The very basic things you need to know to become a successful entrepreneur
The fact is that about anyone can start a business. To prove this point, you would be taken through a self-assessment exercise to determine for yourself if you are the right person for this program.
The personal exercise will help you find out if you have the personal characteristics, skills and experience to successfully run your own business. We are self-assessing your strengths and weaknesses in areas of four (4) key skills and seven (7) personal characteristics and situations in entrepreneurship.
Finally, we will look at using action plans in correcting the areas of weakness(es) reported by the self-assessment exercise.
How do you come up with good business ideas?
A good business starts with a good business idea. It is a short and precise description of the basic operations of an intended business. In this Module, you would acquire the ability to have a clear idea of the sort of business you want to run.
You will learn how Business ideas can be generated through several means and triggers. Some of these are your passion, family business, work experience and your pain points. Getting a good business idea is just a starting point on the journey of entrepreneurship. You must be able to confirm the possibilities that many people will buy your product, in the right quantities to make the effort worthwhile amongst other variables.
Many ideas remain only as ideas for ever because those who conceive of them do not act.
Taking action starts with spending the required time to do real preparation, planning and getting to know the market before launching out.
A market consists of: the customers (who they are and what their preferences are), the industry, the competition (who and what is already in the market),
The process of checking reality facts to prevent business catastrophe is called Market Research. You will learn about market research and how to explain a business market, the elements of market research, how to match your talent with market potentials, how to observe other market opportunities and seek deeper knowledge about your market. All forms of marketing research can be classified as either problem-identification research or as problem-solving research.
You will learn about gathering marketing data using the 2 sources of data for marketing research to prepare your competitive analysis table.
Personal effectiveness is about what you do, how you do it and when you do it. If you can get these right, you’ll find that you achieve more in less time, you feel in control and relaxed, you are trusted and reliable and ultimately you get ahead in your business. Personal effectiveness means making the most of all personal resources at your disposal - your talents, energy and time. It is like money management or investment - you want to get the best return on your resources.
In this Module, you will learn about: your personal effectiveness and how to enhance it, clarifying personal (business) goals, objective setting and general proven pillars for success extended to entrepreneurship.
Logistics is the management of the flow of resources between the point of origin and the point of consumption. It is more than finding a place to store their inventory and getting trucks to ship your goods. Entrepreneurs that treat logistics as an essential component of their go-to market strategy have a much better chance of getting off the ground. The logistics of getting resources from suppliers, turning them into your product or service, and delivering it to customers is described by your operations.
You can start to think of your operations from (1) the sources of your supplies or input (2) how you would make your product/service (production) and (3) how you would deliver it to your customers (logistics).
In this Module you will learn in details about Logistics and Operations considerations –
procedures, processes, operations diagrams, operations support systems, operational costs and controls, customer service, purchasing, equipment and technology, labor cost, business continuity amongst others.
How best to make money from your business idea is germane to you as an entrepreneur except you hope to have an NGO (Non-for- profit). Beyond all your ideas, you must be crisp clear on how your new business will generate naira and kobo. Incidentally, this is the first question any investor would ask you and your response has to be as clear and convincing as possible, otherwise, no show. This can be referred to as your Business Model.
In this Module, you will learn how to define the appropriate model for your business. You will also learn how to make money (and the key elements thereof) – product/service differentiation or positioning, Product/Service pricing, making sales, marketing, manufacturing and logistics.