Grace Shonekan : How can an employee start up a business that thrives?
SME Guide’s Answer:
Starting up a business is a choice. Your level in life should not determine whether you will own a business or not. Your determination to own a business is what matters here. You may have what people may think it takes to start a business but if you do not make the move, you are not going to start the business. If you an employee of another company and you desire to own a business, if you think through the process, understand the nature of your work and make the right move; you will surely start up business that will thrive, once the business is managed well.
The employee who has made a choice to start up a business with the right mindset will probably start a business that will succeed if he or she takes these fundamentals into consideration:
- The employee has to understand the nature of his or her job. This will guide him or her to know the type of business to start.
- The employee should consider time available to him or her. This is very key so that his or her business will not affect his or her present job negatively when it starts.
- The employee should consider the people in his or her ‘circle’. The people that are directly or indirectly connected to someone can determine the type of business that person should start first as those around him or her can be the business trusted clients all things being equal.
- The employee should consider the capital available to him or her. He or she shouldn’t be considering only money here. Other assets and opportunities available to him or her should be considered.
- The employee should develop a simple business plan for the business.
When all these are put into consideration, he or she should go ahead and start up a business that he or she can manage even as someone else employee. And he or she should be ready to go and manage the business full-time as the business progresses.