Starting a Business

Starting a Business

Different people have different perspectives of how to start a business. The youth believe that once one has capital in the form of cash then that person can start business. Majority of graduates from universities and colleges believe that capital coupled with some work experience is necessary to start a business. The elite working class talks about accumulating capital to start a business to cater for their retirement .The working class  group is very scared to let go of the reliable monthly salary however small it is. The women and men working  in the  markets  believe that you need  an innovative line of products that can sale with capital and support from friends and family members to start off.

Starting business requires guts
Starting business requires a person of guts as it is a journey full of risks. .  There is no known set of competence like experience, education, training, planning and others required to start a business. It is just being determined to start off with or without capital. It is a matter of having an innovative idea which no one else has. It is about risk taking involving the abandonment of the comfort zone of earning monthly salary or other stable income. It is not about getting your innovative idea endorsed by your friends or relatives. Many of your friends and relatives may think you are crazy when you start talking about abandoning the employment or other safe source of income for business.

Do it yourself approach
You have to be very good in “do it yourself approach” as you may not at a very start  afford the salaries to engage adequate  people to support you.  After all many competent staff may not wish to work for you because of the start- up level you are at  Competent people tend to  search for  employment with already established organizations which will  develop their career! They do not want to take any risks with start ups! You have also  to look for customers, make your own calls, fixed your own tea, arrange your own production areas, obtain the license, open bank accounts and look for suppliers, market yourself and the business among other thing. You need to learn to do it yourself.

Business opportunities
Many people tend to see a world full of challenges but not a world full of opportunities.  Every challenge creates an opportunity depending on how you look at it.  For example death in itself is bad but creates an opportunity for the undertakers and coffin makers and all people with businesses in the sector!  The market therefore creates opportunities for people to exploit in creating wealth which will help in getting people out of poverty. Business opportunities are always available but they all require some degree of risk taking.

Highlights in starting a business
There are no well defined rules of starting a business that one can follow. Common sense appears to be more of the golden rule. There is some form of best practice in each line of business which can be of help. However, the best practice varies from country to country and from business to business which makes it even more difficult to follow any best practice.  The following are however the highlights;

  • You must have a passion for business
  • Be prepared to invest your time as capital
  • You need an innovative business idea which you believe in.
  • You must have a road map to turn your idea into reality
  • You must take action
  • You must enjoy and love the business you have decided to do
  • You must be clear about the potential market
  • Don’t be afraid of making mistakes but do not repeat the same mistakes.
  • Never give up.
  • Prepare a  formal business plan
  • Put proper management structure in place
  • Hire competent professional advisors
  • Obtain appropriate capital  finance

It is therefore possible to start a business provided you have unwavering determination to be in business. Do not worry about your background as  being in business is an area of only people with guts. If you feel you have the guts just start now on the road to make money. It is never too late to be in business.

About The Author

John Muhaise-Bikalemesa (JMB), a Certified Public Accountant , with over 35 years’ experience in business strategy, capacity building, business risk management , diagnostic studies, tax advisory, project management, due diligence and feasibility studies, business plan development, capital raising, business and share valuations, business development, assurance services , institutional development and diagnostic studies across various sectors. John has traveled widely across Africa and provided strategic and thought leadership direction to various organisations in Africa and beyond.

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