6 answers
Nuuzeey
Student
1
Question
Updated
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what are the basics of being a successful business owner ?
I need advice on business I can start in my country which is actually Nigeria
I am not into scamming i feel money should be made through clean and legal means
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6 answers
Theophilus Mensah
Discovery Intern @Deloitte |2x Founder | TMCF Scholar | Business + CIS @ GSU | Harvard ALP 25’
71
Answers
Grambling, Louisiana
Updated
Theophilus’s Answer
Hi Nuuzeey
First, I want to say I really appreciate your honesty, but you don’t need to mention things like scamming here to draw a certain picture about your country. Let’s focus on how to build a real, legal, and sustainable business.
When it comes to being a successful business owner, the first thing to know is that success is personal. Every business measures it differently depending on goals and values. For example:
A company like a streaming service might measure success by how many customers it reaches in a year.
A healthcare clinic might measure success by how many people they are able to treat and impact positively, even if the profits are modest.
So, before you start, ask yourself: What does success look like to me? Is it reaching a lot of people, making a certain income, creating social impact, or something else?
From my own experience, there are generally two ways to start a business:
1. Solve a problem: Look around your community and identify a challenge people face. Then think about a solution you could offer that people would pay for. Example: If many people in your area struggle to get affordable, fresh food, maybe a small delivery or farming business could solve that.
2. Enter an existing market and stand out: Some businesses already exist, but there’s room for improvement. You can compete by offering better quality, better service, or a unique twist. For example, if there are many hairstylists in your town, you could specialize in a unique style or offer online booking and delivery of hair products.
Here’s a little interactive exercise:
1. Think about three problems you face every day in Nigeria; big or small.
2. Write them down.
3. Then brainstorm one way you could solve each problem in a way that people would pay for it.
Generally, you can go into something you are passionate about or something that makes you happy. Build your mindset before you also start because there is no correct way of managing a business but you learn as you go. You make mistakes, learn, strategies and keep going. Make sure you show up everyday and always remember your values.
First, I want to say I really appreciate your honesty, but you don’t need to mention things like scamming here to draw a certain picture about your country. Let’s focus on how to build a real, legal, and sustainable business.
When it comes to being a successful business owner, the first thing to know is that success is personal. Every business measures it differently depending on goals and values. For example:
A company like a streaming service might measure success by how many customers it reaches in a year.
A healthcare clinic might measure success by how many people they are able to treat and impact positively, even if the profits are modest.
So, before you start, ask yourself: What does success look like to me? Is it reaching a lot of people, making a certain income, creating social impact, or something else?
From my own experience, there are generally two ways to start a business:
1. Solve a problem: Look around your community and identify a challenge people face. Then think about a solution you could offer that people would pay for. Example: If many people in your area struggle to get affordable, fresh food, maybe a small delivery or farming business could solve that.
2. Enter an existing market and stand out: Some businesses already exist, but there’s room for improvement. You can compete by offering better quality, better service, or a unique twist. For example, if there are many hairstylists in your town, you could specialize in a unique style or offer online booking and delivery of hair products.
Here’s a little interactive exercise:
1. Think about three problems you face every day in Nigeria; big or small.
2. Write them down.
3. Then brainstorm one way you could solve each problem in a way that people would pay for it.
Generally, you can go into something you are passionate about or something that makes you happy. Build your mindset before you also start because there is no correct way of managing a business but you learn as you go. You make mistakes, learn, strategies and keep going. Make sure you show up everyday and always remember your values.
Don Holland
Member Service Representative/Food Runner
244
Answers
Austin, Texas
Updated
Don’s Answer
Hello Nuuzeey,
It is cool that you want to work in business! I'm not sure exactly what type of business you were thinking about possibly doing but I do have a lot of helpful advice that could help you in many different aspects. Here is a list of things that you can focus on whether it be characteristics or different skills that you need to have in owning a business. Hope this helps!
List:
-Being disciplined personally and financially
-Good at Planning
-Good understanding of markets
-Creating a business plan
-Being a strong communicator/team player
-Having a goal/mission that you want to achieve
-Caring about people you work for and with
-Always wanting to learn
-Provide good service
-Invest well/take calculated risks
-Be persistent through bad times
-Create a self care plan/work life balance
It is cool that you want to work in business! I'm not sure exactly what type of business you were thinking about possibly doing but I do have a lot of helpful advice that could help you in many different aspects. Here is a list of things that you can focus on whether it be characteristics or different skills that you need to have in owning a business. Hope this helps!
List:
-Being disciplined personally and financially
-Good at Planning
-Good understanding of markets
-Creating a business plan
-Being a strong communicator/team player
-Having a goal/mission that you want to achieve
-Caring about people you work for and with
-Always wanting to learn
-Provide good service
-Invest well/take calculated risks
-Be persistent through bad times
-Create a self care plan/work life balance
Bob Burton
Consultant
88
Answers
Austin, Texas
Updated
Bob’s Answer
Having invested in many new businesses, within various countries, I have found what appears to work. First, spend time thinking seriously about any problems you encounter that no on has successfully solved. Ideas for businesses will come from the marketplace.
Next, be realistic about your own abilities. Do you need a partner(s) for technical, marketing, legal help?
Use as little money as possible, spending it on product or service quality. Find customers who will work with you to test your product or service solution.
Have discipline to stay on target to slowly grow your business. Do not be distracted. Focus, focus, focus.
Be paranoid about guarding and protecting intellectual property. Others, will quickly steal your ideas.
Be persistent, nimble on short term issues but stubborn on your long term vision.
Remember that rewards are dispropoortional to your value added, don't kid yourself.
Let business be an integral part of your life and let your personality mold the corporate culture.
Don't sell out early, money will never replace the fun of building your own business.
Next, be realistic about your own abilities. Do you need a partner(s) for technical, marketing, legal help?
Use as little money as possible, spending it on product or service quality. Find customers who will work with you to test your product or service solution.
Have discipline to stay on target to slowly grow your business. Do not be distracted. Focus, focus, focus.
Be paranoid about guarding and protecting intellectual property. Others, will quickly steal your ideas.
Be persistent, nimble on short term issues but stubborn on your long term vision.
Remember that rewards are dispropoortional to your value added, don't kid yourself.
Let business be an integral part of your life and let your personality mold the corporate culture.
Don't sell out early, money will never replace the fun of building your own business.
Cristina Yépez
Comunication
4
Answers
Quito, Pichincha, Ecuador
Updated
Cristina’s Answer
Hello Nuuzeey!
To have a peaceful life, it's good to earn money in a clean way. You might want to start by learning about management; there are lots of online courses available. This will help you choose a career wisely. Remember to stay disciplined and organized, and make decisions with a clear mind, not based on emotions, every day and in every step you take.
career
advice
own business
To have a peaceful life, it's good to earn money in a clean way. You might want to start by learning about management; there are lots of online courses available. This will help you choose a career wisely. Remember to stay disciplined and organized, and make decisions with a clear mind, not based on emotions, every day and in every step you take.
Cristina recommends the following next steps:
Wong Loke Yuen
Head of Programme cum Senior Lecturer
645
Answers
Johor Bahru, Johor, Malaysia
Updated
Wong’s Answer
Hi Nuuzeey. To be a successful business owner, you need to start with the right mindset. This means being disciplined, focused, and willing to learn. Many successful business people didn't start with big money; they started small but kept showing up every day.
Planning is very important. You must know what product or service you want to offer, who your customers are, and how you will reach them. Before starting, take time to do market research, this means asking people what they need and looking at what others are already doing. Don't just copy others blindly; try to offer something better or different.
Managing money wisely is another key. Don't rush to spend everything you earn. Save, reinvest in your business, and always separate your personal money from business money. Customer service also matters, treat your customers well, and they will come back or even bring others. Be honest, reliable, and keep your word. Finally, keep learning. Read books, watch videos, talk to mentors, and don't be afraid to fail. Every mistake is a lesson.
In Nigeria, there are many opportunities. You can look into small-scale agriculture or sell food items. Laundry services, mobile phone accessories, and even creating digital content online can work well too.
Planning is very important. You must know what product or service you want to offer, who your customers are, and how you will reach them. Before starting, take time to do market research, this means asking people what they need and looking at what others are already doing. Don't just copy others blindly; try to offer something better or different.
Managing money wisely is another key. Don't rush to spend everything you earn. Save, reinvest in your business, and always separate your personal money from business money. Customer service also matters, treat your customers well, and they will come back or even bring others. Be honest, reliable, and keep your word. Finally, keep learning. Read books, watch videos, talk to mentors, and don't be afraid to fail. Every mistake is a lesson.
In Nigeria, there are many opportunities. You can look into small-scale agriculture or sell food items. Laundry services, mobile phone accessories, and even creating digital content online can work well too.
Rebecca Tang
Banking
2397
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to know that you would like to become an entrepreneur. Have you thought about what industry you would like to start business
Below are my suggestions:
1. Think about the industry you have interest or strength
2. Do some analysis on the industry eg entry criteria, competition status, any alternative or substitute?
3. Attend courses related to the industry and management courses
4..Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
May Almighty God bless you!
Below are my suggestions:
1. Think about the industry you have interest or strength
2. Do some analysis on the industry eg entry criteria, competition status, any alternative or substitute?
3. Attend courses related to the industry and management courses
4..Work in the industry some time to understand the business model and establish people network
5. Start the business online first if possible
Hope this helps! Good luck!
May Almighty God bless you!