5 Things You Need to Know Before Starting Your Own Business

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Right for the time we were born, we started following instructions from our parents on how to do things. We were told when to eat and what food to eat, which cloth to put on, when and what to watch on TV.

Later on, teachers took over where our parents left off telling us how to queue on line, be quiet in class, speak only when called upon, take permission if we need to go to toilet. By the time we get out of grade school we’re experts at taking orders and following rules. In the process we have been prepared to become workers.

After graduating from college or university, our employers quickly step into the role once played by our parents and teachers. We are still expected to resume work on time, eat at break time, work hard on schedule, close on time or late sometimes. We are basically still expected to follow instruction- do what you are told to do.

These lifetime lessons have perfectly prepared our minds for what is called payroll mentality: come to work on time, do a good job, do what the boss or the job description says, and in return you are paid on monthly basis.

In today’s economy, a lot of people who have been obediently following these rules are not getting their salaries as at when due in public and private sectors. Instead they are getting retrenched. Hence, a lot of people are unhappy, confused and only few are determined to take charge  of their lives by starting their own business.

The moment you leave your salary job to start your own business, you are totally free from all the rules and orders that have shaped your life since childhood. You are independent, you can take your decisions on what to do, when to work and how long, where to be at a particular time. There is no one to oversee whether you follow any set rules. And most importantly NO MORE SALARY, but instead there is only prospect of profits.

Suddenly you find yourself in a new world where things work differently from the way we have been trained from childhood. At this stage, so many people are often uncertain about what to do, when and how to start their business. Some might want to have a change of mind.

However, for those that decided to forge ahead, the following tips are key to successfully starting and running your business:

1. Having self confidence, trusting yourself to be able to combine your skills and abilities to respond effectively to real need of others in order to achieve your goals. You should also be seeking opportunities to learn new things when the need arises.

2. Ask yourself this question: what would you be doing if you could do anything you wanted to without thinking about the money it would produce? If you can answer this question without bias, you will be on your way to generate a profit making idea.

3. Get prepared before starting out on your own, if you are in a paid employment you can start saving towards setting up your own business or run the business on part time until your business will be able to provide you good income, then you can start fully.

4. Conduct feasibility studies on your business ideas, this will guide you on how to write a solid business plan.

5. When you finally decide to start your business, you have to change your mindset from “HOW CAN I GET THE MONEY I NEED?” to HOW CAN I LEGALLY GENERATE THE MONEY I NEED”.

Remember, under paid employment you earn money to spend, but on your own you will now be spending to earn.

MOTIVATIONAL QUOTES

“We were born to be rich or inevitably to grow rich through the use of our faculties”- RALPH WALDO EMERSON.

Akeem Lawal

Akeem Lawal, an entrepreneur with 20 years experience in Information Communication Technology (ICT) business. He was able to start and grow his business from scratch. He has created this site, Informate.Biz for sharing strategic, practical and live changing information on entrepreneurship.

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