I D E N T I F Y I N G T H E R I G H T B U S I N E S S F O R Y O U R

P E R S O NBY

ANGELA IHUNWEZEE-MAIL:

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PHONE NUMBER: 080 33 28 04 53

OUTLINE

• Why is this topic necessary

• What does it mean to identify

• The motive behind the business often affects the choice of type

business

• Difference between a small business and entrepreneurial venture

• What are the factors one should take into consideration when

searching out a type of business to invest

• From identifying what’s next

• What kills business

WHY IS THIS TOPIC NECESSARY

• Everyone has a calling in life, what may be good for A may not be Ideal as a business for you

• The foundation for a successful business starts with the right choice of business opportunity

• One of the causes of business failure has been attributed to the wrong choice of business

• There is a law of inertia for every business, what keeps successful entrepreneurs going often is attributed to the passion they have for the business to wait during the trying times, lack of this often results to many closing shop not long after starting a business

THE MOTIVE BEHIND THE BUSINESS OFTEN AFFECTS THE CHOICE OF TYPE BUSINESS

• There is always a reason for starting a business

• Some do so just to augment their income or provide for their families or something to wail away time

• Any one starting a business must ask honestly why he or she wants to go into business. An honest evaluation for doing so is key.

• Going into business means carrying some responsibilities, being accountable to your staff, suppliers, the community and more especially to your customers and your Maker.

THE MOTIVE BEHIND THE BUSINESS OFTEN AFFECTS THE CHOICE OF TYPE BUSINESS PART 2

• There various Morales for starting a business either it is to turn an hobby into a business

• Provide additional stream of income• Plan for the future due to lack of job security• Your desire to create a legacy in business with the

following aims, job creation, poverty alleviation, wealth creationHowever be aware there are two categories of businesses , small businesses and entrepreneurial ventures

THE CATEGORIES OF BUSINESSES

If you want additional income, or a business that can keep you busy.

You then need to choose a small business without innovating the idea.

You are going to ride on the fact that the business you choose is in

vogue therefore potential customers already on ground in need of

the product/services

THE CATEGORIES OF BUSINESSES PART 2

If you have a desire to establish a brand, turn an ordinary business

opportunity as you are in search of one now to an extraordinary

business such as what the founder of Dudu Oshun did taking the

black soap technology and innovating it to what you and I enjoy today.

You should choose an entrepreneurial venture.

DIFFERENCE BETWEEN A SMALL BUSINESS AND ENTREPRENEURIAL VENTURE

Small business

• Mostly lifestyle businesses, where the individual is need of what to do especially to augment income.

• The individual isn’t interested in growing it into an industry, one or two branches is fine

• The employees are kept to the barest minimum

• Type of funding required often comes from savings, friends, and bank overdraft

• The business opportunity is often linked to an entrepreneurial venture. Telecoms and those that sell recharge cards and provide complementary businesses

Entrepreneurial ventures

• Often start as a small business

• However the individual innovates on an already existing business opportunity which is turned to an extraordinary business

• The entrepreneur plans to create a brand which will become an enigma e.g. OMATEK COMPUTERS

• She is ready to wait through the period of slow or no sales, because of the belief that one day it will pay off. E.g. Ruff&Tumble

• These ventures have the following characteristics

• There have potential for growth

• Funding required will definitely include equity (an investor to bring in more money) as it grows

• The fear of outside interference isn’t there

• These business is an employment / wealth creation magnet.

WHAT ARE THE FACTORS ONE SHOULD TAKE INTO CONSIDERATION WHEN CHOOSING A BUSINESS

• Your motive for going into business?• Your kind of person will certainly affect your choice of

business?• Your health as well as what can be allowed or not allowed by

your family• Would you love to hang in there during the slow seasons?• Where you are possibly going to site the business is there a

market available for such your product?• Can you generate or innovative or create ideas to attract

customers to patronize your business?• Are you ready to do all to ensure you succeed?• Do you have the financial wherewithal to kick start the

business

FROM IDENTIFYING WHAT’S NEXT

• Take your time and evaluate if this business can generate a healthy income for you. By simply taking into consideration all the costs involved in starting the business no matter how little ,visa vie the revenue you may like generate

• It is essential that no matter the amount of money you start with you should draw a business plan, which will guide you on how to disburse it and what line of action to take at any given time.

• Be sure to learn all I mean all there is to learn about the idea you choose, the good the bad and ugly

• Finally be aware, that you are by no choice of yours in a global market therefore you should be armed to compete with the rest of the crowd. Therefore be ready to read, attend seminars, consult with a business professional to get it right.

• Take the cue from the likes of Anita Roddick of the body shop, Mrs Fields of Mrs Fields Cookies, Donna Karan of DKNY clothing. Down in Nigeria, Ibidun Awosika of Chairs place. Stella Okoli of Emzor these and many more.

WHAT KILLS BUSINESSES

• Wrong motive for entering into business

• In appropriate planning

• Financial indiscipline

• No plan for credit and its collection

• Poor client/customer relationship

• Sluggish, no hardwork

• Delegating all to employees without supervision

WHAT KILLS BUSINESSES PART 2

• Not being an original, the copy cat syndrome

• Not taking time to find out what the customers expects from your

product/service

• Not realizing you in the market therefore you are open for patronage.

Seeing it as a clique thing

• Not seeing that being in business is a career that should be taken

seriously