Most of us have or want to start a business someday. The key driving force is a problem we have encountered and want to be part of the solution or maybe just the desire to make the world a better place. When you think of people who have started and run successful businesses they saw a problem and they took the opportunity to help solve it e.g. Google the thought of having information accessible to people in a central place and for Uber how do people get to point B in the most convenient and affordable way.  

In most cases entrepreneurship has been limited to only starting a business but as you shall realize you can be an entrepreneur even at your place of work. This involves seeking to get solutions that are currently not being offered or changing processes to make them more efficient eg the modernization of investments to be more Fintech driven.

Even in the current pandemic, despite many businesses suffering there are clear opportunities that have emerged e.g. the adoption of online meetings and growth of serviced offices. There is always an opportunity in every situation, the issue is spotting and exploiting it to our advantages.

Starting a business is usually not the key problem, the main issue is ensuring the business you have started is sustainable.

While starting a business one should ensure they understand and do  the following:

1. Identify The Business Type

‍Start a business that you understand and if you don’t ensure you have the capacity to learn about the said field. If it is something too far from your skillset do whatever is required to at least understand the basics of things that move the economic engine and the processes that need to be put in place to ensure you n control it

2. Create Time

‍Ensure you have time to employ in the business. Delegation is good and it helps but this only works when the structures are there and it's easy to communicate expectations. Being the vision carrier, you should be available for the business as you cannot delegate your vision.

3. Get an Accountability Partner

Most of the entrepreneurs are restless and may lose interest in what they have started. Remember the saying that ideas are easy, implementation is hard, but yet the execution is everything.  Getting someone who has your success at heart is important as they will push you towards your goal. So just ensure you get a mentor or a sponsor or join a networking group where you are held to account.

4. Get The Right Business Structure

Formalization of the business is important as it helps create compliance processes early. The processes are important as they help you grow and ensures that you are refining the same and that they can be replicated from one place to another.

5. Understand Your Customer and Refine Your Product

‍One will always not be able to see how the product shall be end to end but one should have a sketch of what they want to offer. Writing down the product is the first step to being able to refine what you are really offering. The problem statement will help you see and define the problem better;

6. Seek Help

‍Starting a business is a lonely journey and one should ensure they have a strong support system, be it, family or friends. There are many things that you shall not know as you start but knowing who to speak to on the said issues is important. You can seek help from either a professional or someone who has walked the journey before.

7. Create a Plan

‍A plan is a road map of where you are going and how you shall get there. Ensure you have a sketch with key indicators, one of them being how success shall look like. The plans need not be elaborate but should have the key objectives and how you shall measure the results on an ongoing basis.

8. People

‍Purpose to employ when your resources allow. This helps in avoiding burnout, being everything for the business can be draining. Also getting rid of some of the most basic tasks leads to you freeing up time to do the most important things. Employ for attitude, skills can be easily taught and acquired.

9. Funding Partner

‍You shall need money and you shall run out of money select a bank or partner that understands business people and start the partnerships early enough. Prepare to know which partners can come into your business and start operating as if you are pitching for the funds.

10. Growth Shall Be Gradual

‍Just like a baby crawls before walking and walks before running, be patient with yourself and your business. It shall take time and ensure you are also giving it time and invest gradually to avoid significant pitfalls.

Starting and running a business shall be a lonely journey and one needs to be mentally prepared. You shall get strangers trusting you faster than your own, be okay with it as when the wheel starts rolling they shall come along. Setting up the business shall need capital and therefore before jumping fully into a business you can save up for it and also you can juggle between your job and have the business as a side hustle, just like the owner of Nike. Seek proper partnerships like these will propel you to grow to the next level but always ensure that you are playing fair as the relationships and networks will take you to the next growth level.