STARTING WITH

WHAT YOU HAVE

BY DR AUGUSTA
 WHAT YOU
NEED TO HAVE
 1.Time and Time management skill:

 You need to learn how to prioritize time.

 Attend to the tasks that need to be done now and the ones that
need to be attended to later sort them out in due time.

 If you don’t know how to manage time time will manage you.
2. Passion and knowledge:

 Picking a business based on passion is one of the

best it helps to fuel and move you during the
time of circumstance.

 If you have got a passion see how you can use

that to solve customers present problem.

 If your business is built around passion

regardless of the struggle your passion will
encourage through.

 Picking a business based on your area of

knowledge is another good thing you can do to
yourself this will help you eliminate lot of
mistakes and educate your client better.

 Quotes by Maurice Sendark: Knowledge is

the driving force that puts creative passion to
work
3. Patience

 You need to be patient with:

 yourself,
 the process,
 customers,
 suppliers,
 staff
 anyone you need to interact with to ensure the business process turns
out successful.
4. Money Plan:

 Most people have the little they can start with but they want to use
their VOLKSWAGEN money to buy a MERCEDES car.

 How do you intend to raise minimum capital for your business?

 What is the plan b option you have if this doesn't’t work?
 What is your savings for?
 Have you started cutting all unnecessary expense
 5. Researching Skill:

 Innovation doesn’t come by wishing but it comes by seeking more about your
business area and looking out for what is existing and see how you can improve.
Ensure you research into the following areas:

 What is existing in your business field? What problem has not been solved around
the industry you want to establish your business in?

 Who are your target customers? How do you arrive at where your customers are?
How do other competitors operate .

 TIE RACK is a British tie retailer, founded in 1981, failed to do its research
about men’s shopping behavior. Their stores only sold scarves, ties, and cufflinks,
but it turned out men were mostly buying their ties when they bought shirts.

 Even though Tie Rack offered quality ties, it wasn’t enough to wow its target. In
1999 the chain store was bought by FRANDI SPA GROUP and has since
benefited from being able to sell its products under their brand.
Mentor/ Business advisers and coach:
One person cant have all the knowledge, experience, or even the right outlook to
handle every business situation.
Gain from others’ skills and experiences.
National Geographic is one of the most notable brand in history that started as the
official magazine of the NATIONAL GEOGRAPHIC SOCIETY published
continuously since 1888 becoming the first pioneer of amazing content visual
storytelling by inspired photographers and filmmakers all over the world.
The company was presented with an idea and also advised to start a new NG
cable channel in the 1980s. The idea was refused and the group of producers who
pitched the idea decided to do their own thing and they launched DISCOVERY
CHANNEL along with the HISTORY CHANNEL and others you see today.
7. GOD FACTOR:
God has deposited a lot into us so we need to find it.
(Passion) Proverbs 18:16: The gift of a man paves
ways for him.
His leadings are ever accurate: Psalm32:8, Proverbs
3:6 (he will make your ways straight.
He will show you the way to make profit: Isaiah 48:17
He will show you great and mighty things Jeremiah
33:3
WHAT YOU NEED
TO DO BEFORE
YOU START WITH
WHAT YOU HAVE
1. Clearly Identify The Problem you Want To Solve.
Understanding your purpose behind why you need to start a business
will assist you to create a brand and market your company.
A business idea derived from solving a problem tends to last and
attract more clients/customers.
 If you aim at starting a business because of the money instead of also
seeking to offer value only you and your business will co-exist
without a customer.
2. IDENTIFY YOUR CUSTOMERS, MARKET NEEDS
 Focus on this people and area Correctly identifying customers’ needs is essential
for ensuring customer satisfaction and loyalty.

 If you fail to properly identify customers’ needs, or if you are indifferent to their
needs, they will take their business elsewhere just like the case of block buster
and Netflix.

 The video-rental company was at its peak in 2004. They survived the change
from VHS to DVD but failed to innovate into a market that allowed for delivery
(much less streaming).

 While Netflix was shipping out DVD’s to their consumer’s homes, Blockbuster
figured their physical stores were enough to please their customers. Because they
had been the leader of the movie rental market for years, management didn’t see
a need for them to change their strategy. stop focusing on competitors who are
doing their own thing.

 If you loose focus in this area it might take you donkey years to regain your
balance back.
3. Identify the skill and strength you need to start the business:
 Knowing the needs of your business in relation to the type of skill
set of employees you must have is vital to the success of your
business.
 if you have it you good to go but if not you can outsource where
necessary you don’t need to have it all.
 Ensure you manage them accordingly if you have to outsource.
 Stop focusing on your competitors they are not your problem .
 4.Identify Your Sustainable
Business Strategy:

 You not the only one who want to start a business it gets to a point in time where
your industry gets so filled up with doing the same thing over and over again.

 What strategy do you have to remain sustainable in the next 3 years?

Unfortunately some companies don’t think about how they would have a long
standing value creation plan for their customers.

 Unilever and Nestlé have both taken on major commitments; Unilever notably
now incoporated organic palm oil and its overall waste and resource footprint,
and Nestlé in areas such as product life cycle, climate, water efficiency and waste.

 You needs to make sure that the strategy of your company and the sustainability
efforts are aligned.

 Check out what happened to GOKADA.

5. IDENTIFY YOUR BUSINESS AWARENESS
STRATEGY

 Ensure to know which of the social media best works for your
business type based on where you can find your target market.

 Be ready to budget some parts of your finances on awareness.

 Take advantage of use the following means: Facebook Ads,
Instagram Ads, Youtube Ads in making awareness for your new
or existing business .

 Giving Valuable content on social media it gives you authority.

 Make use of Word of Mouth and ensure to reward customers
who give you referrals.

 Incorporate the use of video more for your business awareness.

WHAT YOU SHOULD
AVOID WHEN YOU
WANT TO START
WITH YOU HAVE
 1. Stop Waiting for
the right time.
 Why the wait? Are you waiting for your
ancestors.

 Make a move and see how others things

follow.

 There is a never the right timing other than

now.

 If you wait for the right the entrepreneurial

window might be closed on your dream
business for life.

 Kodak was the first company that invented

digital camera in 1975 and because they were
scared to launch their product in 2012 while
waiting for the right time they focused so
much film success they missed out on the
digital revolution allowing canon to take over.
 2. Don’t embrace what you cant control:

 Stop focusing on factors you cant control.

 Stop allowing circumstances and people you cant control affect your big
dreams.

 Why not just focus on seeing how you can make the situation better than it is
3. Don’t ever expect the world to be at your beck and call always:
sometimes people might be busy or they have their own itinerary so
you have to be patient. You cant make everyone happy

4. Never always expect huge profit to come immediately.

The sole aim of a business is to make profit but the first profit might
not be huge keep trying. Stop seeing your business as a magic tool.
it is what you put in that multiplies. Even the bible says faith without
work is nothing.
5. Stop making excuses instead address them where necessary:
 A lot of people dream of being entrepreneurs but never do
because of excuses and fear. Jack Ma had a lot of reason not to
start his business but he pulled through and now he is one of the
richest
 From money to time to responsibilities and people not accepting,
you can make a million cases for not starting a business.
 A company that failed at making excuses was XEROX,
 XEROX was actually first to invent the PC and their product was
way ahead of its time.
 Unfortunately, the management thought going digital would be
too expensive and they never bothered to exploit the opportunities
they had.
 6. Don’t stop speaking
. about your business
because a closed mouth is a closed destiny:
 If you’re bothered about what people will think
about your business, you need to get over it.
 If you can’t convince consumers to buy from
you and support your company, it’s difficult to
make money.
 A closed mouth is a closed destiny.