One of the biggest obstacles new entrepreneurs face is the temptation to delay action. There is always that lingering thought that more preparation, better funding, or the perfect moment is needed. But here is the hard truth: “Start now, later may never come.”
A popular motivational speaker and business guru TD Jakes give us the best counsel in this regard that the later-on turns into never, do it now. Any business-minded person should embrace this piece of advise especially one who wants to start a business. Thus, it is true to say that while the risks of the initiation may loom large, initiation indeed creates the foundation with which risks may be overcome.
WHY START NOW?
The business world does not wait for anyone. Every day you wait, another competitor may grasp the chance you are hesitant about. Risk is an unavoidable aspect of the game. However, with proper planning and an awareness of the potential rewards, you can determine whether a risk is worthwhile. Even more essential, starting early allows you to learn from your failures and improve your techniques as you progress. Take it from Dr. Thom Mpinganjira, a well-known Malawian entrepreneur who once remarked, "Starting a business is not about waiting for the right time, it's about creating the right time." Indeed, success comes to those who act rather than those who wait.
WHO CAN START ?
Well, everyone can start a business regardless of the background but the truth as well lingers" starting a business is not for everybody”. This is one of the controversial statements in which many business gurus have tried to cement their thoughts on. So who exactly can start today
The power to start a business does not indeed depend on one's background. Other factors such as skill set, mindset and resources plays a huge role. Below is a breakdown of who can realistically start a business;
1.Self-Starters with impactful Motivation
People who can take initiative and overcome obstacles are well-suited to start a business because honestly speaking the early phases of it require unrelenting energy, and selfmotivation plays an important part in overcoming challenges. A self -starter with passion pushes towards success, builds and ensures that the business network is reliable and efficient.
Additionally, these people also frequently establish measurable objectives that help them stay focused on their long-term objectives. They recognize that patience in the face of adversity is a normal part of the path and that success does not come easily. Rather than letting setbacks depress them, they see obstacles as chances to grow and learn.
2. Risk takers
Business has been described as a venture which is full of risks and this is true because starting a business is not a bed of roses. The beginning is the most challenging, and the risk of loss of money, rejection from customers or a poor judgment of the market can make many individuals keep dreaming of having their own business, without even attempting to actualize their dream. In fact, not everyone is okay with the loss of money, time or even self-confidence which the process may bring along. However, the great businessmen are those who are willing to take calculated risks that is by weighing the cost and benefit of the risks to be taken.
3. Problem solvers
It is in this respect that problem solvers are some of the most important forces in business success. The essence of entrepreneurship therefore lies in one’s capacity to discover a need in a certain market and create a product to meet that need. These opportunities are easily identified by persons with good problem solving skills. This can enable them to rise above the physical level and actually consider the market needs, evaluate the new development standards and trends, and then apply this in order to design new product and services.
In other words, entrepreneurship is more of providing solutions and those with good solve the problem skills are well placed to tackle the challenges of starting and running a business. It allows them to see challenges as opportunities to innovate which tend to make them different in seeing opportunities where others would see challenges.
4. Individuals with a Network or Access to Resources
Despite the fact that everyone can create a company, having initial capital, mentorship and a network of people to turn to improves the likelihood of success. Apart from monetary aspect, people who have been through the process and specialists’ recommendations are the most useful. The kind of knowledge young entrepreneurs possess assist them in saving money and time by avoiding pitfalls which would have been evident from the advice given by experts. They do not need to reinvent the wheel; a good network of advisors, mentors, or even industrial competitors can provide them with clues as to the best moves to make on the business strategic level as well as on the legal and financial issues level.
HOW CAN YOU START TODAY?
Starting a business today, involves series of notable events that can help you turn your idea into a reality .so whether you have little resources or enough knowledge about the course of the business you would want to engage into, the basic processes remain the same. Here is how you can start a business today;
1. Conduct a market research
Understanding your target audience, competitors, and industry trends involves creating new knowledge about the market landscape. By deeply researching whom your potential customers are, what they need, and how you can offer a superior solution, you are equipping yourself with the insights necessary to construct a successful business strategy.As Neil Gaiman said," research is creating new knowledge "knowing what your customers’ needs helps you to uncover market opportunities and threats, allowing you to refine your strategy to better address market needs.
2. Identify a Business Idea
Look for a market gap or a common problem that people experience. Your business idea should seek to solve that problem or meet that need. It may be a product, a service, or simply an enhancement to an existing solution. Notably you should also make sure that your idea aligns with your goals, skills and amount of resources you have at hand because as the phrase goes;" a business only succeeds when you only are passionate about it"
3. Create a business plan
Even though that a few disagrees with this idea, a business plan is termed as the most crucial item in business because it Outlines your business objectives, including your vision, mission, target audience, marketing strategy, and financial projections. With a business plan, you can calculate how much money you’ll need to launch and sustain the business until it becomes profitable.
WHAT CAN YOU START WITH TODAY?
After going through all the long processes of starting a business, one is always left with a question! What to start with? Nobody wants a business that would fail in its infancy or barely make profits at the end of the day, Business is not a hobby and as such knowing what to engage in is a serious task. Here are some of the businesses with a minimum starting capital but fruitful revenues.
1. Service-Based Businesses
This is a misconception that many people have that one has to open an office or a shop to start a business, but that is false, most businesses do not need a shop. However,service based business are often chosen because of the low fixed costs that are associated with it. Some of the services, like writing, graphic design, programming or marketing are very lucrative and don’t require a significant investment in equipment. These types of businesses enable people to market their talent and experience with limited capital required thus suitable for anyone who wishes to venture into business.
2. Technology and Online Solutions
Today, people have become so busy in their schedule that they cannot even spend a single day without using any of their gadgets. Therefore, the need for technicians is ever present and anyone with knowledge and skills in the handling of hardware, software and networks can offer a service online and make money. second, still expanding its niche, small businesses could benefit from services such as website design and development. Such kind of businesses does not need large capital and investments; all that is needed is the necessary experience and one can make his/her profits.
3. Event and Entertainment Services
This is yet another business venture that many people tend to ignore but should not since it could turn out very lucrative. For instance: You only require a backyard that you can lease for successful occasions as marriages or parties. Music also can be provided if one has disc jockey skills, it can be provided from the comfort of ones home. Further, you can start with a photography business where one can offer his or her services to capture events in a cheap way and at the same time make profits by doing what you love.
4. Personal Services
You can provide some services that are expected from you based on your clients needs for example; cleaning services, maintaining yards and gardens. People always require these services no matter the location; therefore, make sure you market well to increase your chances of success. On the overall, the capital that is needed to start this kind of business is relatively low compared to other businesses, thus making it a good business venture to many people.
Moreover, the opportunity to get a rather fast growth of such businesses classes thanks to word-of-mouth and satisfied customers. Forecastingly, an expansion of the customer base will allow for increasing the number of employees or expanding and deepening the available services. The major advantage of such businesses is flexibility in operation, and as such, having a scheduled time to attend to business and other activities is easier. Such kind of ventures, when embraced with dedication and quality service, can become a stable and profitable business hence you should endeavor to start today.
