Are you excited thinking about owning and running a business yourself? While it sounds very tempting, being an entrepreneur also means taking on a lot of responsibilities and facing a lot of challenges! First of all, you need to find out if you are capable of running your own business. Favourable circumstances, in combination with certain personal characteristics and skills are necessary elements for you to become a successful entrepreneur. You will also need specific knowledge and experience in the field to be successful in the business you choose.
Favourable circumstances, in combination with certain personal characteristics and skills are necessary elements for your development as a successful entrepreneur. You will also need specific knowledge and experience in the field to be ultimately successful in the business you choose.
Below are two assessments that you should make before going into business. The first one will measure whether you have the right abilities to be an entrepreneur. The second assessment will help you to identify which type and field of business may be suitable for you.
Think about the assessment of personal characteristics that you completed. Decide which areas need improvement in order for you to make your business a success.
•Each fields of business will require specific knowledge, skills, network, investment, etc.
•Therefore, when choosing a field of business, people should consider their talent, knowledge, skills, experience, hobbies, interests and family background, and then use these things to give them an advantage.
•Industrial categories are chosen based on:
–Talent;
–Knowledge & skills;
–Experience;
–Hobbies/ Interest;
–Family background…
Hasan has been working for a courier company for many years. He learned how to manage the courier business and how to develop the required networks. He is considering opening up his own courier service to operate in his country and the East African region.
Maria has grown up in a farmer’s family. Her parents grow seasonal vegetables to sell to the local retailers. Maria has graduated from the Agricultural College. She decides to grow organic vegetables on her parents’ farm and to sell the products through their retail network.
Kim loves fashion. While she was a student in the capital city, Kim went shopping and discovered a source of inexpensive imported clothes and accessories. She has now returned to her hometown. She decides to buy fashion items from that source and resell to fashion shops in her area.
Githuku worked for a construction materials company for several years. He is very familiar with all the brands and knows the quality of various construction materials. When repairing his house last year, he realized that there was no shop in the area selling the supplies he needed. He decides to open a shop near his home, selling all types of basic construction materials, such as cement, bricks, tiles, sand, paint, etc. He enjoys meeting people and advising them about the different types of construction materials.
A field of business refers to an industrial category, such as farming, fishing, food processing, garments, construction, furniture, health, stationery, etc. Your talent, family background, experience, hobbies or interests often inspire you to develop a certain field of business. Your decision to pursue a particular field of business should also match your knowledge, skills and situation.
A type of business identifies how you take part in the business field that you choose. Your personal characteristics and your available networks often guide you into a suitable type of business. There are four main types of businesses:
Manufacturers are businesses that use raw materials, such as leather, waste material, wood, cloth or metal and make new or different products out of those materials. Some examples of manufacturing businesses are shoemakers, dressmakers, furniture makers, paper producers and farm equipment manufacturers.
Service providers are businesses that sell a particular service, such as transportation, tours, hairdressing, banking, deliveries, construction, repairs, cleaning, painting, nursing, etc. If you enjoy working with people and satisfying their specific needs, providing services may be your forte.
Wholesalers are businesses that buy large quantities of certain goods from manufacturers and resell these goods to retail outlets, who then resell them to individual consumers. If you are familiar with companies that make and sell their goods in bulk and you are good at establishing relationships with retailers, you may want to be a wholesaler.
Retailers purchase ready-made goods from wholesalers or suppliers for resale at a profit. Some examples of retail businesses are grocery stores, appliance stores, fashion stores, stationery shops, computer and mobile phone shops. If you like meeting different people and you have access to a good location to open a shop, retailing may be a good option for you.
Reflect on the field and type of business that would suit you. Use the assessment sheet “Identify your business field and type” to identify the field and type of business that you should opt for.
•Reflect on the field and type of business that would suit you. Use the assessment sheet “Identify your business field and type” to identify the field and type of business that you should opt for.
ICST Enterprise Developers is a business development service provider.We are partners of the International Labor Organization (ILO) to implement their Business Management programme dubbed Start and Improve Your Business (SIYB).
