Why start a business? are you confused or you are double minded on whether to start a business or not, here is what Aliko Dangote (Richest black man in the world in the year 2008) said about why you should start a business.
I built a conglomerate and emerged the richest black man in the world in 2008 but it didn’t happen overnight. It took me 30 years to get to where I am today. Youths of today aspire to be like me but they want to achieve it overnight. It’s not going to work. To build a successful business, you must start small and dream big. In the journey of entrepreneurship, “TENACITY OF PURPOSE IS SUPREME”Aliko Dangote. Businessman and Entrepreneur
These principals are documented to give you the reader an insight on why you should start a business and how every day business can be conducted to keep your business flourishing. This is a way of bringing you basic business information to your finger tips.
According to research majority of millionaires and billionaires (like Aliko Dangote, Jack Ma) are self made and have made it through creating or being part of a business.
If you have already decided that you want to start a business of that one thing you are very passionate about, then consider the fact that with starting this business you need to understand that businesses take a lot of commitment, dedication, hard work and constant evaluation in order to flourish.
Why start a business – Aliko Dangote 10 rules
Take a short while to watch this short video by Aliko Dangote titled 10 Rules for Success.
While Starting a business Do not expect to get financially wealthy overnight.Johnmiracle Ejikeme
Well, starting a business has it own advantages and disadvantages. Nevertheless stating a business is a step to financial freedom. Below are reasons on why you should start a business
Reasons why start a business
Below are few reasons why you should consider starting a fully-fledged business if you want to gain financial freedom.
Reach your dreams
If you have always wanted to be wildly successful, starting your own business could be a great start. Because you won’t be limited to a fixed salary monthly in other words there is no limit to how much income you make monthly.
Leave an inheritance
Starting your own business Is crucial because your privileged to Pass the business down to your children and grandchildren.
Abundance of resources
With the dominance of the Internet, it’s easier than ever to find resources you need, including loans, grants, mentors and even startup capital. All you need to start a successful business is getting the right Mentorship.
There is no excuses
What’s really keeping you from being an entrepreneur? Of course there are risks, but there’s nothing forcing you not to take them. Remember this quote made by the founder of Facebook, he said
The biggest risk is not taking any risk… In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.Mark Zuckerberg
Make the world a better place
This may seem like an unrealistic goal for you right now, but your business really could make the world a better place. How? Because the main purpose of starting a business is to solve a critical problem in the society by providing solutions to deluxe it.
Now, that you have uncover the reasons why you should start a business let look at the pros and cons towards starting your own business. So that there won’t be any surprises upfront.
Pros of operating a business
There can be many benefits to starting your own business, including
Reward may mean different thing to different people. For some it might be seeing a new venture grow and succeed. For others it may be conquering the unknown and striking out on their own. However you define reward, starting your own business might hold that promise for you.
Become your own boss
When you start a business and are self-employed, you are your own boss and ultimately control your own destiny. Income. And like I have mentioned in the reason why you should start a business is that there is a no limit to how much you will make on a monthly due. Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.
Starting and Owning your own business is hard work and often requires long, odd hours. In some cases, having your own business may allow you to have more flexible hours. Many stay-at-home parents, for example, choose to become entrepreneurs.
Purchasing an existing business.
While it may not be viewed as “starting” a business, purchasing an existing business (like how Mark Zuckerberg the owner of Facebook bought Whatapp) has proven beneficial for many business owners—but it undoubtedly requires both financial and time investments. For businesses that are already profitable, these new business owners jump past the true startup phase into running a mature business.
Whether you view starting a business as an economic necessity or a way to make some additional income, you might find it generates a new source of income.?
Cons off operating system business
Although there can be many benefits/advantages to starting your own business, you will also face challenges, adversity and some of these are:
It’s a rarely mentioned problem of entrepreneurship, and many new business owners aren’t prepared for it until it happens. Being an entrepreneur is lonely. It’s a singular position, so you won’t have teammates to rely on (completely). You’ll be working lots of hours, so you won’t see your family as often. And your employees will be forced to remain at a bit of a distance
Believe it or not, this is probably the most stressful challenge on this list.
You as an entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones.
Decision fatigue is a real phenomenon , and as a new entrepreneur you will experience it if you parent prepared for the new level of stress.
Being the visionary
As the founder of your startup, you’ll be expected to come up with the profitable business ideas. When a competitor emerges, it will be your responsibility to come up with a response plan to tackle and stay put in the business field. . When your team hits an impenetrable obstacle, your job will be to come up with an alternative plan to move forward. This demands on-the-spot creative thinking — which should be an oxymoron, but entrepreneurs rarely have the luxury of time. The less experience you have, the more pressure you’ll feel from this, and the harder time you’ll have coming up with acceptable plans.
It’s fun to be the boss until you have to enforce something.
Sooner or later, you’ll have to come up with the rules your business follows (business management) , from how many vacation days your workers get to what the proper protocol is when filing a complaint about a coworker.
These details aren’t fun to create, and they aren’t fun to think about, but they are necessary for every business because it help in managing the cash flow.
Abandon Another career
If you’re going to dedicate yourself to starting and nurturing your own business to success, it’s going to be nearly impossible to simultaneously manage another career completely. Walking away from a promising, steady long-term opportunity for something unpredictable is scary — especially if you’ve never run a business before. Unfortunately, there’s no easy way to address this, neither will I make a decision for you. think through your decision logically, and don’t ignore your instincts.
This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers.
They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
Even if their first business went under, they’ve likely made investment contacts and client connections necessary to give them a leg up in a new enterprise. As you are a new entrepreneur, you’ll be starting from scratch, which means you’ll need to start networking like crazy and thinking through all your possible funding options before landing on one.
The Round off
Starting your own business or managing one requires efficient problem solving techniques from management. The most successful business and corporate executives are required to be great problem solvers in order to enable smooth day to day business operations.
As an Entrepreneur, , you should have a great problem solving ability and always capable of solving business challenges both on the employee and client side. Recall that All businesses are about solutions to customer problems.
If there are no problems there are no businesses. All businesses get problems on an everyday basis. Otherwise you will have no way of knowing when and whether the problem was solved. Problem solutions in a complex system often have unintended side effects which can be worse than the original problem.
Entrepreneurs who are good at problem solving are some of the most valuable and respected people in every area. In fact, success in business Is often defined as “the ability to solve problems.” In many cultures, this is called “street smarts,”and it’s valued even more than “book smarts.” The best entrepreneurs have both.