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  1. 1. Starting & running successful business Presentation by Tunde Ojo
  2. 2. Wait a minute... Why in the world would anyone want to be an ? Entrepreneur This a question we must all sincerely answer before we go on....
  3. 3. Back to our previous question... ...is it Why? Or... Why? Why? Why? Ego trip? Wealth creation/financial independence? Joining the joneses? Just for the fun of it? Just because you’re having rough time with your boss? A great sense of mission?
  4. 4. Let me bubble burst a little
  5. 5. You don't need to be an entrepreneur to live the good life and be self fulfilled... ...that is if you Feed your family Send you kids to good schools Have a good roof over your head ...and fulfil your financial obligations and generally live honourably
  6. 6. Why must anyone put himself/herself into a great cycle of endless challenges just to be called an entrepreneur ? ...because entrepreneurship is tough...everywhere Also, the rate of business failure is high even in the best of business environment
  7. 7. To live well, all you need is to get a good job in the area of your skill set and passion, keep improving yourself through training and personal development, walk your way to the top and plan your retirement
  8. 8. You can always re-invent your career and be fulfilled
  9. 9. Who So... ...in heaven’s sake is an ENTREPRENEUR ?
  10. 10. Entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome? The definition... Wikipedia
  11. 11. The definition... “ An individual who, rather than working as an employee, runs a small business and assumes all the risk and rewards of a given business venture idea, or good or service offered for sale”
  12. 12. The definition... The entrepreneur is commonly seen as a business leader and innovator of new ideas and business process Investment Dictionary
  13. 13. Now the big question...
  14. 14. The answer is a big... No It is someone who always holds failure in contempt
  15. 15. What may be a failure to others is only a set back to the real entrepreneur To the entrepreneur, a setback is a source of additional experience is full of answers is full of insights is one more obstacle down it’s stepping stone
  16. 16. The true entrepreneur does not fear to fail, does not fear others, does not fear competition, does not fear a project
  17. 17. Instead, the entrepreneur... Has “pregnant” setbacks Is motivated by oppositions Is inspired by what others consider “impossible” Does not fear to work (he/she is not really working but actively feeding a passion Does not fear to work (he/she is not really working but actively feeding a passion) Does not fear to devote all his/her energies and resources into the chosen undertaking Does not fear to step outside her/his “comfort zone”
  18. 18. so, who is an entrepreneur?... ...obviously, it is someone who loves to win, but he/she will also derive the most of the pleasure and satisfaction just pursuing a goal... like hunter chasing his prey
  19. 19. Now that you know who an entrepreneur is, do you still desire to be one ?
  20. 20. its question time... Let’s ask ourselves some questions to know whether starting business is right for us Please answer these questions sincerely in your heart
  21. 21. Do you really want to operate independently and be the person making all the decision and shouldering all the responsibilities? 1
  22. 22. Are you willing to work hard and make sacrifices starting a small business entails? 2
  23. 23. Do you have self-confidence and self discipline that will enable you to persevere and build your new enterprise into a success? 3
  24. 24. If the answered “ No ” to any of these, you’re probably not ready for starting a small business Why? you may ask
  25. 25. Overnight success stories are just that... Stories The reality is that success is won through hard work over time
  26. 26. Starting your business... let’s consider some basic steps Start with your won idea Step 1
  27. 27. Starting your business... let’s consider some basic steps Put together your business plan Step 2
  28. 28. Starting your business... let’s consider some basic steps Determine if you need financing Step 3
  29. 29. Starting your business... let’s consider some basic steps Put together your initial marketing plan Step 4
  30. 30. Starting your business... let’s consider some basic steps Build your infrastructure early Step 5
  31. 31. Starting your business... let’s consider some basic steps Move forward and get started Step 6
  32. 32. Starting your business... let’s consider some basic steps Use the web Step 7
  33. 33. Starting your business... let’s consider some basic steps Make paying for your items or service convenient Step 8
  34. 34. Ideas are very important in business but where do business ideas come from? Business ideas are all around us
  35. 35. Examine your skill set for business ideas What have I done? What can I do? Will people be willing to pay for my products or services? 1
  36. 36. Keep up with current events and be ready to take advantage of business opportunities 2
  37. 37. Invent a new product or service Look around and ask yourself, “ How could this situation be improved” ask people about additional services they will like to see? 3
  38. 38. Add value to an existing product 4
  39. 39. Investigate other markets 5
  40. 40. Improve an existing product or service 6 Build a better mouse trap
  41. 41. Get on the bandwagon 7 Social trends can create a “bandwagon effect”
  42. 42. Start with family and friends Approach the financial institutions Banks Micro finance Mortgage Bank etc Seek partners for the idea Try venture financing Now to financial your business idea...
  43. 43. Lead with vision and example Running your business...some practical tips
  44. 44. Serve with humility Running your business...some practical tips You are the Chief Responsibility officer (CRO)
  45. 45. Serve the customer Running your business...some practical tips Be market driven
  46. 46. Be driven by value Running your business...some practical tips Honest still the best policy
  47. 47. Make decisions Running your business...some practical tips Good decisions
  48. 48. Keep learning Running your business...some practical tips
  49. 49. Hire right Running your business...some practical tips Empower employees
  50. 50. Make use of technology Running your business...some practical tips
  51. 51. Understand financial literacy Running your business...some practical tips
  52. 52. Avoid short term thinking Running your business...some practical tips Manage for the long haul
  53. 53. Invest in growth Running your business...some practical tips
  54. 54. Never give up Running your business...some practical tips “ success is never ending. Failure is not final”
  55. 55. Never give up Running your business...some practical tips “ success is never ending. Failure is not final”
  56. 56. True spirituality Connecting the dots... “ true spirituality is the lordship of Jesus Christ over all of life” -Francis Schaeffer Gain is not godliness The builder of all things -Heb 3:4, Ps 127:1
  57. 57. The story From Dreamers to interpreter of Dreams TOUCHSTONE
  58. 58. Thank You Any question? TOUCHSTONE

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