Starting a business is often not easy if it’s your first time. It may look as if all odds are against you, and tobe successful, it takes the ability to quickly find what is working and double down your focus on it.
Having money set as aside to run the business may make things much easier, but it’s definitely not enough. You also need to start generating revenue as quickly as possible, otherwise, your stash of cash may soon be gone.
So what do you need?
Based on experience, I feel you need 3 things to start and run a profitable business. If you can do this three thing very well you will become a successful entrepreneur.
So what are they?
The first is obtaining the necessary materials needed to run your business, next is staffing operations, followed by establishing your organisation.
Let me explain further;
1. Obtaining Materials:
This is the process of obtaining the necessary raw materials or resources necessary to produce your product or services. You need to first identify what people want, as that will determine the materials that will certify their want.
Raw material is a must have in other to deliver both tangible and intangible products or services, be it in a Technology or Farming Business . Don’t tell me you would create things from thing air 😂. Even websites needs domain and hosting to get launched.
I believe that if you can easily get your raw materials from a reliable source at a very cheap price, and you keep your expenses as low as possible, you would definitely be profitable.
2. Staffing Operations
You alone cannot do all the work in your organization. You can’t be in charge of production, selling, human resource etc.
Whether you like it or not, you have to delegate things to the right people. The earlier you start doing this, the better for your company. Otherwise, your competitors will outwork and outlast you.
I must say that it is very hard to give out control to people, but you just have to trust, and let it be done by professionals. It will save you time and money in the long run.
3. Establishing an organisation
This as to do with creating a system that makes everything works efficiently together without you. The system must in the long run save you and your employee more time and reduce cost.
You can implement a system in which the raw materials are been purchased automatically and sent to the factory as soon as you have low reserve. You can even use drone to deliver your end products to your customers as soon as they place their orders.
It all depends on what business you’re into, and what exactly you want to get done. Just make sure you remember that whatever system you implement must save time and cost in the long run. Or what do you think?🤔
The bottom line of this article is that to be a successful entrepreneur you need to get access to your basic raw materials easily and at a cheap cost, hire the right people to do the right job, and finally, establish your organisation by creating good system that works without you.
Hope you’ve gained one thing or the other. I would love to hear from you. So kindly use the comments below to share your opinion about being a successful entrepreneur.
And untill next time, keep learning.