starting and running a business

Startingrunningsuccessful business

Presentation

by

Tunde Ojo

Wait a minute...

Why in the world would anyone want to be an

Entrepreneur

This a question we must all sincerely answer before we go on....

Back to our previous question...

...is it

Why?

Or... Why? Why? Why?

Ego trip?

Wealth creation/financial independence?

Joining the joneses?

Just for the fun of it?

Just because you’re having rough time with your boss?

A great sense of mission?

Let me

burst a little

You don't need to be an entrepreneur to live the good

life and be self fulfilled... ...that is if you Feed your family Send you kids to good schools Have a good roof over your head

...and fulfil your financial obligations and generally live honourably

Why must anyone put himself/herself into a great cycle of endless challenges just to be called an entrepreneur?

...because entrepreneurship is tough...everywhere

Also, the rate of business failure is high even in the best of business environment

To live well, all you need is to get agood job in the area of your skill setand passion, keep improving yourselfthrough training and personaldevelopment, walk your way to thetop and plan your retirement

You can always re-invent your career and be fulfilled

So...

...in heaven’s sake is an ENTREPRENEUR

Entrepreneur is a person who

has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome?

The definition...

Wikipedia

The definition...

“An individual who, rather than working as an employee, runs a small business and assumes all the risk and rewards of a given business venture idea, or good or service offered for sale”

The definition...

The entrepreneur is commonly seen as a business leader and innovator of new ideas and business process

Investment Dictionary

Is an someone who always succeed?

Now the big question...

The answer is a big...

It is someone who always holds failure in contempt

What may be a failure to others is only a set back to the real entrepreneurTo the entrepreneur, a setback is a source of additional experience

is full of answers

is full of insights

is one more obstacle down

it’s stepping stone

The true entrepreneur does not fear

to fail, does not fear others, does not fear competition, does not fear a project

Instead, the entrepreneur...

Has “pregnant” setbacks

Is motivated by oppositions

Is inspired by what others consider “impossible”

Does not fear to work (he/she is not really working but actively feeding a passion

Does not fear to work (he/she is not really working but actively feeding a passion)

Does not fear to devote all his/her energies and resources into the chosen undertaking

Does not fear to step outside her/his “comfort zone”

so, who is an entrepreneur?...

...obviously, it is someone who loves to win, but he/she will also derive the most of the pleasure and satisfaction just pursuing

a goal...like hunter chasing his prey

Now that you know who an entrepreneur is, do you still desire to be one

its question time...

Let’sask ourselves some questions to know whether starting business is right for us

Please answer these questions sincerely in your heart

Do you really want to operate independently and be the person making all the decision and shouldering all the responsibilities?

1

Are you willing to work hard and make sacrifices starting a small business entails?

2

Do you have self-confidence and self discipline that will enable you to persevere and build your new enterprise into a success?

3

If the answered “No” to any of these, you’re probably not ready for starting a small business

Why? you may ask

Overnight success stories are just that...

StoriesThe reality is that success is won

through hard work over time

Starting your business...let’s consider some basic steps

Start with your won ideaStep 1


Put together your business plan

Step 2


Determine if you need financing

Step 3


Put together your initial marketing plan

Step 4


Build your infrastructure early

Step 5


Move forward and get started

Step 6


Use the webStep 7


Make paying for your items or service convenient

Step 8

Ideas are very important in business but

where do business ideas come from?

Business ideas are all around us

Examine your skill set for business ideasWhat have I done?

What can I do?

Will people be willing to pay for my products or services?

1

Keep up with current events and be ready to take advantage of

business opportunities

2

Invent a new product or service

Look around and ask yourself, “How could this situation be improved” ask people about additional services they will like to see?

3

Add value to an existing product 4

Investigate other markets5

Improve an existing product or service

6

Build a better mouse trap

Get on the bandwagon 7

Social trends can create a “bandwagon effect”

Start with family and friends

Approach the financial institutionsBanks Micro finance

Mortgage Bank etc

Seek partners for the idea

Try venture financing

Now to financial your business idea...

Lead with vision and example

Running your business...some practical tips

Serve with humility


You are the Chief Responsibility officer (CRO)

Serve the customer


Be market driven

Be driven by value


Honest still the best policy

Make decisions


Good decisions

Keep learning


Hire right


Empower employees

Make use of technology


Understand financial literacy


Avoid short term thinking


Manage for the long haul

Invest in growth


Never give up


“success is never ending. Failure is not final”

True spirituality

Connecting the dots...

“true spirituality is the lordship of Jesus Christ over all of life”-Francis Schaeffer

Gain is not godliness

The builder of all things-Heb 3:4, Ps 127:1

TOUCHSTONE

story

From Dreamers to interpreter of Dreams

TOUCHSTONE

Thank You Any question?

starting and running a business

Business

stonethe true entrepreneur

business leader

small business

starting business

rate of business failure

good schoolshave

given business venture

good roof