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Livewire Nigeria

Start a Business

Starting a business is one of the biggest and most important decisions you will take. It can be a daunting experience for young entrepreneurs that don't have previous experience of setting up and running a company.

Below you will find useful information and a number of interactive tools to help you consider if starting a business is right for you? To stimulate your entrepreneurial thinking, and investigate your preferred managerial style, your wants and needs in the workplace and to evaluate your current skills set.

Your Top 10's

Top 10 reasons for starting a business

  1. Independence
  2. Control
  3. The challenge
  4. You’re the boss
  5. Develop your own ideas
  6. Personal satisfaction
  7. Greater income
  8. Organise to suit yourself
  9. Flexibility
  10. To be successful

Top 10 things to consider before taking the plunge

  1. Why are you starting up a business? – You need to be dedicated and focused.
  2. Company structure (sole trader, limited company or partnership) – consider your responsibilities and obligations as the owner of a new business.
  3. Skills – Identify your skills and weaknesses; seek professional advice when you need it.
  4. Funding – you are unlikely to instantly make your millions so plan ahead, budget accordingly, and seek sufficient funding.
  5. Market – ensure that the marketplace for your sector is strong enough to support your business venture.
  6. Competition – never underestimate the competition. Research well and don’t get complacent.
  7. Business Plan – necessary when seeking funding and will also help you to focus on your goals.
  8. Seek professional advice – whether it’s an accountant, solicitor or business adviser, but always value our own judgment.
  9. Staff – as your business expands hire people with the right skills and attitude to compliment yours.
  10. Remember the common causes of failure – unrealistic targets, lack of research, inadequate staff, careless financial planning. Be wary of these pitfalls at all times.

Top 10 tips for great customer service

  1. Commit to quality service
  2. Know your products / services
  3. Know your customers
  4. Treat people as you would want to be treated
  5. Never argue with a customer
  6. Don’t leave customers hanging – return calls or 
     emails
  7. Provide what you promise
  8. Focus on making and keeping customers rather than making sales.
  9. The customer is always right! – give them the benefit of the doubt.
  10. Make it easy to buy

Top 10 Survive and Thrive Strategies

  1. Match your passion to your skills when it comes to your business idea
  2. Market research will tell you more than any business adviser
  3. Stand out, make yourself different.
  4. Prepare a thorough business plan
  5. Focus completely on satisfying customers – give them what they want, not what you think they want.
  6. Study the success of others; don’t be afraid to ask for help.
  7. Position the business uniquely. "We're better because..."
  8. Persevere, it will take time to build your business.
  9. Embrace change with a positive attitude.
  10. Try something. If it doesn't give you perfect results, adjust your aim and fire again!

Top 10 Enterprise Skills

  1. Vision
  2. Communication
  3. Teamwork
  4. Research
  5. Planning
  6. Innovation
  7. Organisation
  8. Presentation
  9. Decision-making
  10. Problem-solving