Before you Start Business…

If you want to start your business…

Identify the problem you want to solve. Study the players in the industry you want to venture into. Discuss the niche you see with at least two other business-minded people. Be certain you are not under any illusion about the opportunity that you want to grab.

Then master your business – the entire value chain – from the raw materials to the time your product reaches the consumer and the payment system you’ve put in place. Learn fast – no one will baby sit you in business – today’s customer is very impatient.

Learn from people who’ve been in the industry before you. Listen to employees, suppliers and service providers. Don’t pretend to know it all. Be hands-on to start with to know all the nuts and bolts of your business. Delay gratification. Separate personal finances from business money.

Focus on your line of business. As a start-up, avoid any temptation to jump into several ideas. Selection is the name of the game. Focus your energy and resources into one and only one business. Be consistent. Don’t quit no matter the challenges you come across. And pray for your business.