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2/23/22

Questions for an entrepreneur

 



Qeustions for eterprenuer

We have to create jobs for ourselves. Now something is boiling, our oil tanks are getting exhausted, we need more think tanks, look at our graduates and unemployed people increasing daily. Enterprenuers are needed to filled in this spaces, the government has done it best , the challenges now rest on the shoulders of the youth and the enterprenuers in the country. This article made an attempt to provide answers to some of the qeustions for an enterprenuer and youth that are frequently ask about enterprenuership. It had being written in such a way to make it easy to read and understand. It uses simple approach and language to explain what enterprenuership mean, the various issues in the minds of the youth like; How do I start , partnership,raising funds, what kind of business should I do and so on and so forth . There also Information on how we can be of help to reducing the scourge of unemployment.

Frequently ask qeustions for enterprenuers:

  1. What is skill acquisition?
Skill is an ability and capacity acquired through deliberate systematic, and sustained effort to smoothly and adaptively carryout complex activities or job function involving ideas ( cognitive skilss), things (technical skills),and /or people (interpersonal skills). 

  • What is enterprenuers ship?
Entrepreneurship is the act of being an enterprenuer or One who undertakes innovation , finance and business acumen in an effort to transform innovations into economic goods. This may result in new organization or may be part of the revitalization of mature organizations in response to a percieved opportunity. The most obvious form of enterprenuership is that of starting new business.

  • Who is an enterprenuer?
An enterprenuer is some one who is not afraid to plan and then fail. Simply put ,to be successful at any business you need to plan of some kind of start. It can be a full blown business plan or a series of interconnected doodles on 23 post it's. That's number one . Then inspite of all your Brian power ,you have got to know ahead of time that the whole thing may not work . And here's the kicker you don't really mind ; infact ,you really like "getting back on the house" once it kicks you.

  • I am confused which business venture should I embark on as I have several ideas running I my mind?
Do a critical self examination. Find out your area of strength coupled with your training,if necessary you can attend a special training to acquire and get the requisite skills. These will help you find out your footing and start a business where your passion lies , having the requisite skills and providing product / services to meet people needs.

  • How do I balance business and family/social life?
To be frank the first few years might be challenging though this may take most your time and gives you less time for other activities. However adequate planning can help decide and prioritize which activities are most important and requires your attention.

  • How can I know if I am an enterprenuer?
Do you feel a drive to be your own man / woman boss if you feel this then you are an enterprenuer but if you don't feel the drive then you are not an enterprenuer.

  • Is it necessary to have a business plan?
Yes business plan are necessary. It can help you to think ahead in clear terms. As a matter of fact ,anyone with a three year plus projections is simply quessing. Markets move too quickly for static plan. The key to success is to be married to your vision and tirelessly look for avenues to reach it.

  • Do I have what it takes?
Ask your self "am I self directed, a self starter? To succeed,you need to have an internal locus of control (perspective that you impact your own fate) and to be a decision maker. Without these qualities ,an enterprenuer will flounder as taking initiative and making decisions are inhered in the role of enterprenuer.

  • How much will it cost for me to start my business?
Although this is a very Vogue response ,it really depends on the type of business you plan to start . For services based business in your such as career coaching,PR, consultants;you can start this type of business in your home with minimal to no starts up cost. These types of business can be implemented in as little as ten days. And if you have an established network it will be more better.

  • I don't have any money to start my business?
Having money is now here near as important as you tjink. Of the three start ups I've done in the last five years,every single one got started for under $100. You don't need an office , employees,a super professional website ,or a lawyer . You just need to do *the absolute minimum* to get something out there which tests your idea. For a web startup , adapt pre existing softwares (like WordPress) to your needs or pay a programmer for quality  setup.

  • How can you get enough information on the best business to go into?
The best way to choose your business venture is to look at your experience (skills and talent) and educational background. A thorough review will provide leads on the business feild you should enter do what you know best. Even more important,you must like the business feild you are going to enter to bring the enthusiasm and self confidence you need to make the business grow.

  • Do I need a formal education/training on business education/development?
Learn the fundamentals of business first. Either work for a small business owner take business course to understand how a business works. Balance sheet,income statement,and other key metrics are needed to measure your success. You can have great business idea, but ultimately the business will fail if you don't understand these fundamentals of business.

  • Would I be successful?
Almost all enterprenuers are afraid of failure. Would people buy from me? Can I beat my competitors?  Enterprenuers learn to accept failure . All of your ideas won't work,most of them would fail and the  remaining wouod make you successful. Take your failure as a lesson because you are learning methods which don't work. Also learn to become patient and don't expect overnight result . To be successful you have to take one step back and then two step forward.

  • How confident are you in your ability to run this business well and why?
100% and because I know my strength well and respect my weakness enough to ask for help when I need it.

  • Do you believe?
Enterprenuer FAQ: any enterprenuer, whether new to business or an old ,must always believe in the business he or she is in . Business changes so fast and to adapt to these constant changes you must believe in what you are offering. At every new year , reassess your previous year plan for the coming year and keep asking yourself at every step: Do I really believe in this product or service that I sell ? If any time doubt creeps up ,it's time to make a change.

  • Do I have I passion?
Without passion for a new idea ,product or business you have nothing . Even if you have truckload of money ,an enterprenuer must ask them lseoves , "Do I have passion to fulfill my dreams and new challenge? If the answer is yes ,then failure never enter the equation. By believing in yourself and your special deeams, everything else simply falls into place with perseverance and simple old fashioned hard work.

  • When is the right time to launch my business?
When you believe in your core that a bad day on your own is better than a goid day at your desk job ,you have got nothing to loss . You can't wait for the perfect time to launch: you just have to course correct as you get more feedback along they way . Being an enterprenuer means making decisions without perfect information. Get used to or find another career path.
  • Am I in the right business?
That depend, I would recommend that enterprenuers carefully choose their business and industry based on their unique gifts and interests. You have to love what you do to keep it up long term. Making money is obviously great and necessary in the business. But a focus on it alone can ultimately leave your soul unsatisfied. That is unless you are obsessed with money, then it's perfect for you.
  • What is the advice you have for someone just starting their own business?
Find a niche and stick to it ,since you can't be all things to all people. Have the decipline to pick a specialty where you will be unique in the market and really offer a benefits to your client . And when business comes along that doesn't fit your plan ,have the fortitude to turn it down or refer it for someone better fitted for that work.
  • What are the most important factors that cause small business failure?
There are ,of course many reasons for failure of new small businesses. One way of looking at the causes is to remember that a new business is starting at zero momentum; newly entering a market ,having to establish supplier relations,finding proper financial,and training employees. To coordinate all these facets and start them simultaneously is a tedious job. If you don't have experience and management capability, success won't be very likely.  You will also find that undercapitalized businesses,those without enough cash to carry them through the first six month or so before the business starts making money , doesn't have good survival prospects. In such cases even businesses with good management can flounder.

  • Do enterprenuer have to work long hours?
Yes and no, general if you are running a small business if you are making cakes with no intention of moving out of your kitchen probably not but if you want a successful, growing business most likely when you start you will have to work a lot of hours. All these hours are required because like most new enterprenuers you will have to do everything your self since you can't afford to hire an accountant,secretary, sales manager ,etc. Over time ,you can hire people to do these jobs as funds permit
  • Do I need a lawyer to start a business?
No. But it is wise to get the best advice possible when you are starting out. An attorney is one source of the expertise you will need to draw on.
  • What form of business do you recommend for a new business?
Each legal form ,sole proprietorship, partnership,or coorperation,has it's advantages and disadvantage. The one you should pick depends on your circumstances including.
  1. Your financial condition
  2. The line of business your are entering
  3. The number of employees
  4. The risk involved
  5. Your tax situation
Don't assume,if you plan a one person business,that sole proprietorship is the one way ; to go see your lawyer.

  • What is the first thing that you should do when you decide to start a company?
While capital,sales , marketing ,hiring and many of the common answers need to be considered when starting a company ,the first ,and very important thing is to have a clear vision and direction for your company. Before you borrow money or use your savings,print your first piece of Marketing,or sell to your first customer,you must have clear cut vision of what you want to do. Business at times could be very demanding but with a clear vision in mind,you know what to do and stay through the challenges. This should be done before you jump into the business.

  • What if I lose my money in first trial?
This is one of the most important question people ask: what if I fail? It's what prevent people from making the leap to enterprenuer,but if answered propels them towards succes. Not everyone fails now and then even the most successful enterprenuers. What make them different is they anticipate failures, learn from them and move on. There is no better time to be an enterprenuer there are more free and low cost resources for getting started than ever before.

  • Must you register my business?
Yes registering your business gives you the legality to operate your business any were. This makes you stand out from being just a petty trader.
  • Do you really need a logo when for business?
No. But for the best results it does help to have consistent clean look to your business cards , website and other materials potential customers will see. Use the same colours, photography type and fonts as much as possible. Unfortunately,we actually do choose books by their covers. And without a history of sales ,how you present yourself means a lot.
  • How can you know that your business idea will work?
You don't. In fact ,your plan probably won't work the way you think it will. Don't let is dissuade you from moving forward. Go in with the plan you have and keep your eyes wide open. Be prepared to tweak ,adjust ,re organised and Change in response to what you see. If your are attentive and nimble,you will make the right moves. The modified version if your plan will look a little different and much better.
  • Should you go into a business with a partner?
Start by answering these qeustions. Have you discussed being business partners with your significant others? Are you on the same page as to what your going to do and where you want the business to be in 1,3 and 5 years? Are you going to invest the same amount of time and money? When and how much will you get paid or need to get paid? Are you in aggreement on who is going to do what ,when and where it will be done?
  • What are the most basic survival skills you need to run a business?
The basic survival skills include a working knowledge of basic record keeping , financial management; personnel management, market analysis, product or service knowledge; tax knowledge; legal structure; and communication skills.

Also read:



How ever, you don't really have to be an expert in all these field for a successful business,you can learn while on the job, get the right people beside you or at least get the basic required knowledge for what you are doing.

These basic qeustions for enterprenuers above is to make you understand the gravity of being an enterprenuer and the con and pros associated with the business enterprises,when starting a business venture make sure you ask your self some of this qeustions so as to get a clearer picture of what are the plans you will need to put in place for your business firm to thrive and succeed.

10 QUESTIONS TO ASK A SUCCESSFUL ENTREPRENUER

1. How did you start your enterprenuer jorney:

The enterprenuership jorney is not a one day thing it take time and dedication to achieve your desired goals in the business world. You start small and then evolve with time to be a better brand.

2.Who is an entrepreneur:

Entrepreneur are creative people with skills to innovate and develop the business sphere for the over all benefit of the economy, this individuals are special and are contributing to the growth of the nation through their ideas and also reduce the unemployment level in the country.

3.What is your inspiration

Entrepreneur are inspectional business men and women that are determine to grow in what they do inspiration can come from any were as long as one is focus and work hard to achieve his targeted goals , having a mentor can help shape your direction and lead you to the road of success.

4. What are some of the challenges you overcome when starting you enterprise:

Every business has it obstacles and challenges but don't let this challenges overcome your plan on how to execute the business , management is key and can help you conqeur those problems that can hinder you from succeeding.

5. What is that unique thing about you brand:

As an entrepreneur you are to define your brand and give it that unique identity to make your business standout as one of the best in the market. Always give a touche of flavour in every thing you do so that your customers will always come back for your product because of it unigue features.

6. What is your advice for young entrepreneur:

Entrepreneur who are just starting their jorney to a successful and financial independent most be focus, hardworking,goal oriented, and be good in planning before execution of those plans.

A successful entrepreneur is a risk taker, the higher the risk take in a business the higher the profit on retrun on investment. Starting a new company can be stressful but with a degree of patience your business will grow and compete with other top ventures in the industries.

7. How did you select your employees:

Having an efficient work force is key to the success of the business, the standard to be taking when recruiting your workers most involve the human resources department, which is shouderd with the responsibility of interviewing the candidates who applied for the job. The skills to look out for when selecting your employees may include:
  • Good communication skills
  • Team player
  • Ability to perform under pressure
  • Management skills
  • Goal getter
  • Good character
  • Writing skill
  • Marketing skill

8. How did you raise funds to start your enterprises.

Capital is a major factor of production that can not be left out when starting a business. As a business man you can raise funds through bank loan , friends and family, partnership. This will enable you have the required capital to invest in the type of business you are passionate about.

9. How do you market your business as an entrepreneur:

Marketing is very important for the success and growth of the business, your enterprise can be marketed through, advertising on the social media platforms, television, radio and other social platform such as magazines and journals. Exposing what you produce to the general public is a sure way to increase sales for profit in the business.

10. Can one engage in multiple business:

It depends on your capacity, if you have much capital you can venture into any business as long as you have the passion for what you do the business will grow and give recognition in the market space, that is why you are called an entrepreneur because of the ability to perform multiple task and still succeed in the business.



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