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How To Survive As An Entrepreneur In A Large Economy

Discussion in 'General Business' started by foster04, Mar 20, 2019.

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  1. foster04

    foster04 Member

    This article will focus mainly on how entrepreneurs can survive and grow their business in a large economy.

    Unlike the majority of people that go in search for a 9-5 job and are controlled by a “Boss”, an entrepreneur can be described as someone who establishes and oversees the day to day activity and manages the risk of a small business.

    As an entrepreneur, you are tasked with the responsibility of bringing new ideas and innovations that will move the business forward.

    Irrespective of the fact that an entrepreneur is someone who runs a small business, they are expected to grow that business to match up with international standard.

    Most people give up the opportunity to become an entrepreneur because of how challenging it is to start a new business in Nigeria.

    For a business to come to full reality there are certain things an entrepreneur must put in place and they include:

    1. Have a great business idea
    2. Do well-detailed research about the business
    3. Draw out a plan of action
    4. Put their plans in motion

    With the large population in Nigeria and the way top organizations are investing in Nigeria, it is safe to say that Nigeria is a great place to start a business.

    The mistake most people make is to start a business and not think of the different ways they can grow their businesses. It is estimated that over 50% of businesses fail in their first 3 years.

    The top on the list of the reasons why most businesses fail is because of a lack of proper planning. Planning covers the level of information you get about the business, how you can get access to loans, how you can access the market and so on.

    This goes beyond the business plan you wrote before starting the business. As your business keeps growing, you have to start making other plans that will help keep your business going.

    Everything boils down to how systematic an entrepreneur is able to plan their business for growth.

    SYSTEMATIC PLANNING IN BUSINESS GROWTH

    There is a popular quote that is agreed all over the world and it says “Failure to plan is planning to fail”.

    This is so true and should be read by all business owners and start-ups.

    The major reason why most businesses fail is due to lack of planning.

    As an entrepreneur, one of the things you can’t do without is to plan your business. From the kind of business, you want to start to where the business will be located and how best you can serve your customers with the product or services you offer etc. has to be planned.

    What Is A Business Plan?

    A business plan is necessary for any business as it helps you identify what your business stands for, the problems it will solve, how you intend to generate profit from the business, how you are going to market your business, how many staffs you would need to employ etc. This will allow you to have a clear goal of your business and help you minimize spending unnecessarily.

    When it comes to running a successful business having just a business plan will not get you to where you want to be but having a systematic plan on how to grow your business is necessary.

    Differences Between A Business Plan And A Systematic Plan

    Once you have made up your mind to start a business, having a business plan will serve as a guide to kick start that business. When the business is finally in full operation you will need a systematic plan which will help your business grow and keep you on top of your competitors.

    For any business to succeed and grow lots of decisions will have to be taken which is why having a systematic plan is necessary.

    Having a systematic plan is vital for the growth of any business. It will give you an idea of how to structure your business for the future.

    The main reason why every business needs a systematic plan is to help them set a final goal for their business and ways to establish a plan to achieve them.

    Having a systematic plan involves you envisioning where your business is headed and what your priorities are. You will have to know exactly where you want to see your business in the future and how you will achieve it.

    As your business continues to expand chances are you might get caught in the web with the growth and not know how to manage your business the right way which is why systematic planning is required.

    For your systematic plan to work effectively, it must be in line with your business plan. The only difference would be since a business plan is short-term; your systematic plan should focus on the long-term of the business.

    An example, in your business plan, you can identify who your competitors are but when it comes to systematic planning, it requires you to dive deeper. Not just knowing who your competitors are but getting to know everything about them which may include: where they hang out, how they market their products, how they package their products and every information you can gather even to the smallest details so you can use it to streamline your business so as to grow.

    For this to be effective, a person has to get an in-depth knowledge of how the business works and its level in the global market. Once you are able to get a good knowledge of your business it will help you make the necessary changes to stay on top of your competitors.

    Just as you will have to write a business plan down, it is also important that a systematic plan is written down also.

    Since new trends and changes happen in every business you will have to keep reviewing and making changes to your systematic plan on a regular basis.

    When writing out a systematic plan for your business there are certain things to consider and they include where you intend to see your business in the next 10 to 15 years from now, what will be the core focus of your business and how you can get ahead of your competitors. This all should be put in place.

    For you to be able to draw out a systematic plan for your business, you will have to employ the service of those who are skilled in the business you are into.

    Get as many people as you can that have creative minds and are well grounded in business so as to be able to gather more ideas that you can use to grow your business.

    Read Also: 10 High Paying Fiverr Gigs You Can Start

    You don’t have to hire them full time, you can put them on a per hour or day fees.

    With this strategy, you can sure of taking your business from just a small start-up and scale it to a global business venture.

    Read Also: Top 10 Lucrative Businesses To Start In Nigeria

    Do let us know what you think about this article in the comment section

    Also Read

    Home Base Business Ideas With Little Capital

    Entrepreneurship: Role of Innovation In Business

    source: http://naijahowtozone.com.ng
     

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