THE WHY QUESTION?
why do people become entrepreneurs?
-they want additional incomes
-they are unemployed
-they dont have job satisfactions
-they want freedom and independence
-they want to implement an idea or something they are passionate about
-they want to be an employer of labour
-they want to do what their peers are doing
-they want to be able to get out what they put in the work
-they want to be responsible for their own failure or success
-they want to solve a problem
-they are bored
-they want to do things their own way
-they want to be able to help others and change lives
-they want to have fun
-they want to face their lives
THE WHAT QUESTION?
what do people look for in a business?
-profitability—–is the business profitable in the long run?
-sustainability——can the business remain profitable for long?
-market size——-is there market for the products/ services?
-working capital——how much working capital does one need to start a business?
-proven concept——-has anyone made money doing the business?
-barrier of entry———can someone easily start the business?
-regulatory compliance——–does the business meet all legal requirements?
-flexibility——–can someone work flexible hours?
-passive income———-can i continue to make money even when u dont work?
THE HOW QUESTION?
how do you make your business successful?
-solve a problem for many or solve many problem for a few people.
-MANAGE MONEY WISELY or make money continuously
-remember it is all about the customer
-remember it is a marathon and not a sprint
-level playing field with the technology
-build a rock solid reputation and project a positive image
-prepare to be copied so be ready for imitations
-employ the right people
reckon you got it……….it is all yours, so go get it.