Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

Monday, July 28, 2008

Decisions to make


This weekend was really chilled. I didn't do much, I have become addicted to Gossip Girls and have been watching the episodes back to back. Its a wonder how fascinating the lives of the young and wealthy are! I mean really, can peoples lives really be that dramatic at 14-17??

I have thought a lot about Entrepreneurship and have decided to give it a try. Lots of great advice out there

1) Make sure the business has growth potential and is targeting a neglected area in the market
2) It should preferably service a niche market
3) A business plan is essential before proceeding any further
4) It is not wise to quit your job in the early stages of setting up the business
5) Guard your ideas, be careful who you tell. A friend of mine nearly had his business idea stolen. The guy had already duplicated the business but was caught before he had done any serious damage. This doesn't mean you should't share you plans with people who will help you out with ideas and good advice, just be selective.
6) Get some experience in the business you are trying to get into.
7) Gather as much knowledge as you can about the industry.
8) Be realistic with your projections for the business.
9) If you decide to partner with someone, make sure they have a different set of skills to bring into the business
10)Don't R U S H. Proper planning is key.
11) Start small and you make small mistakes, start big and you make big mistakes.
12) Pray! Pray!Pray!

So with all this I have started to create my business plan. The problem with business plans is that the 'numbers' for Nigeria are just not available. I may be wrong but you don't find many research papers on Nigeria or surveys in a particular industry etc. Does anyone know where I can find useful resources?

Have a great week. I'll let you know how I'm progressing later on this week.