INITIAL MONEY (CAPITAL) IS NEEDED[truncated by WhatsApp]

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HOW TO START YOUR OWN BUSINESS AND BE YOUR OWN BOSS.

INTRODUCTION.
More facts have emerged on the failure of some business enterprises in Nigeria. Are you thinking of going into a business? To run a business of your own, will bring a sense of independence, an opportunity to use your own ideas, earn higher income, profit, return on investment and experience the pride of ownership. You will be a boss, by being a boss; you can also adopt new ideas quickly since your enterprise will be a standardized one. This opportunity for flexibility will be one of your greater assets. You must accept sole responsibility for all final decisions. Wrong judgment on your part can result in losses not only to yourself but, possibly, to your employees, creditors and customers as well. Moreover, you must all alone withstand adverse situations caused by circumstances beyond your control, such as depressed economic conditions or sometimes strong cut-throat or unethical competition.

REALIZE YOUR WEAKNESS FROM YOUR STRENGTH.
You must also realize that you will be the most important employee in your organization. It is imperative, therefore, that you carefully analyze your weak as well as your strong points. To overcome disadvantages and obstacles and keep your business profitable means long hours of hard work. Invariably, when you become your own boss, you will work longer hours than when you were working for someone else. At least, this will be necessary in the beginning if not for quite some time. No matter what business you choose-whether as manufacturing, wholesales, retailing or service business-you must satisfy your customers, your creditors and your competitors will dictate to you. Customs, standards organizations, quality controlling agencies, health authorities and even insurance people will see that you meet certain standards or criteria and follow certain laws or regulations. You will also have to abide by the prevailing labour, wage and of course, keep up-to-date records in accordance with the requirement of the local or national tax payment system.

RECOGNIZE THE TYPE OF PERSON YOU ARE.
So the first question you should answer after recognizing that there is a dark side as well as a bright side of the prospect of establishing your own business is “Am I the Adventurous, Self Determined, Diligent, Independent, Self Reliant and Highly Motivated Type? You will do it to recognize your weak points and be able to properly x-ray them before starting your business. Perhaps you can compensate for them by hiring the right help or obtain the right type of associates whose strong points should offset your weak ones. If you are weak in too many of the traits needed for managing a business, do not at all undertake the venture.

BE A GOOD FORECASTER.
The market forecast assumptions consist almost entirely of objective factors such as; the state of the economy over the next 5-10 years, the impact of potential competition, customer acceptance rate and price sensitivity. However, be aware of the fact that test marketing is not a panacea. If the business forecast seems to be bias, the profitability also may seem to be overly optimistic.

PICK THE RIGHT CHOICE OF BUSINESS.
You must start by writing out a summary of your background and experience. This should include the varieties of your job experience, academic and educational attainments and even your hobbies. Then write down what you really would like to do. Try to match these with what you would like to do with what you have done. If you do not like the kind of business you have chosen, your frustration and lack of enthusiasm may lead to its failure. But in making your selection, remember that the more experience and training you have had, that can be put to direct use in operating a particular enterprise, the better your chances of success. Next, you must make a sincere effort to determine, as best as you can, whether customers or clients will like the type of business or service that you wish to establish. So, pick the field you think you know much about.

HOW MUCH INITIAL MONEY (CAPITAL) IS NEEDED[truncated by WhatsApp]

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