The first key for entrepreneurs is to invest in the right type of business. How do you decide which type of business is best to invest in? Here are six tips to guide you.
1. Make a list of business ideas
Make a list of a few business ideas that you have in mind. This should be based on your passion and things you like doing that you think make viable business ideas.
2. Do research
Once you have your list, do research to understand more about the market you intend to operate in. Talk to clients to find out what their needs are. Find out which other businesses operate in the same industry and what services they offer.
3. Talk to entrepreneurs and professionals
Talk to a few entrepreneurs in the industry to find out how they do things. How are their businesses profitable?
4. Evaluate your business idea
How unique is your idea? If you end up choosing a product or service that is already being provided by a multitude of other businesses, then you might have trouble selling. Perhaps you could add a creative touch to differentiate you from the rest of the pack. Find out if you have enough capital to start the business and whether or not it has the potential of generating profits.
5. Draft your business plan
Now that you have a viable business idea, you know your market and how you intend to make profit it is time to write a business plan.
6. Grow your skills
To succeed in entrepreneurship you will need more than just a good business idea, you also need an ‘enterprise personality’. Do you have what it takes to run that business? You can enroll for a few training sessions, read books and seek advice from professionals and established entrepreneurs. Alternatively you can spend time working for a company in the same field to get firsthand experience of how things really work.
Gimo
January 10, 2011
Those are realistic guidelines and if properly followed can lead to success. Africa is still a virgin continent with a lot of opportunities. Of course, success comes after much dedication and hard work, thus the need to give priorities to ideas that we have passion about.
sesilius T.Shenkalwa
January 10, 2011
I will be happy to recieve the copy of your news letter, because I have decided to engage in bussiness so I will get some useful information from within.
Thanks
sesilius T.Shenkalwa
January 10, 2011
I need the copy of your news letter.
Kimambo
January 11, 2011
The a fore explained guidelines tips are ok, but in addition to the subject, emerging entrepreneurs should not be over-optimistic about their commencing business. This is because in the field, many starting businesses are usually operating under a loss. Thus, entrepreneurs should be patient and very subject to positive change in the market.
Simon Edimu
January 18, 2011
The guide lines are very good and are very cruicial for new entrepreneurs. I myself am looking forward to starting a poultry farm in the near future and need more information on the project. If any one has an ideas please advise me.
J. JACKSON
January 22, 2011
I must cease this opportunity to thank all Africa Report crew for their foresight to actually know that AFRICA, if given the chance, can turn things around.
I’ve gone through your tips for good business in Africa, the one that I’d like to comment on – when others are already in the market, yes agreed, but like you rightly said adding something that will make my business stand out from the rest is great. People could be selling the same product, however a little thought goes a long way. People like myself, who have a few business ideas that they are very passionate about to take into Africa, but find the fincial constraints still holding them back in Europe. Please do whatever you can to change the situation in Africa.
A BIG THANK YOU TO ALL OF YOU. JOE.
oladeji
January 22, 2011
Choosing the right business for us has to do with capacity, because in business you render services to people, so you must have the skill and know- how. You must have the ability for the business you are going into, preferably inborn talent turned into business skill.
Africa Report Team
January 31, 2011
Hi Giovanny,
This is the link to the article you are referring to “Entrepreneur Jives to his Beat”. The music production company is called Kijiji Records and you can contact them on their Facebook page Chit-Chat.
Good Luck
Africa Report Team
Africa Report Team
February 3, 2011
Hi Michael,
That is great, thank you!
You can sign up for our newsletter by clicking here for the link.
Africa Report Team
Africa Report Team
February 3, 2011
Hi George,
You can sign up for our newsletter by clicking here for the link.
Africa Report Team
Danford Julius Magonyozi
February 11, 2011
Thank you very much for the topic, it really is very interesting. How it can go hand in hand with rise in prices of goods and services I am providing to my customers so that I can maintain them to exist in my goodwill and at the same time that my business producing a profit?
Thank you
Danford Magonyozi
from Tanzania
mambanje dennis
March 2, 2011
Exactly how does Africa Report assist entrepreneurs? Does it provide funds or its talking forum only?
Africa Report Team
March 3, 2011
Hi Mambanje,
Africa Report is an NGO that has created a platform for entrepreneurs to learn and connect. We broadcast a TV series showing documentaries of successful entrepreneurs throughout Africa, with the intention of inspiring others while educating them with the experiences of businesses and how they have grown. We publish articles on our website that offers business news, advice and informs entrepreneurs and readers of opportunities for funding and competitions.
Our platform also is a resource to connect entrepreneurs to financiers, as well as visa versa. You can look for resources in our Directory and by placing a Marketplace advert on our website. You need to contact any resources directly, with a business plan and find out what their requirements are.
Here are instructions on How to make a Marketplace listing.
We do not provide funding, we provide information and networking.
Africa Report Team
george kazibwe
September 13, 2011
these are very wonderful ideas, keep it up