What you need to start a business
Dec 03, 2010
EVER since I started sharing my thoughts in writing, I have been overwhelmed by the number of people who have contacted me about starting a business.
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EVER since I started sharing my thoughts in writing, I have been overwhelmed by the number of people who have contacted me about starting a business.
Some have money but are not sure where to invest it, while others have no money but have good ideas. There are those who are tired of unemployment and want to try business. And there are some who are tired of working for someone else and want something of their own.
I always share with them my experience as a young businessman, as well as the experiences of more than 50 Ugandans whose businesses I have planned. I have come to the conclusion that one needs four things to start a business.
First, you need determination, or what Eddie Kenzo would call stamina! If you are a beginner, you have to first reach a point where you are tired of being broke, of working for someone else, or of being unemployed. Determination will instill discipline in you; it will drive away the fear of failure and you will be able to take risks.
Secondly, you need an idea. An original one. If you come to me to write you a business plan, and you have no idea of your own, I’ll tell you to go back and think; I cannot impose mine on you.
Thirdly, you need to put that idea in writing. I am talking about a business plan; a document that has your goals, strategies, market research, description of your product, marketing strategy, an action plan, e.t.c (this is a subject for another day).
Once you have the above, what’s left is the right people around you. Being on the right network with people with whom you can share opportunities and information. At this point you’ll realise people are willing to pay for and to invest in your idea.
And you will get ‘capital’ to begin. I put ‘capital’ in quotes because I am wrongly using it in reference to money. next Saturday, I’ll tell you its true meaning.
Robert Bake Tumuhaise
Managing director, World of Inspiration, & the Founder of Authors’ Forum.
Contact: bakerobert@yahoo.com
0712-868424
With BAKE
EVER since I started sharing my thoughts in writing, I have been overwhelmed by the number of people who have contacted me about starting a business.
Some have money but are not sure where to invest it, while others have no money but have good ideas. There are those who are tired of unemployment and want to try business. And there are some who are tired of working for someone else and want something of their own.
I always share with them my experience as a young businessman, as well as the experiences of more than 50 Ugandans whose businesses I have planned. I have come to the conclusion that one needs four things to start a business.
First, you need determination, or what Eddie Kenzo would call stamina! If you are a beginner, you have to first reach a point where you are tired of being broke, of working for someone else, or of being unemployed. Determination will instill discipline in you; it will drive away the fear of failure and you will be able to take risks.
Secondly, you need an idea. An original one. If you come to me to write you a business plan, and you have no idea of your own, I’ll tell you to go back and think; I cannot impose mine on you.
Thirdly, you need to put that idea in writing. I am talking about a business plan; a document that has your goals, strategies, market research, description of your product, marketing strategy, an action plan, e.t.c (this is a subject for another day).
Once you have the above, what’s left is the right people around you. Being on the right network with people with whom you can share opportunities and information. At this point you’ll realise people are willing to pay for and to invest in your idea.
And you will get ‘capital’ to begin. I put ‘capital’ in quotes because I am wrongly using it in reference to money. next Saturday, I’ll tell you its true meaning.
Robert Bake Tumuhaise
Managing director, World of Inspiration, & the Founder of Authors’ Forum.
Contact: bakerobert@yahoo.com
0712-868424