Starting and owning a business could be a humongous task as a due to the current unfavourable economic climate in Nigeria. The naira is about #305 to a dollar, oil prices are plummeting and the numbers for 2016 will not make any businessman or investor smile. This is not playing devil’s advocate but these are the facts on ground. This gloomy economic ambience has made many people scared and afraid of starting up a business despite wining and dining with business ideas daily. They are yet to bring these ideas to fruition because of fear. In line with this, here are 6 fool-proof ways to overcome your worries and actually start and own a business enterprise.
Why do you want to start the business?
This is a question that every intending entrepreneur should ask themselves. Many argument that some tender is that they do not want to be bossed by anyone. They want to be the boss. Meanwhile, they lack the wherewithal to run a business let alone being a boss. How can you conquer fear if you do not have a valid reason for initiating a business? If the business trajectory is wrong then the would-be entrepreneur is romanticising with failure.
Seek Knowledge
Knowledge is power. With knowledge, you can attain any desired height. Starting a business is not a child’s play. It entails research, comprehensive understanding of the sector you are planning to invest, reading entrepreneurial books, and interacting with other entrepreneurs. Armed with this knowledge, the success of your start up is 50% guaranteed.
Set Realistic Goal
In the life of any business venture, there is a probation period. A period whereby the business is not expected to make any profit. Your focus should be on stabilizing it for about 2 years before you anticipating returns. However, some intending entrepreneur want a teething business to immediately boom. So, set realistic goals that you can achieve within a specific time.
Be patient
The Dangotes, Otedolas et al did not cement their business future within few years of establishing it. They work round the clock to raise it to the status they are today. Hence, you must have a thick skin in order to survive the hard-hitting Nigeria business terrain. Be patient.
The Start-up capital
Finance is the biggest limitation for any business. Without the needed capital, it is difficult to journey into business. Notwithstanding, it is pertinent to align your goals with your finance. You should begin with the available capital and ensure that you reach out to investors by selling your ideas to them. Alternatively, you can source for funds through crowdsourcing. The internet has made sourcing for funds less complicated.
Build a motivation network
There are times you may feel like abdicating your business ambition. However, if you can evolve a network of friends, family members and fellow entrepreneurs that can motivate you whenever you are discouraged, it will go a long way in helping you conquer your fears.
