One of the fastest ways we can build wealth is by starting and running a business. It is an effective work creation strategy both on an individual and a national level.
Businesses create jobs. They create products and services that solve problems for the community which also serve as exports thereby earning foreign exchange. They pay taxes to the government from their profits.
You can earn money as an employee, as a business owner and as an investor. As an employee, you can make more money for your employer than you do for yourself. The greatest good you can do for yourself is to go beyond your job description to learn how that business works so that you can start your own later. Come to think of it, if a sizeable number of those who were employees leave to start down businesses after some time, there will be room for fresh graduates to get jobs.
There is a significant difference between the way employees earn and spend their money and the way business owners do so. Employees earn money, pay taxes and spend the rest. However, business owners make money, spend money and pay taxes. You see, the law favours the business owner. A business is allowed to pick the bills of its owners or chief executive along other expenses. After that, it calculates its profits and pays taxes.
I encourage you, dear reader, to consider starting a business of your own if you don’t own one yet because it is the future of our country. Since most wealthy countries do not build their wealth on natural resources, we cannot design the development of our nation to be entirely dependent on proceeds from crude oil. It will have to be dependent on taxes which will come mostly from businesses. Government is carrying out the necessary reforms already. The opportunities for business are going to increase. Since success happens when opportunity meets preparation, will you be ready when your opportunity comes? You must commit to learning how to start and run a business.
How to Start
Identify a need. That is a cornerstone on which a successful business rest. Your primary objective should not be to make money although it is important. You should be to add value, to solve the problem for someone. You cannot afford to have a disease known as people blindness. It has infected most people around. It does allow us to spot the problems people want so desperately to solve.
When you identify your needs, it becomes easier to determine the needs of others because other people are just like you. The need to eat, drink, brush, bath, sleep and live healthy, just like you do. When you decide to meet these requirements, you are in business. If as a student you need textbooks and notebooks, so do your classmates. Why not be the one to sell the books to them?
Ensure that the need you want to meet is high on the list of your values. When it is something that is very important to you, you will do it with enthusiasm. It must also be an area in which you are skilled.
Make that move and have faith. All things are possible to him that believes.
Now, it is good for you to know from the start that you can’t meet every need. The need that you will meet should align with your values. It should be something that you consider to be very important. It may be wisdom, fun, excellence, beauty, love, financial independence, family or several other factors. It should be something that you are very passionate about. Also, it should fit your skills. Several of these needs are being met already. Take a good look at the products and services being offered and simply improve on them. And as far as it is that is concerned, the opportunities for business in our country are enormous because products and services are offered widely, in a mediocre way.
At this point, you must want to remember that you are on an assignment in this world. You are born to solve a problem. You are specifically designed for your assignment and you must be passionate about something. Your greatest achievement in life should not be a comfort. You are too loaded for that. It should be the impact you have had on your community. Henry Ford wanted to help the average family in America to own and drive the car. Walt Disney wanted children and their parents to have creative fun. Art Williams wanted the average family well protected if their breadwinner was deceased. These people pursue their passions and became billionaires in the process.
The next step is for you to put together a business plan. This is a document that states in clear terms what you are going to do and a plan for achieving it. In it, you should state your vision. You should begin with the end in view. Ultimately, what will your business become? State it in one sentence. Where there is no vision, the people perish.
Next to that is your mission statement. State in one sentence the things you will do daily to arrive at the fulfilment of your vision. Then state your objectives. This is a list of the products and/or services you intend to offer and how you intend to provide them. Go ahead to set targets for your areas of operation. Project your staffing needs. Also, do budget showing your expectations regarding your incomes and expenditure, and the profit you hope to make. I advise that you do a five-year plan.
Dear reader, success is what happens when opportunity meets preparation. There is an explosion of business opportunities coming to us in this country. However, only a small fraction of our population is prepared to take advantage of such opportunities. I encourage you to strike when the iron is hot. Make a move now. While most footballers run to the place where the ball is, the genus runs to the place where the ball is going to be. Act despite your fears. Your success will surprise you.
You will succeed!