Presented By Gbenga Emiloju
INTRODUCTION
Many dreams of owning their own businesses but few ever do so. Why? They get distracted by fear of what may go wrong, doubts their abilities, lack of knowledge about how to start and run it, inability to get funds and several other issues.
Anyone can become a successful entrepreneur and take control of his/her life. In fact, becoming an entrepreneur not only put you in charge of your own life but also that of others. All it takes is having the right attitude to confront your fear.
CONCEPTUAL CLARIFICATIONS
What Is Self-Employment? Self-employment is earning income without being employed and paid by someone else.
Who Is A Self-Employed Person? Self-employed individual are people who do not work for employers or work with paid-employment organization, but find work for themselves, or have their own business.
What Is Entrepreneurship? Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its uncertainties in order to make a profit.
Who is an Entrepreneur? Someone who assumes the financial risk of the initiation, operation and management of a business.
TYPES OF SELF-EMPLOYMENT
Independent Contractors: Independent contractors are individuals hired to perform specific jobs for clients, meaning that they are only paid for their jobs.
Sole Proprietors: Sole proprietors refer to a type of enterprise that is owned and operated by a single individual.
Partnerships: Partnerships are an arrangement between two or more individuals to manage and operate a business together and share in its profits and losses.
SELF-EMPLOYMENT AND ENTREPRENEURSHIP
Self-employment is a subset of entrepreneurship, focusing on working for oneself and assuming full responsibility for one’s business.
Entrepreneurship, on the other hand, encompasses a broader scope. It involves not only self-employment but also the creation and management of a business venture with the aim of achieving growth and success.
BENEFITS OF BECOMING AN ENTREPRENUR
Job Security
Independence
You can work from anywhere and anytime
You have the opportunity to create jobs
No limit to how much money you can make
You can do what you actually enjoy
You will become more mature and self-disciplined
You can live out your true potentials and purpose
It enhances your personal growth and greatness
You are the BOSS
CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR
Visionary: Ability to see beyond the present by creating a mental image of a better future
Optimistic: To have a successful business, you must start out as an optimist
Creativity: A creative ability is a vital tool to becoming a successful entrepreneur
Daring: A successful business person must develop strong appetite for risk taking
Goal Getter: Every successful business person has the mindset of goal attainment
Self-confidence: Ability to face challenges/problems with boldness and enthusiasm
Proactive: Ability to initiate profitable idea and take advantage of it ahead of others
Dedication/Commitment: The courage to start and stay through to your dream to a successful end
Result-oriented: The ability to stick with an idea till the desired result is achieved
Diligence: Successful entrepreneurs are diligent and hard-working in their chosen fields
TYPES OF BUSINESS
Trading Business: Buying and Selling of finished products
Production Business: Getting raw materials to produce finished products
Seasonal Business: Businesses that are peculiar to certain seasons or a period of time
Vocational Business: Business that is dimensional to one’s vocation
Service Business: Businesses that offer only services
HOW TO GENERATE BUSINESS IDEA
The following questions will help you:
What talents do you have?
What are your educational qualifications?
What are your hobbies?
What are your character traits?
How well do you relate with others?
What do you dream of doing with your life?
Which environment are you located?
How friendly are government policies and control
WAYS TO RAISE FUNDS TO START BUSINESS
Family and Friends
Private Investors
Bank loans
Awards/Competition
Freelancing or Contracting
Grants
Equity on your Property
Savings
Selling personal items
Inheritance
IMPORTANT FACTORS FOR BUSINESS SUCCESS
Idea: Develop quality productive idea
Time: Your business will take time to manifest
People: Connect with the right people
Sacrifice: There is always a price you must pay
Innovation: Always improve on your previous ideas
Knowledge: Acquire needed/necessary knowledge
Opportunity: Take timely advantage of opportunities
Relationship: Build productive relationship
Passion for Excellence: Develop passion for excellence.
Total Quality Control: Adhere strictly to total quality management
ANALYSIS FOR BUSINESS PLAN
Market Analysis: For a small business to be successful, the owner must know the market and understand the best approach to survive it
Environmental Analysis: Environmental analysis helps you to understand the external environs of the intended start-up in order to have knowledge of the situation within the locality
Internal Analysis: Mckinsey’s 7s model helps a start-up business assess its systems, strategies, staff, skills, styles, structures and Share value needed for the smooth running of a business.
SWOT Analysis
Strengths: What are the strengths that your organization has that can be used to exploit against competitors to win more customers
Weaknesses: What are the weaknesses that you need to work on and improved on and ignore those that don’t require investment
Opportunities: What are the potential and untapped market opportunities available for your business to exploit
Threats: How to ensure that all threats to your business are taken into account in order for the business to grow
BUSINESS MISTAKES TO AVOID
Inconsistency in your marketing efforts
Lack of diversification
Not Having a Clear Marketing Message
Going Overboard
Forgetting that Slow and Steady win the Race
Not Getting Feedback
Giving a Wrong Message
Running Business like Charity Organization
Unattractive Packaging
Lack of innovation
WHY PEOPLE FAIL IN BUSINESS
The “Copy Cat” Factor
Lack of Discipline
Lack of Personal Growth
Lack of Direction/Plan
Wrong Expectation
Quitting Too Soon
Inadequate Funds
Debt
Poor Location
Poor Management
CONCLUSION: As an entrepreneur, you will face many problems and challenges as you start working on your business idea, but be rest assured that success is attainable only if you don’t give up on your dream.
Discipline and determination are what give successful business people the endurance to follow through on their business ideas, and weather the storms and calms of the economic climate. Successful business people are tenacious; knowing that obstacles are temporary barriers that they must work around and go through.
Therefore, I charge you to go forward and have success in your business.
THANK YOU
FOR COMMENT/QUESTION:
gemiloju@yahoo.com
+2348033863789
