It is a known fact that prospective business owners are not always opened to sharing their business ideas with people. They tend to guard their ideas jealously. This happens not only in Africa but across the world. On the contrary, business analysts and management experts believe that communicating one’s ideas with people or a group is crucial to the creation of new ventures and sustaining them. Here are top three realities or reasons you need to consider before making up your mind not to share that lucrative business idea you possessed.
Business plan developed through strategic thinking
Some potential entrepreneurs in developing countries believe their ideas will succeed without a business plan. What they fail to realize is that a business plan contains the right strategies and tactics that will guide their proposed ideas towards the attainment of corporate goals, ensuring their profitability. One critical thing such people also missed is that having such written document helps to stay focused and provide a written proof of how to raise capital and grow the business successfully. Suffice to note that the development of a business plan is not a ‘one person show’. It requires collective efforts of different categories of people in the industry prospective entrepreneur intends to exploit. Even if you could perfectly write a business plan you still need to approach qualified experts such as professional business advisors. They have the skills and techniques for turning out every part of your plan into the eye-catching prospectus for the investors and banks’ officials while seeking loans or equity. In other words, your plan would be strategically tailored to the needs of the investors and banks.
Getting right business model
It is true that your idea is a cool one and everyone around love it. But, one of the reasons many businesses fail is the failure to adopt the right business model. Every business endeavor must has a model that could actually drive the processes, people, and technologies that would create the values people want and are ready to pay for. So, the question remains, what’s the right business model for your marketplace? If you are doubting on the right answer to the question, then it is highly advisable for you to have a chat with business advisors, who have the key to the right business model. If you believe that having business model does not require the input of an advisor, you are actually missing something important. For a business to be successful and compete favourably with others, the model should be developed diligently with a specific focus on how it would bring solutions to issues and needs of the society. This core principle has to be relevant at initial, growth and maturity stages of the business. Advisors are in a position to give you the unbiased opinion on the right model your business need during starting and growth phase of your business.
Equip with cutting-edge growth, competitive and turnaround strategies
My idea is good so I will be successful, that is a belief every entrepreneur nurtures in their heart. No nobody is in doubt of how lucrative your idea is, but you need to realize that today’s successful businesses are not running on that alone. Globally, the business environment is getting more competitive everyday with the emergence of new offerings and the rendering of better quality services to customers. That is why you should not underestimate strategic advice of professional business advisors, who have insights and knowledge across hundreds of businesses and industries.
Are you planning to have your own business?
We have a practical business incubation seminar for you. This is designed in view of the innate abilities which both public and private sectors employees possesses and have been using in contributing to the creation of new businesses and managing existing ones for their employers. We believe that public and private employees have specific roles to play in advancing entrepreneurship in Nigeria using their corporate experiences and skills. Our strategic approach is complemented with practical techniques for the effective transition from being an employee to a business owner.
We have a seminar coming up and is open to all employees within the public and private sector, especially those who possessed more than a year experience either at entry, middle or managerial level.
At the end of the seminar, you will have;
A working template/business plan
Access to business formation and management training materials
Active web presence
Access to mentor(s)
For further information and participation, kindly click here