It is very common to hear a lot of aspiring entrepreneurs and even those already in business make statements like; “I would have started or expanded my business but I do not have sufficient capital”.
However, I have come to understand that there are more salient issues that need to be dealt with beyond capital raising or access to funds. These issues are:
- The target market – who are they? How do you want to access them? What other options do they have?
- How does technology affect the business?
- What is the impact of social media on the business and the target market?
- What regulations and/or policies affect the business segment/industry?
- What raw materials are required? How will these materials be accessed?
- Taxes and levies – what impact do they have on the business? Where and how can you get tax exemptions?
- What Knowledge, Skills and Abilities (KSAs) do you need to run the business?
- What role do you want to play in the business – Administrator? Visioner? Etc.
- Are there existing partnerships that you can leverage on?
- What are the likely changes to the business in the next 2, 3 and 5 years? What will drive these changes? – Technology, Government regulation, changes in consumer lifestyles and/or age profiles, etc.
- What resources do I need? – Human, technology, communication, etc.
Author: TEMITAYO OLUTOYE