To many people, Business is any venture that yields material gains to an initiator which may not be necessarily the case. In addition to that, many people hold a perception that one cannot do business without money .they forgets that charities and churches are businesses as well. Business is an opportunity to provide for the needs of people in society. A church would be providing for spiritual need s of people. Charity may get funding from partners, donations, fundraising. That is why they call themselves ‘NON Profit organizations’. Normally businesses are started to provide for two basic types of needs; spiritual and material.
However anyone must always consider ask one question before starting a business.
Is it commercial (profit oriented) , non profit (charity)? But not both. Imagine a business that sells drinks to some customers and at the same time give them out for free to others. It will be difficult to distinguish those for free charge and those to be charged. Other another common form of business may be subsidizing say half price.
Investment is a decision after commitment to do business. This comes with risks. This calls for planning and research around needs assessment. However most of the unsuccessfully entrepreneurs prefer try and error. or bandwagon approach. Simply starting a business because you have seen others profit from it. Most successful business persons will venture into a field where their interests (passion) or expertise lies. Then you grow the business as part of you. Following crowds in doing things breeds failures. Don’t be pulled into a business venture because of the profits by those already there. Take time to plan for you business. Planning will help you formulate goals, vision and strategic sustainability long-term plans. By having goals and vision in place you are to have lasting guiding magic of your business decisions. At the stage you address tools to outcompete your competitors because you can create a niche (how differently will my business run or offer business from the normal way.
Everyone has ability to make distinctive form of business. Everyone requires discipline, research, exposure (insight into business you want to start), critical planning and thinking. It’s not matter of needs assessment to identify services people need but the target audience in what area you look also counts. My brother gave an example of someone preaching Jesus’ coming and marriage to hungry people. There are chances of not listening to that preacher.
After understanding nature of your would be customers, their location and needs. Embark on business establishment. Here you will have write down working plan stating time periods of achieving each requirement for example purchasing land, construction, launch, going public and so forth. Remember you reap what you saw. A business may not profit that evening but in long run. Remember you still need discipline and life skills, courage, determination and faith to stay in there.
Written by
Baliboola. N .Ivan
Kampala, Uganda
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It’s part of book series of layman’s Business blueprint by the same author. Article can be published only outside Uganda. In Uganda you will get permission from me
