SUCCESS TIPS FOR YOUNG ENTREPRENEURS

Planning to become an entrepreneur should be the dream of all who wish to bypass the depleted job market of today.

The reason for the above assertion is not farfetched! With increase in the number of highly qualified professionals in all fields of endeavour and the concomitant dearth in job openings in both the public and private sectors of the economy, what else can be done than to set up a personal business.

 The entrepreneur does not only provide job for himself but also becomes an employer of labour thereby reducing the rate of unemployment in the country.

A successful business owner is an encouragement to others who hitherto were afraid of venturing into entrepreneurship.

It is worthy to note however, that, researches into startup businesses have shown that more than eighty percent fizzle out within the first five years of establishment.

Factors responsible for the high mortality of the new businesses most of which are resident in the business owner have also been adduced.

 What then are the content of the ‘business success box’ from which an entrepreneur should tap from for a successful and an enduring outing in the business world?

 Top among the list is the dogged determination to succeed. The top businesses found in the world today as one man enterprises and became what they are today through the doggedness and business instinct of their owners. As an upcoming business owner therefore, you must have guts and plunge head on not minding the hazy atmosphere of the business world.

Appropriate training in the business of interest is a sine qua non to succeed in any business set up. Even when you have acquired years of academic knowledge in a particular discipline, on the job training in an area of interest becomes an added advantage.

It is not mandatory for you to obtain a degree in chemical engineering or biochemistry before you set up a small scale soap, detergent or pomade factory. Learning from a similar factory is a short cut that usually pays off not only in terms of duration but also financially.

 Capital is required to start and run any business venture for no matter how bright your ideas may look, you cannot turn it into reality without personal or borrowed funds. Most small business owners start with little capital either from their savings or from family members and nurture the business until they achieve positive cash flow.

Fortunately today, there are several agencies of government at various levels charged with the responsibility of assisting small and medium scale enterprises grow their businesses to successful stages.

The time to turn your bright ideas into tangible business outfits is now. Good Luck.