Three things you must consider before starting up a business

One of the most important activities in entrepreneurship is venturing into a new business.Infact,the distinguishing feature of an entrepreneur is the ability to venture into new business.The entrepreneur takes conscious efforts and decisions to launch a venture and develops it to a successful going concern

How can you become a successful business owner..A common misconception is that any business or anyone who starts a business is an entrepreneur.but starting a business is not the main component of entrepreneurship.Rather entrepreneurship is concerned with stimulating economic progress through innovation and action by finding new and better ways of doing things

Three things are very important in business

*Your product

* Your channel and how you communicate the product/service

*Your audience

Product/services

This is what you are offering,it could be tangible or intangible but it must be solving a problem as this is the only reason people would pay money for it

Everything you spend money on is for a solution to a problem you have

You pay for a chilled bottle of water because you're thirsty,,You pay for a new designer bag because you want to look better

Your first QUESTION as a business owner

What problem is my product/service offering???

Channel

Your business must have a channels of communication ONLINE/OFFLINE

Today,you must ensure your business is online if you're serious with it,social media has made it very easy for you to target customers and make sales just by the CLICK OF A BUTTON

Your question :what are the best mediums to communicate my product/service??

Instagram favors more video posts

LinkedIn favors more textual posts

Twitter takes a different form of posting

You must understand which goes better with your business

Your Audience

This is the most important part of your business you need to focus on this..

You must communicate your message in the way they understand

You must use the channels they use and must sell what would solve the problems they have,,

Their money is what you want

Their attention is what you want and their referrals is what you want so all you do must what they want ....Its all about your customers

There's something you must understand in your business and take very critical note of the 80/20 Rule it's called the pareto principle

80% of the results you get are from 20%of the things you do in business

80% of your major sales are from 20%of your customers

Maintaining of strong,reliable and effective relationship with customers,suppliers and the community