7 Useful Tips For Starting And Running A Successful Business

Owning a lucrative business is everybody’s dream but only few succeed when it comes to starting and running it successfully. Entrepreneurs are not super-humans but people who have the ability to carefully indulge in business risks and prevent or minimize losses; they are mostly driven by passion, the desire for self reliance and the zeal to solve problems. The business person always sees opportunities and works to explore them profitably, they learn from failures and strategize quickly against situations that may hamper the growth of their investment. Starting and succeeding requires the following:

Ideation

Every business begins with an idea; it requires a great deal of thinking. An idea can be entirely new or an improvement on an existing one to proffer solutions and fill needs.

Knowledge and Competence

Whatever area one desires to pursue, knowledge and competence is sacrosanct and in the absence of these, the help of a professional should be employed.

Vision and Passion

In Steve Jobs words: “if you are working on something exciting that you really care about, you don’t have to be pushed. The vision pulls you.”  Vision is the link that connects you to the future of your desire while passion is the amour you will need to excel in the face of challenges, failures and adversities.

Business Planning

A plan is the compass required for successful navigation which can be use for implementation and control when the business starts and is in full gear.

Financing

Finance is the life blood of every startup. When one wants to start a venture, the availability and sources of financing should be defined with clarity to avoid disruption or halting of business activities in the short-run or long-run.

Competitiveness

A business must be positioned to lead or compete favourably through quality control and standardization in order to avoid failure or loss of market share.

Creativity and Innovation

The ability to come up with entirely new things and ways of doing things goes a long way to propel a venture for greatness.

 

This article was written by Sule Muhammed Lawwal

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