- M) Do your research
One of the most essential things to do before starting a business is to research the competitive landscape. You do not venture into a business because you have a brilliant idea. If you can’t offer something better or cheaper than your competitors, you may want to re-think starting a business in that area.
- Ask yourself why
Every entrepreneur should be able to answer the question, Why are you doing this? It seems like a simple question, but you may be going into it for the wrong reasons. It does not matter if it is for money or for the passion. What is needed is for you to have both and maintain focus. Outside of that, you are probably wasting your time.
Networking helps you get potential partners and investors. You need to attend events where you will need to talk with many entrepreneurs, who have either succeeded or failed. The most helpful advice to learn is the impact of their lifestyle including finances, personal relationships, and health.
- Get a mentor
A new business owner should have a mentor. The mentor will offer his advice as well as experience to keep you on track and ensure you do not lose focus.
- Survey your target market
Determine and survey a focus group of the target demographic for the service or product you are offering. You must ensure that you are delivering what your customer wants, not what you want.
- Seek legal advice
This is another important point entrepreneurs must take note of before officially opening a new business. They should seek legal counsel. Do not make the assumption that legal counsel is only necessary when you get into trouble with the law.
- Ogunfowoke is PR Associate @ Jumia Travel