05 Tips To Start Your Business Off Right

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The pattern over the last ten years has changed. The vast number of young people now want to take the lead in private initiative and create their own business, and thus become entrepreneurs. This is certainly a laudable intention. However, it involves challenges, issues and difficulties that everyone will have to deal with during their entrepreneurial process. With this in mind, we have decided to provide you with 05 simple tips that at first glance may seem like no big deal, but will help you start your own business.

1-Who do we really call an entrepreneur ?

An entrepreneur is a business leader who has several skills and qualities necessary to produce an economic project.  he principle of versatility is really important. The entrepreneur must be able to hold several skills at the same time. Since he is his own boss, he must fulfill many functions within the company. He can be a manager as well as a communicator, an accountant or a human resources manager. “Entrepreneurship without skills limits your potential” said the famous Zimbabwean entrepreneur Dr. Strive Masiyiwaa.

2-Tips for a successful entrepreneurship project

Find your business idea

Start by proposing a solution to a problem or a need that you have perceived around you. Define it and give it a clear description. Have a precise idea of what you want to do. This idea must however meet certain criteria:

– It must not be too competitive

– It must be able to attract a large number of customers and at the same time be sustainable in the long term

– And it must be digitizable in order to compensate for certain cases of force majeure that could occur.

“The idea that I defend must be bigger than myself so that I can hold on.  Ola Aminou, successful Beninese entrepreneur.

Get to grips with the idea’s market

The idea is still at the first stage, it is not yet implemented, it is up to you to know if it will be able to survive and develop after its launch, you need to make a market study to have a draft of the personae regarding your potential customers and also get information about your competitors and estimate the scale of the challenge ahead. It is during this step that you will know whether or not your business will be viable.

“It’s not about whether you have an idea. It’s about how you can make it happen.” Scott Belsky.

3-Setting up your BUSINESS MODEL and BUSINESS PLAN

Once you have done a complete review of the different types of schemes in which you would have planned to launch your project. It is now time to put together your BUSINESS MODEL, which will more accurately reveal how your business intends to operate in all its aspects on the market after its implementation.

As for the BUSINESS PLAN, it gathers first of all the conclusions of your BUSINESS MODEL, the forecasts on the different types of cases or scenarios that your company will face.

4-Getting finance for your project

The main part of the funds to finance your project must come from you. The savings that you would have made over a well-defined period of time from your work or from your small jobs. The rest can come from a loan you could make to the bank, a fundraising appeal you could make to find investors, or funding from grants such as the Tony Elumelu Foundation that you could receive. And let’s not forget the help that your friends and family can give you. In all these cases you will absolutely need your BUSINESS PLAN to prove the value of your project.

5-Make a choice of legal status for your company

The choice of the legal structure of one’s future company is too often neglected by new entrepreneurs but it is really crucial. Whether you have chosen to become a SAS, a SASU, a SARL, a EURL or a SA. The choice will have an immediate or long-term effect on several parameters: the social status of the manager, the tax system, the responsibilities. It is therefore advisable to think carefully about the subject.

In short, you will have to start with a great idea, explore its various possibilities for its implementation, write in proper form its BUSINNESS MODEL and BUSINESS PLAN, find the necessary budget to give birth to the project and choose in which legal framework to evolve. And there you go. The effort you have made in setting up your start-up will never be wasted.

If you fail, you will have learned a lot from your failure. If you succeed you will have the personal satisfaction of having accomplished something great, become a source of inspiration for others and at the same time create jobs for those who have not.

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